LnRGDP_t-i

lnHCD_t-i

lnID_t-i

lnICT_t-i

ECT_(-1)

Overall Sample of EA.

lnRGDP

-

3.8921*** [0.001]

5.1879*** [0.005]

2.0871** [0.030]

−0.15328*** [−5.537]

lnHCD

4.6721*** [0.005]

-

2.9523*** [0.012]

3.9287*** [0.004]

−0.0867*** [−3.534]

lnID

4.0575*** [0.003]

4.0259*** [0.034]

-

4.2262*** [0.002]

−0.0926*** [−7.939]

lnICT

7.1612*** [0.000]

5.4209*** [0.007]

1.0227 [0.266]

-

−0.0738*** [−5.083]

Lower Middle Income Countries (LMIC)

lnRGDP

-

6.3271*** [0.000]

5.6822*** [0.000]

6.6392*** [0.000]

−0.0233*** [−4.2649]

lnHCD

5.0137*** [0.001]

-

5.0061*** [0.000]

6.9281*** [0.006]

−0.0981*** [−5.964]

lnID

6.2681*** [0.000]

4.9936*** [0.003]

-

9.5720*** [0.000]

−0.0682*** [−5.652]

lnICT

4.5219*** [0.001]

4.0632*** [0.005]

7.6388*** [0.000]

-

−0.1088*** [−7.536]

Low Income Countries (LIC)

lnRGDP

-

5.1748*** [0.004]

4.9083*** [0.000]

5.0637*** [0.000]

−0.0773*** [−6.736]

lnHCD

3.9870*** [0.021]

-

5.3402*** [0.001]

4.8561*** [0.003]

−0.0634*** [−6.120]

lnID

2.0822** [0.041]

2.8346*** [0.000]

-

5.1832*** [0.000]

−0.0473*** [−5.748]

lnICT

5.4252*** [0.000]

4.7128*** [0.007]

5.4381*** [0.000]

-

−0.0914*** [−6.643]