Variables | Fixed effect | Random effect | ||||||
OPEN1 | OPEN2 | OPEN3 | OPEN4 | OPEN1 | OPEN2 | OPEN3 | OPEN4 | |
OPEN’ | −0.252*** | −0.366*** | −0.0343 | −0.0214 | −0.241*** | −0.371*** | −0.010 | −0.006 |
(0.0335) | (0.0309) | (0.0252) | (0.0157) | (0.034) | (0.031) | (0.026) | (0.016) | |
InGFCF | 0.0952*** | 0.141*** | 0.0388 | 0.0388 | 0.101*** | 0.150*** | 0.0489* | 0.048* |
(0.0249) | (0.0243) | (0.0245) | (0.0245) | (0.025) | (0.024) | (0.026) | (0.026) | |
InLAB | 0.394*** | 0.363*** | 0.426*** | 0.426*** | −0.158*** | −0.160*** | −0.172*** | −0.172*** |
(0.129) | (0.124) | (0.133) | (0.133) | (0.057) | (0.059) | (0.048) | (0.048) | |
InEXC | 0.0194*** | 0.0189*** | 0.0230*** | 0.0230*** | 0.0113 | 0.0115* | 0.012 | 0.012 |
(0.00693) | (0.00664) | (0.00715) | (0.00715) | (0.007) | (0.006) | (0.007) | (0.007) | |
InFD | −0.0452** | −0.0269 | −0.0569*** | −0.0569*** | −0.0190 | −0.00282 | −0.0210 | −0.0210 |
(0.0194) | (0.0187) | (0.0199) | (0.0199) | (0.0197) | (0.0189) | (0.0206) | (0.0206) | |
InFDI | −0.0752*** | −0.0555*** | −0.0931*** | −0.0931*** | −0.0854*** | −0.0635*** | −0.105*** | −0.105*** |
(0.0181) | (0.0175) | (0.0185) | (0.0185) | (0.0187) | (0.0179) | (0.0196) | (0.0196) | |
InCPI | −0.0950*** | −0.0804** | −0.0912** | −0.0912** | −0.0938** | −0.0798** | −0.0864** | −0.0864** |
(0.0361) | (0.0346) | (0.0372) | (0.0372) | (0.0374) | (0.0356) | (0.0396) | (0.0396) | |
Constant | 2.821 | 3.262* | 1.602 | 1.489 | 11.07*** | 11.12*** | 10.48*** | 10.44*** |
(1.958) | (1.875) | (2.024) | (2.014) | (0.916) | (0.928) | (0.777) | (0.766) | |
Yeardummies | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 988 | 988 | 988 | 988 | 988 | 988 | 988 | 988 |
N˚ ofcountry | 52 | 52 | 52 | 52 | 52 | 52 | 52 | 52 |
R-squared | 0.782 | 0.799 | 0.769 | 0.769 |
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F statistics | 269.33 | 293.04 | 179.55 | 179.55 |
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BP LM test |
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| 5494.76 | 6109.42 | 4018.32 | 4018.35 |