variables | Full words | calculation |
FDI | Foreign direct investment | Represent the foreign direct investment after taking log, net inflow for country i at time t. |
MS | market size | represent the log of GDP in current US$ for the country i at time t, and it measures the domestic market size of any country. |
TO | Trade Openness | represent the openness which is calculated on the basis of the sum of total imports and exports divided by GDP for country i at time t. |
INFRA | infrastructure | represent the electric power consumption (kWh per capita) for country i at time t. |
HC | Human Capital | represent the school enrolment, secondary (percent gross) for country i at time t. In this model. |
ECO | economy | represent the log of total amount of GDP in current US$ for the country i at time t, and it measures the economy of any country. |