Regression 1 | Regression 2 | Regression 3 | Regression 4 | ||
Estimation methods | OLS | FMOLS | CCR | VCEM | |
Endogenous Variable | Exogenous Variables | ||||
LGDPH | C | 1.09 | 1.23*** | 2.01** | −5.91*** |
(1.43) | (3.11) | (2.91) | (−14.8) | ||
LGDP (−1) | 0.82*** | 0.84* ** | 0.69** | NA | |
(3.88) | (7.52) | (3.58) | |||
LINFRA | 0.003 | 0.007 | 0.01 | 0.05*** | |
(0.38) | (1 - 19) | (1 - 37) | (3.61) | ||
INST^LINFRA | −0.08*** | ||||
(−7.27) | |||||
LPUBSPEND | −0.008 | −0.03 | −0.03 | 0.08** | |
(−0.09) | (−0.56) | (−0.30) | (2.06) | ||
LGFCF | 0.03* | 0.03*** | 0.04** | −0.03*** | |
(1.61) | (3.01) | (2.42) | (−18.88) | ||
LOPEN | −0.06 | −0.06** | −0.09** | 0.24*** | |
(−1.33) | (−2.87) | (−2.38) | (8.04) | ||
LINFL | 0.07 | 0,07* | 0.05 | 0.3*** | |
(0.97) | (1.83) | (0.85) | (6.15) | ||
LDEVF | −0.009 | −0,009** | −0.01** | 0.03*** | |
(−1.29) | (−2.58) | (−2.26) | (12.63) | ||
LIGA | −0.11 | −0,14*** | −0.21** | 0.63*** | |
(−1.41) | (−3.14) | (−2.92) | (10.85) | ||
INST | 0.02 | 0.02** | −0.02** | −0.58*** | |
(1.31) | (2.73) | (2.05) | (−6.1) | ||
DLGDP (−1) | 0.24 | 0.26** | −0.03 | 0.98*** | |
(1.06) | (2.17) | (−0.11) | (8.15) | ||
DLNFRA | −0.01* | −0.02*** | 0.02 | −0.003 | |
(−1.89) | (−3.77) | (1.07) | (−0.46) | ||
DINST^LINFRA | −0.004 | ||||
(−0.78) | |||||
DLPUBSPEND | 0.22** | 0.23*** | 0.23 | −0.18*** | |
(2.31) | (4.78) | (1.41) | (−3.37) | ||
DLGFCF | −0.006 | −0.006 | −0.06** | −0.03*** | |
(−0.55) | (−1.03) | (−2.62) | (−2.61) | ||
DLOPEN | 0.11** | 0.12*** | 0.16** | 0.07*** | |
(2.36) | (4.85) | (2.92) | (2.67) |