Table A1.

Fixed Effects Two-Stage Least Squares Level Regressions – Using within-country rainfall Deviations.

	2SLS-FE (1)		2SLS-FE (2)
VARIABLES	lnODA	lnGFCF	lnODA	lnGFCF
lnODA		0.729**
		(0.100)
lnODA (t-1)				0.738**
				(0.103)
lnpcGDP (t-1)	1.873**	1.630**	1.916***	2.028***
	(0.706)	(0.621)	(0.465)	(0.736)
RMD (t-1)	0.006**		0.004**
	(0.003)		(0.002)
Ave_WGI (t-1)	0.524**		0.444**
	(0.247)		(0.213)
INT	−0.006	0.003	−0.009	−0.004
	(0.004)	(0.003)	(0.006)	(0.005)
INF	0.001	0.001	0.001	0.0001
	(0.003)	(0.001)	(0.002)	(0.002)
lnUNDERVAL	− 0.240**	0.401***	− 0.222**	0.347***
	(0.112)	(0.132)	(0.096)	(0.128)
Constant	−10.520**	−7.502*	−9.954**	−7.460*
	(4.976)	(3.756)	(4.912)	(3.843)
Observations	472	472	472	472
R-squared	0.171	0.425		0.060
No. of Countries	39	39	39	39
Country FE	YES	YES		YES
Weak ident. test (Wald F stat.)	16.64		16.92

Robust standard errors in parentheses.

*** p < 0.01, ** p < 0.05, * p < 0.1.