Table 13.
Regression results of countries with a high financial development level.
| Explained variable: EI (GMM) | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| L.EI | 0.8845∗∗∗ | 0.8843∗∗∗ | 0.8719∗∗∗ | 0.8622∗∗∗ | 0.8800∗∗∗ | 0.8817∗∗∗ |
| [0.0067] | [0.0075] | [0.0114] | [0.0058] | [0.0116] | [0.0096] | |
| FIA | -0.0001 | |||||
| [0.0024] | ||||||
| FIE | -0.0057∗∗ | |||||
| [0.0023] | ||||||
| FID | -0.0186∗∗∗ | |||||
| [0.0038] | ||||||
| FMA | -0.0214∗∗∗ | |||||
| [0.0024] | ||||||
| FME | -0.0078∗∗∗ | |||||
| [0.0008] | ||||||
| FMD | -0.0176∗∗∗ | |||||
| [0.0016] | ||||||
| _cons | -0.0208∗∗∗ | -0.0155∗∗∗ | -0.0121∗∗ | -0.0132∗∗∗ | -0.0176∗∗∗ | -0.0207∗∗∗ |
| [0.0025] | [0.0017] | [0.0049] | [0.0039] | [0.0054] | [0.0025] | |
| Control variables | YES | YES | YES | YES | YES | YES |
| Observations | 681 | 713 | 713 | 681 | 681 | 681 |
| NO of country | 34 | 34 | 34 | 34 | 34 | 34 |
| NO of IVs | 71 | 73 | 73 | 71 | 71 | 71 |
| AR (2) test (p-value) | 0.3848 | 0.3927 | 0.3900 | 0.3586 | 0.4408 | 0.3771 |
| Sargan test (p-value) | 1.0000 | 1.0000 | 1.0000 | 1.0000 | 1.0000 | 0.9999 |
Standard errors in brackets,∗∗∗ 1% ∗∗ 5% ∗ 10%,∗p < 0.1, ∗∗p < 0.05, ∗∗∗p < 0.01.