Variable

(1)

lnPGDP

(2)

URB

(3)

lnPGDP

URB

1.2731***

(6.2189)

lDFI

0.1401***

0.0119***

0.1249***

(15.1690)

(4.1029)

(14.1516)

INS

0.4047***

0.0328

0.3630***

(4.2476)

(1.0948)

(4.1344)

INL

0.0168***

0.0046***

0.0109***

(7.3403)

(6.3809)

(4.7579)

RDI

0.0403***

0.0005

0.0410***

(3.5681)

(0.1421)

(3.9452)

DFT

0.3492***

0.1025***

0.2187***

(4.6003)

(4.2983)

(3.0025)

RND

0.6298***

0.0990***

0.5038***

(6.6338)

(3.3179)

(5.6260)

Constant

8.1399***

0.0999**

8.2210***

(63.9912)

(2.0366)

(67.3122)

Observations

300

300

300

R-squared

0.8814

0.6045

0.9004