Explanatory variables | National | Eastern Region | Central Region | Western Region |
Lninn | 0.05698*** (2.71) | 0.09950*** (3.40) | 0.01752* (1.47) | 0.05222* (2.05) |
SP | 0.00569*** (3.27) | 0.00578* (1.70) | −0.00376 (−1.12) | 0.00018 (0.06) |
DIV | 0.00547* (1.95) | 0.01276*** (3.27) | 0.00862** (2.23) | −0.02470*** (−3.31) |
GOV | −0.03796 (−0.66) | 0.18594 (1.11) | −0.05460 (−0.42) | 0.03980 (0.48) |
FINAN | 0.00560** (2.43) | 0.00492** (2.18) | −0.13503*** (−4.48) | 0.01285 (1.21) |
Lnmarket | 0.04393** (2.38) | 0.06394* (1.65) | −0.02476 (−1.38) | 0.01285 (0.71) |
INFRA | 0.25907*** (5.36) | 0.06149 (0.64) | 0.16447** (2.32) | 0.11452 (0.89) |
_cons | −1.37208 (−5.51) | −0.68262 (−1.39) | −0.26447 (−0.69) | −0.42266 (−0.80) |
Wald chi2 | 72.79 | 39.57 | 76.35 | 25.94 |
LR test | 328.18*** | 185.85*** | 60.49*** | 22.58*** |
rho | 0.97032 | 0.94937 | 0.78475 | 0.60985 |
N | 372 | 132 | 120 | 120 |