Used 413 observations Included 15 cross-sectional units

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

Coefficient

Std. Error

t-ratio

p-value

Constant

16.3067

1.50349

10.85

<0.0001

***

Real GDP j4

−0.00628643

0.00302908

−2.075

0.0569

*

Population growth j

0.0506011

0.0418593

1.209

0.2467

Real GDP K5

−0.0753248

0.00628295

−11.99

<0.0001

***

Population growth K

−2.16776

0.199512

−10.87

<0.0001

***

Distance Kj

−0.000232028

0.000138719

−1.673

0.1166

Trade openness

−0.00370409

0.00521337

−0.7105

0.4891

FDI

−0.0372001

0.0289698

−1.284

0.2200

Exchange rate

6.30177e−05

2.94603e−05

2.139

0.0505

*

Oil rent

0.0247264

0.0111940

2.209

0.0444

**