Table 8.

Estimated results for the supply side

EOS	7	8	9	10	11	12
l. EOS	− 0.2281*** [0.023]	− 0.2383*** [0.024]	− 0.2421*** [ 0.024]	− 0.2350*** [ 0.024]	− 0.2535*** [0.025]	− 0.2829*** [ 0.027]
GDP	− 0.0165*** [ 0.004]	− 0.0256*** [ 0.006]	− 0.0306* [ 0.011]	− 0.0115 [ 0.011]	− 0.0062 [ 0.011]	− 0.0152 [ 0.015]
GDP2		0.0029** [ 0.002]	0.0028 [ 0.004]	0.0018 [ 0.004]	0.0002 [ 0.004]	0.0043 [ 0.006]
GDP3			− 0.0001 [ 0.001]	− 0.0002 [ 0.001]	− 0.0001 [ 0.001]	− 0.0007 [ 0.001]
DINV				− 0.0003 [ 0.006]	− 0.0002 [ 0.007]	− 0.0025 [ 0.008]
FDI					− 0.0015 [ 0.005]	− 0.0014 [ 0.005]
POP						0.1787 [ 0.220]
cons	− 0.0701*** [ 0.018]	− 0.0732*** [ 0.018]	− 0.0735*** [ 0.018]	− 0.0680*** [ 0.016]	− 0.0674*** [ 0.021]	− 0.0748*** [ 0.021]
obs	2180	2180	2180	2180	2180	2180
F-statistics	2.34 (0.00)	2.02 (0.00)	1.71 (0.00)	1.68 (0.00)	1.64 (0.00)	1.56 (0.00)
Rsqur	0.71	0.66	0.64	0.58	0.53	0.49
CD-stats	6.59 (0.000)	5.88 (0.000)	6.16 (0.000)	4.94 (0.000)	4.28 (0.000)	4.06 (0.000)

^***1%, **5%, and *10%—significant levels. P-values are enclosed in parentheses. Standard errors are enclosed in brackets