Equation 2 End. Var

DLGDPH (−1)

DLNFRA

DINST^LINFRA

DLPUBSP

DLGCF

DLOPEN

DLINFL

DLDEVF

DLIGA

DINST

Const

GDPH

0.98***

−0.003

−0.004

−0.18***

−0.03***

0.07***

−0.12**

0.005*

0.14***

0.02

−5.91***

(8.15)

(−0.46)

(−0.78)

(−3.37)

(−2.61)

(2.67)

(−2.37)

(1.75)

(3.77)

(0.44)

(−14.8)

R-squared = 85.18

RMSE = 0.075

Chi2 = 22.88

Obs = 37

Parameters = 10

P_Chi2 = 0.000