Table 7.

PMG and DFE results for developed countries

Variables	Coef./Prob.	PMG				DFE
		Eq. (1)	Eq. (2)	Eq. (3)	Eq. (4)	Eq. (1)	Eq. (2)	Eq. (3)	Eq. (4)
EC	Coef.	0.613	0.197	0.030	−0.393	0.028	0.068	0.110	0.134
	Prob.	0.000	0.000	0.171	0.000	0.586	0.140	0.001	0.000
GDPPC	Coef.	−0.639	−1.526	−0.249	−1.422	0.236	6.676	0.077	11.221
	Prob.	0.245	0.012	0.013	0.000	0.083	0.003	0.758	0.001
GDPPC2	Coef.		0.089		0.074		−0.315		−0.545
	Prob.		0.004		0.000		0.005		0.001
TRADE	Coef.	−0.863	−0.617	0.183	−0.625	0.156	0.172	0.231	0.147
	Prob.	0.015	0.000	0.001	0.000	0.512	0.260	0.348	0.576
URBAN	Coef.	3.349	0.013	−0.328	0.942	0.088	0.318	0.807	0.830
	Prob.	0.007	0.946	0.303	0.000	0.860	0.576	0.380	0.140
FD	Coef.	1.483	0.125	−0.066	0.200	−0.294	−0.198	−0.182	−0.062
	Prob.	0.007	0.000	0.464	0.000	0.021	0.040	0.035	0.456
PAT	Coef.	0.143	0.010			−0.045	−0.030
	Prob.	0.001	0.708			0.153	0.159
TM	Coef.			0.067	0.096			0.325	0.292
	Prob.			0.178	0.000			0.019	0.090