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