Regressors

Dependent Variable: GDP Growth

(1)

(2)

(3)

Foreign Direct Investment (% of GDP)

0.565*

2.645

3.759

(0.278)

(2.140)

(2.382)

Government Expenditure (% of GDP)

−0.609

−1.131*

−1.116*

(0.328)

(0.596)

(0.598)

Trade (% of GDP)

0.046

0.094 ***

0.177**

(0.024)

(0.031)

(0.076)

Population Growth Rate (%)

3.175

−3.399

−4.819

(3.982)

(4.664)

(5.119)

BANKDEV1*FDI

−5.684

−8.600*

(3.780)

(4.603)

BANKDEV1

−0.292

6.864

9.785

(0.949)

(6.865 )

(7.484)

Financial Reform

−0.512

(0.4112)

R-Squared

0.686

0.857

0.836

Adjusted R-Squared

0.500

0.686

0.638

Number of Observations

36

34

34