Equation (4.1) | Equation (4.2) | Equation (4.3) | |
Constant | 17.459 | 21.950 | 24.625 |
(3.632) | (3.406) | (3.551) | |
Exchange rate | 0.006 | ||
( ) 0.002 | |||
Trade openness (% GDP) | 0.117 | 0.154 | 0.120 |
(0.029) | (0.027) | (0.031) | |
Share of agriculture to GDP | −0.151 | −0.231 | −0.262 |
(0.078) | (0.076) | (0.078) | |
AID (% of GDP) | −0.023 | −0.021 | −0.020 |
(0.010) | (0.011) | (0.011) | |
Observation | 114 | 114 | 111 |
R-squared | 0.60 | 0.56 | 0.48 |