Variables

Direct effects

Indirect effects

Total effects

ER1

−0.00289 (0.0864)

0.566*** (0.172)

0.563*** (0.183)

ER2

0.572 (0.369)

−1.687** (0.736)

−1.115 (0.691)

ER3

1.654*** (0.591)

0.290 (1.296)

1.944 (1.337)

OPEN

0.934* (0.488)

−4.386*** (0.955)

−3.452*** (0.979)

FDI

−12.86*** (4.575)

0.742 (10.25)

−12.12 (10.33)

PGDP

0.0285 (0.127)

0.150 (0.291)

0.178 (0.343)