Full-panels

Less-liberal

(RF ≤ 0.5)

Moderate-liberal

(0.5 ≤ RF ≤ 0.75)

High-liberal

RF (≥0.75)

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

−0.248***

(0.042)

−0.245***

(0.055)

0.213***

(0.090)

0.244**

(0.114)

0.404***

(0.102)

0.512***

(0.122)

−0.257***

(0.043)

−0.199***

(0.055)

HDI

2.513***

(0.198)

2.768***

(0.187)

3.045***

(0.296)

3.092***

(0.322)

0.809***

(0.332)

0.438

(0.474)

5.058***

(0.208)

5.457***

(0.244)

DR

−0.027***

(0.004)

−0.031***

(0.006)

0.001

(0.008)

−0.003

(0.011)

−0.007

(0.009)

−0.006

(0.011)

−0.075***

(0.006)

−0.081***

(0.009)

AR

0.027***

(0.004)

0.033***

(0.006)

−0.004

(0.009)

0.001

(0.012)

0.012

(0.009)

0.012

(0.012)

0.073***

(0.007)

0.079***

(0.009)

RF

0.530***

(0.119)

0.698***

(0.164)

−0.338

(0.279)

−0.121

(0.367)

−1.672***

(0.495)

−2.029***

(0.580)

1.158***

(0.189)

1.049***

(0.241)

PG

0.125

(0.121)

−0.132

(0.160)

0.005

(0.195)

−0.369

(0.257)

1.581***

(0.234)

1.537***

(0.288)

−0.514***

(0.085)

−0.551***

(0.112)

SG

1.258***

(0.085)

0.972***

(0.079)

1.181***

(0.157)

1.313***

(0.207)

1.054***

(0.217)

1.227***

(0.254)

1.286***

(0.115)

1.055***

(0.143)

FG

0.433***

(0.051)

0.402***

(0.067)

0.168***

(0.076)

0.207**

(0.097)

0.473***

(0.119)

0.454***

(0.143)

0.751***

(0.065)

0.693***

(0.086)

INFR

0.027**

(0.012)

0.042***

(0.016)

−0.046

(0.031)

−0.055

(0.041)

0.065**

(0.032)

0.069*

(0.040)

−0.045***

(0.011)

−0.037***

(0.013)

EXTD

−0.222***

(0.021)

−0.257***

(0.030)

−0.185***

(0.045)

−0.186***

(0.062)

−0.297***

(0.109)

−0.229*

(0.139)

−0.176***

(0.009)

−0.190***

(0.012)

TP

−0.023

(0.018)

−0.012

(0.023)

−0.069**

(0.032)

−0.026

(0.040)

−0.150***

(0.042)

−0.135***

(0.053)

0.056***

(0.013)

0.059***

(0.016)

EUI

0.151

(0.115)

0.258*

(0.159)

−0.312*

(0.207)

−0.298

(0.260)

−0.169

(0.255)

−0.221

(0.318)

−0.144**

(0.076)

−0.052

(0.095)

Constant

2.363***

(0.504)

4.163***

(0.664)

5.777***

(0.784)

6.531***

(0.998)

1.508

(1.044)

1.499

(1.298)

0.032

(0.505)

1.222**

(0.618)

No. of countries

117

117

21

21

25

25

71

71

No. of obs.

1539

1539

306

306

472

472

761

761