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)