Variables

Coefficients

TO

0.0169***

(2.91)

FCBCF

0.9805***

(5.33)

POP

1.5699***

(00.67)

Dummy

0.7889***

(4.65)

SB ≥ δ

0.119**

(1.94)

Constant

−2.2059**

(−2.23)

Threshold

δ*** = −10.92

CI (δ)

[−10.98; −10.89]

R²

0.7880

F−stat

14.98

Number of countries

12

Obs.

120