Table 7.
Regression results of middle- and high-income countries.
| Explained variable: EI (GMM) | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| L.EI | 0.8232∗∗∗ | 0.8308∗∗∗ | 0.8273∗∗∗ | 0.7619∗∗∗ | 0.7720∗∗∗ | 0.8102∗∗∗ |
| [0.0064] | [0.0061] | [0.0082] | [0.0099] | [0.0088] | [0.0065] | |
| FIA | -0.0056∗∗∗ | |||||
| [0.0014] | ||||||
| FIE | -0.0025 | |||||
| [0.0019] | ||||||
| FID | -0.0054∗∗ | |||||
| [0.0025] | ||||||
| FMA | -0.0202∗∗∗ | |||||
| [0.0048] | ||||||
| FME | -0.0171∗∗∗ | |||||
| [0.0021] | ||||||
| FMD | -0.0155∗∗∗ | |||||
| [0.0030] | ||||||
| _cons | -0.0196∗∗∗ | -0.0241∗∗∗ | -0.0191∗∗∗ | -0.0266∗∗∗ | -0.0296∗∗∗ | -0.0291∗∗∗ |
| [0.0021] | [0.0032] | [0.0029] | [0.0031] | [0.0024] | [0.0031] | |
| Control variables | YES | YES | YES | YES | YES | YES |
| Observations | 735 | 702 | 735 | 636 | 636 | 669 |
| NO of country | 34 | 34 | 34 | 34 | 34 | 34 |
| NO of IVs | 73 | 71 | 73 | 67 | 67 | 69 |
| AR (2) test (p-value) | 0.3611 | 0.5059 | 0.3637 | 0.2604 | 0.2848 | 0.7630 |
| Sargan test (p-value) | 1.0000 | 0.9999 | 1.0000 | 0.9998 | 0.9996 | 0.9997 |
Standard errors in brackets,∗∗∗ 1% ∗∗ 5% ∗ 10%,∗p < 0.1, ∗∗p < 0.05, ∗∗∗p < 0.01.