Table 2.

Benchmark regression estimation results.

	(1)	(2)	(3)	(4)
	GIP	GIP	GUP	GUP
ESER	0.1309***	0.0650***	0.1560***	0.1007***
	(0.0209)	(0.0187)	(0.0190)	(0.0168)
GROWTH		0.0038***		0.0030***
		(0.0011)		(0.0010)
GOV		− 0.7328***		− 0.7224***
		(0.0790)		(0.0707)
POP		1.1782***		0.9053***
		(0.0567)		(0.0508)
HC		0.0007***		0.0006***
		(0.0001)		(0.0001)
FIN		0.0054		0.0098*
		(0.0062)		(0.0055)
FDI		− 2.2885***		− 2.5722***
		(0.2518)		(0.2254)
ROAD		0.0221***		0.0246***
		(0.0017)		(0.0015)
Constant	0.0549***	− 6.9000***	0.0677***	− 5.2883***
	(0.0119)	(0.3340)	(0.0107)	(0.2990)
City fixed effects	√	√	√	√
Year fixed effects	√	√	√	√
N	3920	3920	3920	3920
R2	0.4561	0.5785	0.5732	0.6765

Note Standard errors are in parentheses, ***, **, and * indicate significance at the 1%, 5%, and 10% level, respectively.