Regressors

Dependent Variable: GDP Growth Rate

(1)

(2)

(3)

ECM (−1)

−0.923***

−0.956***

−0.962***

(0.226)

(0.199)

(0.201)

Foreign Direct Investment (% of GDP) = D,

0.536

−0.540

−1.406

(0.600)

(1.319)

(1.478)

Government Expenditure (% of GDP) = D,

1.144**

1.146**

1.188**

(0.536)

(0.511)

(0.545)

Trade (% of GDP) = D,

−0.082

−0.137**

−0.169**

(0.060)

(0.056)

(0.066)

Population Growth % = D,

6.801

−10.488

−14.311

(14.327)

(13.766)

(14.865)

Population Growth % = L,

−18.811

−0.329**

5.481

(17.310)

(16.702)

(18.143)

BANKDEV1*FDI = D,

5.232**

7.429**

(2.437)

(2.987)

BANKDEV1*FDI = L,

2.593**

3.203***

(0.911)

(1.051)

BANKDEV1 = D,

2.162

−1.679

−5.227

(5.054)

(4.900)

(5.609)

BANKDEV1 = L,

−5.805

−11.641*

−12.316*

(6.698)

(6.580)

(6.670)

Financial Reform = D,

0.178

(0.365)

Constant

3.014

14.366

14.460

(13.362)

(12.795)

(13.001)

R-Squared

0.714

0.857

0.836

Adjusted R-Squared

0.571

0.686

0.638

Number of Observations

37

34

34