Table 6.

System Three Stage Least Squares estimation by type of Globalization

A. All countries
Variables (Table 1)	Globalization	Freedoms	Convergence	Variables	Globalization Economic	Freedoms	Convergence
Glob Total		0.0382***	1.1388***	Glob Econ		0.0286***	0.8312***
		(0.002)	(0.022)			(0.002)	(0.020)
Freedoms	5.2819***		−1.2223***	Freedoms	5.6493***		0.7087**
	(0.161)		(0.285)		(0.205)		(0.287)
Convergence	0.4525***	0.0032**		Convergence	0.5028***	0.0071***
	(0.009)	(0.001)			(0.011)	(0.001)
Variables	Globalization Social	Freedoms	Convergence	Variables	Globalization Political	Freedoms	Convergence
Glob Social		0.0307***	1.1449***	Glob Polit		0.0158***	0.5175***
		(0.002)	(0.018)			(0.001)	(0.025)
Freedoms	4.3115***		−1.2610***	Freedoms	6.2054***		3.3896***
	(0.179)		(0.264)		(0.200)		(0.309)
Convergence	0.6025***	0.0004		Convergence	0.2048***	0.0199***
	(0.009)	(0.001)			(0.012)	(0.001)
B. OECD countries
Variables (Table 2)	Globalization	Freedoms	Convergence	Variables	Globalization Economic	Freedoms	Convergence
Glob Total		0.0280***	0.5674***	Glob Econ		0.0238***	0.4176***
		(0.002)	(0.055)			(0.002)	(0.048)
Freedoms	11.6373***		16.4318***	Freedoms	12.6103***		18.3235***
	(0.699)		(1.137)		(0.831)		(1.127)
Convergence	0.0998***	0.0141***		Convergence	0.0954***	0.0149***
	(0.019)	(0.001)			(0.023)	(0.001)
Variables	Globalization Social	Freedoms	Convergence	Variables	Globalization Political	Freedoms	Convergence
Glob Social		0.0233***	0.5810***	Glob Polit		0.0150***	0.0657
		(0.002)	(0.042)			(0.002)	(0.067)
Freedoms	12.9678***		14.7951***	Freedoms	10.0070***		23.8042***
	(0.884)		(1.123)		(0.676)		(1.091)
Convergence	0.2139***	0.0118***		Convergence	−0.0528***	0.0204***
	(0.024)	(0.001)			(0.018)	(0.001)
C. Non-OECD countries
Variables (Table 3)	Globalization	Freedoms	Convergence	Variables	Globalization Economic	Freedoms	Convergence
Glob Total		0.0388***	1.0825***	Glob Econ		0.0286***	0.8093***
		(0.003)	(0.024)			(0.002)	(0.021)
Freedoms	4.9847***		−4.0641***	Freedoms	5.5966***		−3.1374***
	(0.175)		(0.276)		(0.225)		(0.278)
Convergence	0.5519***	−0.0058***		Convergence	0.6542***	−0.0060***
	(0.012)	(0.002)			(0.015)	(0.002)
Variables	Globalization Social	Freedoms	Convergence	Variables	Globalization Political	Freedoms	Convergence
Glob Social		0.0375***	1.1747***	Glob Pol		0.0104***	0.4564***
		(0.003)	(0.021)			(0.002)	(0.025)
Freedoms	3.8627***		−3.5351***	Freedoms	5.8243***		−1.5033***
	(0.180)		(0.255)		(0.229)		(0.301)
Convergence	0.6680***	−0.0114***		Convergence	0.2894***	0.0092***
	(0.011)	(0.002)			(0.017)	(0.002)

Each of the four blocks of results correspond to the system (1) estimated by three-stage least squares as in Tables 1, 2 and 3 for: the KOF composite index (repeated top left for convenience), Economic Globalization (top right), Social Globalization (bottom left) and Political Globalization (bottom right). Other regressors’ coefficient estimates are available upon request. Time and countries dummies are included but not presented for reasons of parsimony. Heteroskedastic-consistent standard errors are in parentheses. ***, ** and * denote significant coefficients, respectively at the 1, 5 and 10% confidence levels