MG

DOLS

FMOLS

GDP

0.762*

(2.82)

0.427*

(3.157)

0.662*

(6.11)

RP

0.053

(0.57)

−0.065

(−0.856)

−0.118*

(−2.931)

FDI

0.028

(0.29)

0.118*

(2.662)

0.097*

(2.568)

REM

0.147*

(2.03)

0.186*

(3.783)

0.105*

(3.718)

Obs.

330

267

321

CD test

2.59 [0.010]

2.265 [0.023]

11.771 [0.000]