(OLS)

(FE)

(RE-IV)

(GMM)

VARIABLES

di

di

di

di

gdp

1.209***

1.311***

−1.965

−1.965

(0.213)

(0.192)

(5.211)

(4.196)

lagdi

−0.0331

−0.0833*

0.0834

0.0834

(0.104)

(0.0446)

(0.109)

(0.0996)

lagtrade

0.917**

0.689

0.481

0.481

(0.447)

(0.622)

(1.114)

(0.789)

lagtrade_square

−0.0187***

−0.0210**

−0.0142

−0.0142

(0.00649)

(0.00849)

(0.0165)

(0.0111)

lagtrade_cubic

7.02e-05**

9.11e-05***

5.75e-05

5.75e-05

(2.73e-05)

(3.46e-05)

(5.95e-05)

(4.17e-05)

logfdi

−1.984***

−1.386**

3.237

3.237

(0.547)

(0.652)

(2.610)

(3.143)

expenditure

−0.0477

0.219

−0.511

−0.511

(0.147)

(0.263)

(0.712)

(0.571)

domestic_credit

−0.159**

−0.154

−0.233*

−0.233

(0.0749)

(0.111)

(0.139)

(0.154)

pop_growth

−2.211

−3.044*

−2.667*

−2.667

(1.833)

(1.613)

(1.591)

(2.571)

industry

−0.0119

0.0628

−0.269

−0.269

(0.0904)

(0.160)

(0.448)

(0.381)

lnxdebt

0.279

−0.599

−0.549

−0.549

(0.835)

(1.680)

(3.117)

(3.108)

Trade-FDI combined effect

0.0311***

0.0333***

0.0381***

0.0381***

(0.00735)

(0.00488)

(0.0129)

(0.0116)

Constant

11.09

29.36

49.11

49.11

(21.54)

(38.79)

(55.68)

(66.31)

Observations

485

467

485

485

R-squared

0.199

Number of country

18

18