Table 3.
Dependent Variable: ln (doc) | Lag1 | Lag2 | Lag3 | Lag4 | Lag5 | Lag6 | Lag7 | Lag8 | Lag9 | Lag10 | |
---|---|---|---|---|---|---|---|---|---|---|---|
year dummies | β | − 0.185*** | − 0.232*** | − 0.264*** | − 0.298*** | − 0.019 | − 0.336*** | − 0.323*** | − 0.301*** | − 0.273*** | − 0.218*** |
SD | < 0.001 | < 0.001 | < 0.001 | < 0.001 | 0.001 | < 0.001 | < 0.001 | < 0.001 | < 0.001 | < 0.001 | |
ln (doc) | β | −1.461*** | − 1.524*** | − 1.488*** | −1.499*** | − 1.701*** | −1.614*** | − 1.724*** | − 1.482*** | − 1.390*** | − 1.246*** |
SD | 0.101 | 0.119 | 0.130 | 0.140 | 0.152 | 0.157 | 0.164 | 0.168 | 0.175 | 0.181 | |
ln (gdp) | β | −0.636* | − 0.481* | − 0.284 | − 0.176 | − 0.580* | − 0.212 | −0.285 | − 0.018 | 0.093 | 0.213 |
SD | 0.051 | 0.061 | 0.067 | 0.073 | 0.080 | 0.084 | 0.089 | 0.092 | 0.097 | 0.102 | |
ln (gdp)*ln (doc) | β | 2.637** | 2.534** | 2.279** | 2.256** | 2.724*** | 2.395** | 2.646*** | 1.856* | 1.517* | 1.040 |
SD | 0.014 | 0.017 | 0.018 | 0.020 | 0.021 | 0.022 | 0.023 | 0.024 | 0.025 | 0.026 | |
lngdp2*ln (doc) | β | −0.954* | −0.979* | −0.961* | −1.064** | − 0.896* | −1.122** | −1.236** | − 0.924* | − 0.791* | −0.553 |
SD | < 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | |
ln (pop) | β | −0.018 | −0.006 | 0.009 | 0.017 | −0.022 | 0.027 | 0.035* | 0.049** | 0.057*** | 0.059*** |
SD | 0.004 | 0.004 | 0.005 | 0.005 | 0.006 | 0.006 | 0.006 | 0.006 | 0.007 | 0.007 | |
ln (gov) | β | 0.368*** | 0.435*** | 0.460*** | 0.500*** | 0.159*** | 0.521*** | 0.512*** | 0.499*** | 0.484*** | 0.438*** |
SD | 0.007 | 0.009 | 0.010 | 0.011 | 0.008 | 0.012 | 0.013 | 0.014 | 0.014 | 0.015 | |
R | 0.381 | 0.465 | 0.518 | 0.555 | 0.562 | 0.597 | 0.618 | 0.641 | 0.664 | 0.677 | |
R2 | 0.145 | 0.217 | 0.269 | 0.308 | 0.316 | 0.356 | 0.382 | 0.411 | 0.441 | 0.458 | |
Adjusted R2 | 0.144 | 0.216 | 0.268 | 0.307 | 0.314 | 0.355 | 0.380 | 0.410 | 0.440 | 0.457 | |
Dependent Variable: ln (bed) | |||||||||||
year dummies | β | − 0.251*** | − 0.320*** | − 0.395*** | − 0.435*** | − 0.018 | − 0.242*** | − 0.143*** | −0.065* | − 0.008 | 0.009 |
SD | < 0.001 | < 0.001 | < 0.001 | < 0.001 | 0.001 | < 0.001 | < 0.001 | < 0.001 | < 0.001 | < 0.001 | |
ln (bed) | β | −0.286 | − 0.381 | − 0.464 | − 0.967** | − 1.040*** | − 1.715*** | −2.159*** | −2.585*** | −2.675*** | −2.524*** |
SD | 0.064 | 0.083 | 0.100 | 0.116 | 0.131 | 0.140 | 0.148 | 0.153 | 0.158 | 0.163 | |
ln (gdp) | β | 0.930** | 1.251*** | 1.352*** | 0.909** | 0.474 | −0.242 | −1.034** | − 1.740*** | −2.108*** | − 2.196*** |
SD | 0.036 | 0.047 | 0.057 | 0.067 | 0.076 | 0.082 | 0.088 | 0.092 | 0.097 | 0.101 | |
ln (gdp)*ln (bed) | β | 0.203 | 0.497 | 0.691 | 2.211* | 2.254* | 4.225*** | 5.356*** | 6.405*** | 6.314*** | 5.412*** |
SD | 0.009 | 0.011 | 0.014 | 0.016 | 0.018 | 0.019 | 0.020 | 0.021 | 0.022 | 0.023 | |
lngdp2*ln (bed) | β | −1.206** | −1.836*** | −2.147*** | −2.817*** | −2.265*** | −3.087*** | −3.041*** | −3.024*** | − 2.498*** | − 1.633*** |
SD | < 0.001 | < 0.001 | < 0.001 | < 0.001 | < 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | |
ln (pop) | β | 0.035* | 0.054*** | 0.068*** | 0.074*** | 0.025 | 0.075*** | 0.076*** | 0.083*** | 0.095*** | 0.107*** |
SD | 0.002 | 0.003 | 0.003 | 0.004 | 0.004 | 0.005 | 0.005 | 0.005 | 0.005 | 0.006 | |
ln (gov) | β | 0.551*** | 0.685*** | 0.782*** | 0.772*** | 0.273*** | 0.558*** | 0.398*** | 0.262*** | 0.160*** | 0.077 |
SD | 0.004 | 0.006 | 0.007 | 0.008 | 0.006 | 0.01 | 0.01 | 0.011 | 0.012 | 0.012 | |
R | 0.314 | 0.401 | 0.455 | 0.493 | 0.475 | 0.513 | 0.529 | 0.555 | 0.580 | 0.607 | |
R2 | 0.099 | 0.161 | 0.207 | 0.243 | 0.225 | 0.263 | 0.279 | 0.308 | 0.337 | 0.369 | |
Adjusted R2 | 0.097 | 0.160 | 0.206 | 0.241 | 0.224 | 0.262 | 0.278 | 0.307 | 0.335 | 0.367 |
***, **, and * indicate statistical significance at the 0.1, 1, and 5% levels, respectively
SD standard deviation