Table 11.
Regression results of countries in the declining stage.
| Explained variable: EI (GMM) | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| L.EI | 0.8677∗∗∗ | 0.8785∗∗∗ | 0.8784∗∗∗ | 0.8629∗∗∗ | 0.8783∗∗∗ | 0.8584∗∗∗ |
| [0.0075] | [0.0067] | [0.0075] | [0.0085] | [0.0060] | [0.0087] | |
| FIA | -0.0087∗ | |||||
| [0.0047] | ||||||
| FIE | -0.0169∗∗∗ | |||||
| [0.0022] | ||||||
| FID | -0.0041 | |||||
| [0.0053] | ||||||
| FMA | -0.0080∗ | |||||
| [0.0044] | ||||||
| FME | -0.0047∗∗∗ | |||||
| [0.0008] | ||||||
| FMD | -0.0033 | |||||
| [0.0036] | ||||||
| _cons | 0.0120∗∗ | 0.0103∗∗ | 0.0073 | 0.0185∗∗∗ | 0.0087∗∗∗ | 0.0211∗∗∗ |
| [0.0049] | [0.0045] | [0.0046] | [0.0056] | [0.0034] | [0.0058] | |
| Control variables | YES | YES | YES | YES | YES | YES |
| Observations | 575 | 575 | 575 | 629 | 575 | 602 |
| NO of country | 28 | 28 | 28 | 28 | 28 | 28 |
| NO of IVs | 71 | 71 | 71 | 73 | 71 | 73 |
| AR (2) test (p-value) | 0.9552 | 0.8836 | 0.9593 | 0.4852 | 0.9590 | 0.4819 |
| Sargan test (p-value) | 1.0000 | 1.0000 | 1.0000 | 1.0000 | 1.0000 | 1.0000 |
Standard errors in brackets,∗∗∗ 1% ∗∗ 5% ∗ 10%,∗p < 0.1, ∗∗p < 0.05, ∗∗∗p < 0.01.