Variables

China

United States

France

United Kingdom

10%

50%

10%

50%

10%

50%

10%

50%

GDP

0.427

1.625

12.32**

6.238

4.834*

5.312

−0.889

−2.442

(0.30)

(1.01)

(2.94)

(0.76)

(2.42)

(1.32)

(−0.41)

(−0.71)

BCI

−1.680

−4.463

0.547

1.573

1.052*

1.786*

2.846***

2.047*

(−0.52)

(−1.17)

(0.69)

(0.96)

(2.51)

(2.42)

(4.20)

(2.11)

DEM

0.0267

−0.770

0.201

−0.260

−0.110

0.0269

0.319

0.428

(0.06)

(−1.51)

(0.97)

(−0.63)

(−1.35)

(0.17)

(1.97)

(1.84)

EXP

0.389

0.535

−0.318***

−0.0212

0.641***

0.723***

0.852***

1.001***

(1.43)

(1.71)

(−5.38)

(−0.14)

(11.64)

(7.38)

(9.20)

(8.22)

DIST

0.00318

0.646

−0.650*

−0.378

0.0266

0.269

0.573

0.919

(0.00)

(0.76)

(−2.06)

(−0.60)

(0.16)

(0.86)

(1.54)

(1.76)

POP

0.00785

−0.519

1.200***

1.165***

0.178***

0.284***

−0.0389

−0.0466

(0.02)

(−1.03)

(11.70)

(5.11)

(3.83)

(3.43)

(−0.40)

(−0.35)

CCV

0.425

−0.256

−0.458

−0.372

−0.154

−0.254

−0.00160

0.0986

(0.58)

(−0.31)

(−0.94)

(−0.37)

(−0.80)

(−0.68)

(−0.00)

(0.19)

TER

−0.515

−0.265

0.868*

0.260

−0.117

−0.0322

0.235

0.291

(−0.92)

(−0.42)

(2.39)

(0.36)

(−0.83)

(−0.12)

(0.85)

(0.72)

BCI_DON

−62.02

−7.004

1.756

1.196

−4.880*

−9.435**

−9.422**

−4.478

(−1.44)

(−0.14)

(0.41)

(0.14)

(−2.47)

(−2.67)

(−2.92)

(−1.00)

GDP_RATIO

−0.0916

1.263

12.31**

6.706

5.154*

5.463

0.706

−0.524

(−0.07)

(0.91)

(2.94)

(0.82)

(2.58)

(1.36)

(0.32)

(−0.15)

Intercept

254.6

44.16

−131.4***

−76.24

−37.07

−34.22

19.50

16.01

(1.47)

(0.22)

(−3.55)

(−1.06)

(−1.94)

(−0.88)

(0.96)

(0.50)

N

191

170

471

218

395

186

465

253