Variables

Pooled model

Fixed effects model

Random effects model

Constant

−97.44348 (−19.58680)^***

−113.7947 (−29.15961)^***

−100.6475 (−25.81471)^***

ln(GDP_i)

4.073998 (20.38980)^***

4.012909 (18.45325)^***

4.277310 (26.11997)^***

ln(GDP_j)

0.498568 (15.82329)^***

0.845589 (3.524467)^***

0.562705 (6.849754)^***

ln(POP_j)

0.284574 (7.945792)^***

0.528146 (1.738172)^*

0.193165 (2.303473)^**

ln(OPN_j)

0.456490 (5.375225)^***

−0.057525 (−0.394106)

0.097861 (0.767610)

ln(DIS_ij)

−0.962617 (−15.53296)^***

-

−1.017451 (−6.048798)^***

LANG_ij

0.215828 (2.072738)^**

-

0.392612 (1.416076)

RTA_ij

0.412817 (4.172674)^***

-

0.126173 (1.232739)

BORDER_ij

1.180999 (4.989782)^***

-

1.155609 (1.700600)^*

No. of observations

588

588

588

Adjusted R²

0.69

0.84

0.70

F-test

-

340.05^***

-

Hausman test

-

14.38^***

-