Table 4.
TA | TA | DA | DA | CA | CA | |
---|---|---|---|---|---|---|
IFR | 0.959 | 1.780 ** | 1.971 *** | 0.102 | 1.400 ** | 1.311 * |
(0.705) | (0.762) | (0.565) | (0.563) | (0.547) | (0.635) | |
GDP | 0.064 ** | 0.119 ** | 0.187 *** | 0.020 | 0.130 *** | 0.077 ** |
(0.026) | (0.043) | (0.026) | (0.036) | (0.028) | (0.033) | |
Population | −0.103 *** | −0.197 *** | −0.220 *** | −0.052 | −0.177 *** | −0.145 *** |
(0.031) | (0.047) | (0.040) | (0.031) | (0.032) | (0.030) | |
Edu | −0.016 | −0.147 | 0.478 *** | 0.058 | 0.163 * | −0.070 |
(0.093) | (0.095) | (0.133) | (0.120) | (0.088) | (0.068) | |
Male | 0.020 | 0.134 | 0.119 | 0.151 * | 0.177 | 0.140 ** |
(0.098) | (0.083) | (0.115) | (0.075) | (0.108) | (0.062) | |
Size | −0.002 | −0.026 ** | −0.038 ** | −0.019 ** | −0.028 * | −0.026 *** |
(0.011) | (0.010) | (0.016) | (0.007) | (0.016) | (0.007) | |
FDI | 0.015 | 0.028 | 0.024 | |||
(0.023) | (0.018) | (0.016) | ||||
Aging | −0.179 * | 0.057 | −0.108 | |||
(0.095) | (0.048) | (0.069) | ||||
Time | 0.001 ** | 0.000 | 0.001 ** | |||
(0.001) | (0.000) | (0.000) | ||||
Constant | 0.334 | −223.141 ** | −0.821 | −59.197 | 0.090 | −168.522 ** |
(0.291) | (101.596) | (0.588) | (88.198) | (0.362) | (71.258) | |
Continent dummies | NO | YES | NO | YES | NO | YES |
N | 38 | 35 | 36 | 34 | 40 | 37 |
Adj. R2 | 0.361 | 0.449 | 0.826 | 0.963 | 0.715 | 0.894 |
Note: (1) Standard errors in parentheses; * p < 0.1, ** p < 0.05, *** p < 0.01; (2) “YES” means controlling continental geographical dummies, while “NO” means the geographical dummies are not included in.