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.