(OLS)

(FE)

(FE)

VARIABLES

di

di

di

lagdi

0.0401

0.134***

0.0544

(0.103)

(0.0446)

(0.0436)

lagtrade

0.945**

1.010**

0.628

(0.402)

(0.453)

(0.543)

lagtrade_square

−0.0194***

−0.0244***

−0.0188***

(0.00578)

(0.00642)

(0.00705)

lagtrade_cubic

7.70e-05***

0.000106***

8.11e-05***

(2.46e-05)

(2.66e-05)

(2.83e-05)

lagfdi

−1.264**

−1.263***

0.0644

(0.502)

(0.462)

(0.490)

Angola

1.037***

(0.260)

Botswana

0.684***

(0.210)

Burundi

0.295

(0.504)

Cameroon

0.852***

(0.309)

The Central African Rep.

1.190***

(0.321)

Chad

0.901***

(0.183)

Congo

0.548***

(0.148)

Equatorial Guinea

2.284***

(0.431)

Ethiopia

1.116

(1.103)

Gabon

0.492**

(0.246)

Kenya

0.635**

(0.300)

Madagascar

0.589**

(0.233)

Mauritius

0.664***

(0.201)

Mozambique

0.603***

(0.166)

South Africa

0.170

(0.276)

Tanzania

0.169

(0.285)

Uganda

0.588

(0.425)

Zambia

−0.693

(1.561)

Zimbabwe

0.499***

(0.184)

Trade-FDI combined effect

0.0258***

0.0301***

(0.00669)

(0.00464)

Constant

0.868

2.515

−19.52

(12.49)

(12.44)

(12.91)

Observations

513

494

525

R-squared

0.084

Number of country

19

19