Table 6.
Regression results of low-income countries.
| Explained variable: EI (GMM) | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| L.EI | 0.8579∗∗∗ | 0.8551∗∗∗ | 0.7994∗∗∗ | 0.8519∗∗∗ | 0.8645∗∗∗ | 0.8648∗∗∗ |
| [0.0016] | [0.0015] | [0.0034] | [0.0032] | [0.0015] | [0.0010] | |
| FIA | -0.0418∗∗∗ | |||||
| [0.0023] | ||||||
| FIE | -0.0405∗∗∗ | |||||
| [0.0020] | ||||||
| FID | -0.5513∗∗∗ | |||||
| [0.0203] | ||||||
| FMA | -0.1443∗∗∗ | |||||
| [0.0121] | ||||||
| FME | -0.0113∗∗ | |||||
| [0.0051] | ||||||
| FMD | -0.0209∗∗∗ | |||||
| [0.0028] | ||||||
| _cons | 0.0395∗∗∗ | 0.0670∗∗∗ | 0.0680∗∗∗ | 0.0570∗∗∗ | 0.0499∗∗∗ | 0.0471∗∗∗ |
| [0.0020] | [0.0028] | [0.0062] | [0.0035] | [0.0022] | [0.0024] | |
| Control variables | YES | YES | YES | YES | YES | YES |
| Observations | 617 | 617 | 617 | 617 | 617 | 617 |
| NO of country | 33 | 33 | 33 | 33 | 33 | 33 |
| NO of IVs | 67 | 67 | 67 | 67 | 67 | 67 |
| AR (2) test (p-value) | 0.9306 | 0.9150 | 0.9743 | 0.9175 | 0.0766 | 0.9075 |
| Sargan test (p-value) | 0.9994 | 0.9987 | 0.9998 | 0.9986 | 0.9989 | 0.9999 |
Standard errors in brackets,∗∗∗ 1% ∗∗ 5% ∗ 10%,∗p < 0.1, ∗∗p < 0.05, ∗∗∗p < 0.01.