Table 7.
FMOLS/DOLS/CCR (GDP_PC as dependent variable).
| Independent Variables | FMOLS |
DOLS |
CCR |
|||
|---|---|---|---|---|---|---|
| Coef | Std Err | Coef | Std Err | Coef | Std Err | |
| BIOCAPit | 4.9084∗ | 2.551 | 9.0478 | 7.008 | 5.1255∗ | 2.807 |
| EFPCit | -2.1524 | 1.508 | -5.6782 | 4.108 | -2.2092 | 1.641 |
| EUSEit | -0.006∗∗∗ | 0.001 | -0.0045 | 0.004 | -0.006∗∗∗ | 0.001 |
| FDIit | 9.9492∗∗∗ | 1.432 | 10.206∗∗∗ | 3.851 | 9.9318∗∗∗ | 1.518 |
| GINIit | 0.0554∗ | 0.034 | 0.0491 | 0.098 | 0.0536 | 0.036 |
| HDIit | 13.4637∗∗∗ | 2.936 | 20.1335∗∗∗ | 8.074 | 13.6698∗∗∗ | 3.244 |
| TOit | -0.0015 | 0.010 | -0.0015 | 0.026 | -0.0021 | 0.010 |
Note: ‘∗’, ‘∗∗’, ‘∗∗∗’ signify 90%, 95% and 99% level of statistical significance, respectively.