Equation (4.1)

Equation (4.2)

Equation (4.3)

Constant

1.983

1.681

3.644

(0.799)

(1.009)

(0.759)

GDP per capita

0.003

0.002

(0.001)

(0.001)

Exchange rate

−0.004

−0.003

−0.002

(0.001)

(0.001)

(0.001)

Trade openness (% GDP)

0.025

0.042

0.030

(0.009)

(0.011)

(0.011)

FDI (% of GDP)

0.143

0.108

0.108

(0.040)

(0.050)

(0.054)

Inflation

−0.004

(0.002)

Tariff rate, all products (%)

−0.082

−0.065

−0.069

(0.026)

(0.032)

(0.034)

AID (% of GDP)

0.017

0.012

(0.003)

(0.004)

Observation

78

80

81

R-squared

0.66

0.54

0.42