Table 3.

Regression results for the dataset consisting of both African and OECD countries.

	OLS		2SLS		IVGMM		LIML
	EQ1	EQ2	EQ1	EQ2	EQ1	EQ2	EQ1	EQ2
Dep. Variable	LogGDPPC	LogGDPPC	LogGDPPC	LogGDPPC	LogGDPPC	LogGDPPC	LogGDPPC	LogGDPPC
Estimator	OLS	OLS	IV-2SLS	IV-2SLS	IV-GMM	IV-GMM	IV-LIML	IV-LIML
No. Observations	46	46	46	46	46	46	46	46
Cov. Est.	robust	robust	robust	robust	robust	Robust	robust	robust
R-squared	0.8033	0.7936	0.7973	0.7846	0.7962	0.7835	0.7968	0.7835
Adj. R-squared	0.767	0.7556	0.7599	0.7449	0.7586	0.7436	0.7593	0.7436
F-statistic	223.94	222.8	203.5	211.89	227.4	225.13	202.4	210.07
P-value (F-stat)	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
const	2.356	2.301	2.334	2.217	2.289	2.165	2.333	2.213
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
FDI	0.010	0.008	0.012	0.011	0.014	0.012	0.012	0.011
	(0.525)	(0.584)	(0.459)	(0.507)	(0.390)	(0.442)	(0.457)	(0.504)
INF	0.002	0.002	0.002	0.002	0.002	0.002	0.002	0.002
	(0.276)	(0.306)	(0.293)	(0.357)	(0.249)	(0.273)	(0.294)	(0.360)
EXP	0.015	0.016	0.015	0.018	0.016	0.019	0.015	0.018
	(0.024)	(0.022)	(0.022)	(0.013)	(0.011)	(0.008)	(0.023)	(0.013)
JE	0.006	0.005	0.006	0.006	0.006	0.006	0.006	0.006
	(0.381)	(0.465)	(0.298)	(0.399)	(0.277)	(0.352)	(0.295)	(0.396)
GI	0.010	0.012	0.008	0.010	0.007	0.010	0.008	0.010
	(0.187)	(0.098)	(0.307)	(0.183)	(0.302)	(0.183)	(0.314)	(0.189)
TR	−0.004	−0.004	−0.004	−0.003	−0.004	−0.003	−0.005	−0.003
	(0.439)	(0.527)	(0.442)	(0.577)	(0.531)	(0.675)	(0.442)	(0.580)
ED	0.007		0.011		0.011		0.011
	(0.031)		(0.004)		(0.001)		(0.004)
RD		0.006		0.011		0.011		0.011
		(0.070)		(0.020)		(0.012)		(0.020)
Instruments			LogLND	LogLND	LogLND	LogLND	LogLND	LogLND
			EF	EF	EF	EF	EF	EF
			RF	RF	RF	RF	RF	RF
			FED.1	FED.1	FED.1	FED.1	FED.1	FED.1

P-values reported right below the respective coefficients in parenthesis.