Equation (4.1)

Equation (4.2)

Equation (4.3)

Constant

−1.492

−1.782

−2.075

(0.523)

(0.520)

(0.573)

Exchange rate

−0.001

(0.000)

Trade openness (% GDP)

0.030

0.030

0.038

(0.006)

(0.007)

(0.007)

FDI (% of GDP)

0.088

0.065

0.061

(0.029)

(0.027)

(0.030)

Inflation

−0.003

−0.003

(0.002)

(0.002)

Tariff rate, all products (%)

0.041

0.038

0.038

(0.019)

(0.020)

(0.021)

AID (% of GDP)

0.010

0.010

0.010

(0.002)

(0.002)

(0.002)

Observation

77

77

79

R-squared

0.64

0.61

0.61