Full-panels

Less liberal

(RF ≤ 0.5)

Moderate liberal

(0.5 ≤ RF ≤ 0.75)

High liberal

(RF ≥ 0.75)

1

2

3

4

5

6

7

8

τ = 0.75

τ = 0.90

τ = 0.75

τ = 0.90

τ = 0.75

τ = 0.90

τ = 0.75

τ = 0.90

TROP

−0.328***

(0.074)

−0.099**

(0.048)

0.133

(0.107)

0.273**

(0.134)

0.441***

(0.083)

0.550***

(0.098)

−0.091

(0.096)

−0.236**

(0.122)

HDI

2.886***

(0.494)

2.494***

(0.208)

2.805***

(0.248)

3.174***

(0.321)

0.314

(0.227)

0.894***

(0.232)

5.517***

(0.530)

5.686***

(0.842)

DR

−0.034***

(0.005)

−0.034***

(0.007)

−0.010*

(0.006)

−0.003

(0.020)

−0.009

(0.009)

−0.001

(0.013)

−0.068***

(0.010)

−0.067***

(0.012)

AR

0.035***

(0.006)

0.035***

(0.007)

0.008

(0.006)

0.002

(0.021)

0.012

(0.009)

0.005

(0.012)

0.066***

(0.011)

0.063***

(0.013)

RF

0.665***

(0.206)

0.968***

(0.203)

−0.055

(0.261)

−0.401

(1.016)

−2.094***

(0.524)

−2.305***

(0.588)

0.657*

(0.436)

0.627

(0.577)

PG

−0.041

(0.170)

0.045

(0.206)

0.217

(0.210)

−0.549

(0.402)

1.677***

(0.242)

1.372***

(0.202)

−0.163

(0.126)

−0.390

(0.337)

SG

1.165***

(0.173)

0.873***

(0.079)

0.920***

(0.134)

1.230***

(0.249)

1.358***

(0.172)

1.162***

(0.218)

1.112***

(0.288)

0.973**

(0.467)

FG

0.444***

(0.060)

0.362***

(0.099)

0.185***

(0.078)

0.207

(0.147)

0.275***

(0.102)

0.516***

(0.141)

0.457***

(0.152)

0.510***

(0.206)

INFR

0.007

(0.017)

0.014

(0.019)

−0.033

(0.035)

−0.052

(0.046)

0.047

(0.033)

0.109***

(0.036)

−0.031

(0.030)

−0.029

(0.024)

EXTD

−0.231***

(0.027)

−0.238***

(0.033)

−0.231***

(0.043)

−0.160***

(0.052)

−0.129***

(0.055)

−0.181

(0.152)

−0.263***

(0.033)

−0.226***

(0.076)

TP

−0.022

(0.022)

0.015

(0.025)

−0.144***

(0.050)

0.048

(0.052)

−0.137***

(0.043)

−0.122***

(0.048)

0.062***

(0.027)

0.065*

(0.037)

EUI

0.160

(0.123)

0.393**

(0.214)

−0.138

(0.183)

−0.087

(0.299)

0.127

(0.253)

0.424

(0.501)

0.033

(0.111)

−0.034

(0.128)

Constant

3.290***

(0.726)

2.793***

(0.755)

6.688***

(0.924)

5.476***

(1.378)

0.403

(0.940)

1.449

(1.600)

0.596

(1.094)

2.205**

(1.238)

Pseudo R²

0.446

0.393

0.672

0.660

0.413

0.428

0.575

0.539

Adj. R²

0.442

0.388

0.657

0.645

0.396

0.412

0.567

0.531

No. of countries

117

117

21

21

25

25

71

71

No. of obs.

1539

1539

306

306

472

472

761

761