(1)

(2)

(3)

GDP_t−1

0.8635***

(13.15)

1.0168***

(9.56)

0.9520***

(12.34)

DEBT

0.0132***

(2.75)

0.0205**

(2.42)

0.0454***

(3.14)

FDI

0.0949**

(2.56)

0.0503

(1.17)

0.6038

(1.32)

INV

0.0017

(0.29

0.0694***

(2.7)

0.0101*

(1.69)

SDEBT

0.3721*

(1.93)

0.7027**

(2.08)

0.9025***

(3.13)

TRADE

−0.0119*

(−1.75)

−0.0231**

(−2.03)

−0.0312***

(−2.92)

THE

0.0114

(0.19)

0.0378

(0.33)

0.1500

(1.43)

DUM

0.7242*

(1.77)

1.9778***

(2.74)

DEBT * DUM

−0.0382**

(−2.47)

CONS

0.2060

(−0.30)

−2.9462**

(−1.98)

−2.6451**

(−2.00)

WALD CHI2

1579.11***

615.94***

1867.67***

PROB (AR2)

0.608

0.501

0.603

PROB (SARGAN)

0.711

0.859

0.59

OBSERVATIONS

416

416

416

NB. COUNTRIES

26

26

26