Table 3.

Variable selection in regularization models

	Standard_lasso	Minimum_BIC_lasso		Elastic_Net	Adaptive_lasso
manuf_VA	x	x		x	x
urban_pop	x	x		x	x
gov	x	x		x	x
house_spend	x	x		x	x
cpia_macro	x	x		x	x
kofecdj	x	x		x	x
unempl	x		x		x
cpia_socinclusion	x	x		x	x
mortality_5yrs	x		x		x
trade_tax	x		x		x
natresourcerent	x		x
fdi	x		x
_cons	x	x		x	x

Legend: o Omitted, x estimated

Source: authors’ construct 2021