Variables

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

Long-run estimates

Capital formation

0.932 (0.170) ^***

0.866 (0.100)^***

1.159 (0.198)^***

0.464 (0.064)^***

0.072 (0.029)^***

0.124 (0.034)^***

Population 15-64

3.336 (0.201)^***

1.851 (0.151)^***

3.625 (0.229)^***

1.919

(0.150)^***

−0.031 (0.121)

0.492 (0.105)^***

Trade

0.125 (0.181)

0.119 (0.110)

0.395 (0.209)^**

−0.016) (0.085)

0.077 (0.070)

0.826 (0.211)^***

0.675 (0.109)^***

0.164 (0.071)^**

REER (1997 = 100)

−0.062 (0.140)

0.099 (0.077)

−0.110 (0.157)

0.083 (0.079)

0.018 (0.044)

0.883 (0.134)^***

−0.064 (0.085)

−0.151 (0.054)^***

0.158 (0.038)^***

External debt

−0.264 (0.033)^***

−0.252 (0.032)^***

−0.288 (0.026)^***

−0.152 (0.079)^***

−0.203 (0.039)^***

−0.423 (0.029)^***

Fiscal balance

0.014 (.022)

−0.023 (0.016)

−0.089 (0.017)^***

0.294 (0.051)^***

−0.009 (0.012)

0.200 (0.029)^***

0.088 (0.030)^***

Public investment

−0.026 (0.087)

−0.208 (0.051)^***

0.012 (0.097)

Private investment

−0.205 (0.099)^**

−0.212 (0.058)^***

−0.270 (0.107)^***

FDI net inflows

−0.020 (0.009)^**

0.012 (0.013)

0.071 (0.029)^***

−0.066 (0.020)^***

Primary

0.532 (0.070)^***

0.445 (0.115)^***

Secondary

0.182 (0.032)^***

Tertiary

0.539 (0.030)^***

Demand

0.242 (0.197)

Dummy

0.913 (0.141)^***

Short-run estimates

Error-correction term

−0.065 (0.015)^***

−0.072 (0.020)^***

−0.054 (0.015)^***

−0.081 (0.023)^***

−0.091 (0.030)^***

−0.027 (0.013)^**

−0.064 (0.020)^***

−0.088 (0.027)^***

−0.207 (0.031)^***

Capital investment

0.062 (0.048)

0.037 (0.046)

0.079 (0.044)^*

0.041 (0.023)^*

−0.010 (0.004)^***

0.096 (0.029)^***

−0.031 (0.035)

Population 15 - 64

0.468 (0.541)

−0.933 (0.533)^*

0.629 (0.490)

−1.197 (0.488)^***

−0.746 0.521

−0.360 (0.638)

Trade

−0.163 (0.045)^***

−0.121 (0.045)^***

−0.148 (0.044)^***

−0.113 (0.049)^**

−0.060 (0.039)

−0.047 (0.042)

−0.088 (0.039)^**

−0.114 (0.046)^***

REER (1997 = 100)

0.578 (0.068)^***

0.393 (0.067)^***

0.585 (0.069)^***

0.400 (0.072)^***

0.421 (0.061)^***

0.377 (0.062)^***

0.399 (0.062)^***

0.421 0.073^***

0.656 (0.092)^***

External debt

−0.308 (0.040)^***

−0.287 (0.040)^***

−0.284 (0.037)^***

−0.319 (0.036)^***

−0.299 (0.034)^***

−0.295 (0.041)^***

Fiscal balance

0.029 (0.030)

0.024 (0.027)

0.049 (0.040)

0.040 (0.046)

0.031 (0.026)

−0.005 (0.006)

0.012 (0.021)

Public investment

−0.061 (0.028)^**

0.007 (0.027)

−0.069 (0.025)^***

Private investment

−0.070 (0.043)^*

−0.022 (0.036)

−0.075 (0.040)^*

FDI net inflows

−0.005 (0.004)

−0.010 (0.004)^***

−0.006 (0.004)^*