VARIABLES

(1)

(2)

(3)

(4)

(5)

(6)

OLS

FMOLS

OLS

FMOLS

OLS

FMOLS

K_t

0.574***

0.568***

1.060***

1.052***

0.727***

0.734***

(0.120)

(0.0811)

(0.0793)

(0.0564)

(0.0723)

(0.0430)

L_t

0.835***

1.325***

−0.0828

0.570**

−0.201

−0.161

(0.240)

(0.211)

(0.258)

(0.236)

(0.129)

(0.143)

π_t

−0.000163

0.00139

0.00138

0.00229*

0.00259

0.00271***

(0.00197)

(0.00126)

(0.00274)

(0.00121)

(0.00188)

(0.000884)

E_t

0.432***

0.463***

−0.120**

−0.110***

−0.281**

−0.306***

(0.104)

(0.0785)

(0.0544)

(0.0240)

(0.126)

(0.0803)

AVA_t

−0.0424***

−0.0478***

(0.0121)

(0.00892)

AVA_t * E_t

−0.0103***

−0.0102***

(0.00181)

(0.00123)

IND_t

−0.0466***

−0.0391***

(0.0101)

(0.00731)

IND_t * E_t

0.00316

0.00655***

(0.00353)

(0.00182)

SERV_t

0.0446***

0.0454***

(0.00513)

(0.00310)

SERV_t * E_t

0.00577

0.00658***

(0.00398)

(0.00243)

Constant

10.08***

9.142***

1.564

−0.0613

6.309***

6.041***

(3.011)

(1.995)

(1.678)

(1.323)

(1.629)

(1.102)

Observations

40

39

40

39

40

39

R-squared

0.962

0.909

0.962

0.947

0.981

0.943

Dependent Variable

ECO_t

ECO_t

ECO_t

ECO_t

ECO_t

ECO_t

Sectoral Share

Agriculture

Agriculture

Industry

Industry

Services

Services