Table 4.

Regression results for the dataset consisting of only African 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	23	23	23	23	23	23	23	23
Cov. Est.	robust	robust	robust	robust	robust	Robust	robust	robust
R-squared	0.4532	0.5055	0.4421	0.5033	0.4427	0.4985	0.4406	0.503
Adj. R-squared	0.1981	0.2747	0.1817	0.2715	0.1826	0.2645	0.1796	0.2711
F-statistic	91.446	100.92	66.005	88.04	58.695	93.768	64.01	86.358
P-value (F-stat)	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
const	2.959	2.889	2.895	2.857	2.967	2.940	2.891	2.855
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
FDI	−0.033	−0.034	−0.035	−0.035	−0.033	−0.033	−0.035	−0.035
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
INF	0.001	0.000	0.001	0.000	0.001	0.001	0.001	0.000
	(0.746)	(0.817)	(0.775)	(0.833)	(0.635)	(0.583)	(0.777)	(0.834)
EXP	0.013	0.013	0.016	0.014	0.016	0.012	0.016	0.014
	(0.173)	(0.151)	(0.124)	(0.137)	(0.073)	(0.091)	(0.121)	(0.136)
JE	0.004	0.004	0.004	0.004	0.004	0.005	0.004	0.004
	(0.606)	(0.540)	(0.573)	(0.521)	(0.542)	(0.502)	(0.571)	(0.520)
GI	0.001	0.001	0.000	0.001	0.000	0.002	0.000	0.001
	(0.899)	(0.883)	(0.979)	(0.929)	(0.983)	(0.808)	(0.972)	(0.932)
TR	−0.009	−0.008	−0.008	−0.007	−0.011	−0.010	−0.008	−0.007
	(0.354)	(0.407)	(0.403)	(0.434)	(0.270)	(0.292)	(0.406)	(0.436)
ED	0.010		0.013		0.012		0.013
	(0.001)		(0.000)		(0.000)		(0.000)
RD		0.011		0.013		0.011		0.013
		(0.000)		(0.000)		(0.000)		(0.000)
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.