Used 413 observations Included 15 cross-sectional units

Time-series length: minimum 24, maximum 28 Robust (HAC) standard errors

Coefficient

Std. Error

z

p-value

Constant

15.3187

1.82462

8.396

<0.0001

***

Real GDP j

−0.00196252

0.00113743

−1.725

0.0845

*

Population growth j

0.0686094

0.0366369

1.873

0.0611

*

Real GDP K

−0.0695861

0.00621127

−11.20

<0.0001

***

Population growth K

−1.97931

0.199347

−9.929

<0.0001

***

Trade openness

0.00591481

0.00266609

2.219

0.0265

**

FDI

−0.0159668

0.0106855

−1.494

0.1351

Exchange rate

2.94844e−05

2.90244e−06

10.16

<0.0001

***

Oil rent

0.0108560

0.00711595

1.526

0.1271

Distance Kj

−0.000208987

0.000181685

−1.150

0.2500