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

19.5470

2.75656

7.091

<0.0001

***

Real GDP j

−0.00192226

0.00277682

−0.6923

0.4888

Population growth j

0.0694970

0.0278950

2.491

0.0127

**

Real GDP K

−0.0332141

0.0148196

−2.241

0.0250

**

Population growth K

−1.95715

0.307876

−6.357

<0.0001

***

Trade openness

0.0124891

0.00600154

2.081

0.0374

**

FDI

−0.0116210

0.0204477

−0.5683

0.5698

Exchange rate

1.42236e−05

5.54426e−06

2.565

0.0103

**

Oil rent

0.0313804

0.0186560

1.682

0.0926

*

Distance Kj

−0.000863486

0.000309992

−2.786

0.0053

***