(0.356)

(1.886)

FINDEV2

0.414

1.283

(0.331)

(1.598)

FINDEV2 × TLIB

−0.588*

−0.398

(0.302)

(1.422)

FINDEV3

0.264

3.041***

(0.382)

(1.075)

FINDEV3 × TLIB

−0.407

−1.179

(0.337)

(0.947)

TLIB

0.704***

0.756***

0.725***

0.712*

0.587

0.327

(0.138)

(0.139)

(0.153)

(0.424)

(0.384)

(0.249)

Corrupt

0.410***

0.091**

−0.425***

0.384***

−0.175

−1.117***

(0.060)

(0.038)

(0.065)

(0.078)

(0.110)

(0.202)

Rule law

−0.613***

−0.129**

−0.555***

0.724*

1.587***

2.351***

(0.080)

(0.060)

(0.063)

(0.373)

(0.420)

(0.447)

Controls: country, year fixed effects, gdp

Observations

1417

1424

789

1395

1402

772

Adjusted R-squared

0.691

0.692

0.703

0.568

0.567

0.686