Table 4. Selected fixed effect and random effect estimates for the final stepwise model.
| All Countries | High-Income | Low-Income | Lower-Middle | Upper- Middle | |
|---|---|---|---|---|---|
| Equation | Y = f (EA ARMI FC FDI ER) | Y = f (EA FDI ER ARMI FC) | Y = f (FC EA ER ARMI FDI) | Y = f (EA FDI FC ARME ER) | Y = f (EA ARME ARMI ER FDI FC) |
| Variables | AVA | AVA | AVA | AVA | AVA |
| FEM | REM | REM | FEM | FEM | |
| FC | -6.79e-06 | -4.10e-06 | -0.0944 | 0.000841 | 0.000165 |
| (0.0000104) | (5.91e-06) | (0.0703) | (0.0058) | (0.00108) | |
| EA | 0.2616*** | 0.2341*** | 0.1560** | 0.2692*** | 0.2523*** |
| (0.0476) | (0.0609) | (0.0629) | (0.0768) | (0.0469) | |
| ARME | 0.0829 | 0.4690** | |||
| (0.0842) | (0.2002) | ||||
| ARMI | 0.0029 | 0.2707 | 0.2217 | 0.1742 | |
| (0.1416) | (0.1894) | (0.1646) | (0.3510) | ||
| FDI | 0.0012 | 0.000904*** | 0.0419 | -0.1536* | 0.0078 |
| (0.0019) | (0.000314) | (0.0713) | (0.0824) | (0.0533) | |
| ER | 0.000143*** | 0.00250*** | -0.0020** | 0.000161*** | 0.00031 |
| (0.0000544) | (0.0007053) | (0.00085) | (0.0000464) | (0.00024) | |
| Constant | 3.7150 | 0.6931 | 19.4104 | 5.6348 | 1.0143 |
| No of Countries | 101 | 32 | 11 | 28 | 30 |
| No of years | 22 | 22 | 22 | 22 | 22 |
| R2 Within | 0.2865 | 0.3829 | 0.2817 | 0.3363 | 0.3976 |
| R2 Between | 0.7988 | 0.5787 | 0.1888 | 0.5619 | 0.5462 |
| R2 Overall | 0.7643 | 0.5500 | 0.2087 | 0.5229 | 0.4843 |
Note: The symbols *, **, and *** represents 10%, 5%, and 1% significance level, respectively. Parentheses represent the robust standard error. FE and RE represent the Fixed effect and Random effect, respectively.