Variables

China

United States

France

United Kingdom

Period

1

Period

2

Period

1

Period

2

Period

1

Period

2

Period

1

Period

2

GDP

2.012

−0.154

6.278

17.540

12.990**

4.403

−2.438

−3.891

(0.36)

(−0.07)

(0.84)

(0.93)

(2.86)

(0.49)

(−0.63)

(−0.67)

BCI

−9.235

3.711

−0.938

3.916*

2.445***

0.809

1.783

3.158***

(−0.98)

(0.74)

(−0.83)

(2.44)

(3.56)

(0.91)

(1.65)

(3.75)

DEM

−0.009

−0.727

−0.288

0.491

−0.047

0.043

1.082***

−0.438*

(−0.01)

(−1.10)

(−1.08)

(1.05)

(−0.34)

(0.26)

(4.22)

(−2.03)

EXP

−0.064

0.869

0.019

−0.319*

0.529***

0.770***

0.683***

0.853***

(−0.08)

(1.94)

(0.15)

(−2.46)

(6.08)

(6.40)

(3.44)

(8.31)

DIST

−0.111

1.195

−1.140*

−0.160

−0.117

0.301

0.039

0.548

(−0.05)

(1.08)

(−2.34)

(−0.25)

(−0.43)

(0.79)

(0.06)

(1.17)

POP

0.648

−0.696

1.210***

1.314***

0.292***

0.056

−0.025

0.094

(0.52)

(−1.00)

(7.09)

(6.23)

(4.33)

(0.53)

(−0.14)

(0.81)

CCV

0.193

−0.308

−0.276

−2.012

−0.348

0.081

−0.614

0.080

(0.09)

(−0.27)

(−0.44)

(−1.62)

(−1.24)

(0.16)

(−1.13)

(0.17)

TER

0.973

−0.902

0.237

0.701

−0.250

0.111

0.538

−0.425

(0.60)

(−1.03)

(0.49)

(0.87)

(−1.04)

(0.39)

(1.20)

(−1.11)

GDP_RATIO

1.188

−0.208

6.694

17.240

13.040**

4.797

−0.516

−2.479

(0.22)

(−0.11)

(0.90)

(0.92)

(2.87)

(0.54)

(−0.13)

(−0.43)

Intercept

30.06

−10.85

−56.77

−200.70

−142.9**

−51.82

14.23

19.48

(0.52)

(−0.39)

(−0.71)

(−0.99)

(−2.98)

(−0.55)

(0.35)

(0.31)

N

81

103

155

193

127

174

145

231