Variables

(1)

(2)

(3)

(4)

(5)

(6)

Long-run estimates

Capital formation

0.081 (0.028)^***

−0.104 (0.119)

0.518 (0.044)^***

0.502 (0.058)^***

0.104 (0.025)^***

0.172 (0.033)^****

Trade

0.085 (0.063)

0.656 (0.158)^***

0.175 (0.085)^**

−0.060 (0.084)

0.086 (0.056)

−0.015 (0.066)

REER (1997 = 100)

−0.018 (0.037)

0.974 (0.113)^***

0.401 (0.057)^***

0.137 (0.075)^*

−0.068 (0.039)^*

−0.004 (0.041)

External debt

−0.322 (0.025)^***

−0.537 (0.044)^***

−0.308 (0.016)^***

−0.280 (0.025)^***

−0.319 (0.023)^***

−0.319 (0.025)^***

Fiscal balance

−0.061 (0.023)^***

0.182 (0.036)^***

−0.025 (0.020)

−0.033 (0.022)

0.224 (0.026)^***

0.070 (0.010)^***

Primary

0.374 (0.064)^***

0.269 (0.062)^***

Secondary

0.208 (0.031)^***

Tertiary

0.167 0.02302^***

Total population

1.798 (0.156)^***

Demographic influences

0.013 (0.0125)

Working-age-population ratio

6.920 (0.236)^***

Short-run estimates

Error-correction term

−0.092 (0.029)^***

−0.045 (0.018)^***

−0.077 (0.032)^***

−0.079 (0.024)^***

−0.083 (0.033)^***

−0.129 (0.027)^***

Capital formation

0.074 (0.024)^***

0.074 (0.025)^***

0.056 (0.027)^**

0.040 (0.022)^*

0.088 (0.025)^***

0.046 (0.022)^**

Trade openness

−0.095 (0.036)^***

−0.092 (0.035)^***

−0.127 (0.038)^***

−0.106 (0.043)^***

−0.096 (0.039)^***

−0.092 (0.036)^***

REER (1997 = 100)

0.411 (0.064)^***

0.382 (0.064)^***

0.359 (0.063)^***

0.395 (0.069)^***

0.448 (0.065)^***

0.399 (0.065)^***

External debt

−0.290 (0.041)^***

−0.302 (0.038)^***

−0.318 (0.040)^***

−0.301 (0.041)^***

−0.293 (0.040)^***

−0.272 (0.040)^***

Fiscal balance

0.038 (0.033)

0.033 (0.042)

0.035 (0.031)

0.028 (0.028)

0.032 (0.038)

0.027 (0.025)

Primary

0.002 (0.096)

0.060 (0.113)

Secondary

0.053 (0.041)

Tertiary

0.006 (0.020)

Total population

−0.993 (0.652)

Demographic influences

−0.036 (0.021)^*

Working-age-population ratio

−6.075 (2.369)^***

Constant

0.498 (0.151)^***

0.062 (0.019)^***

0.272 (0.112)^***

−1.783 (0.508)^***

0.514 (0.204)^***

−2.588 (0.551)^***

No. of obs.

1205

1239

1239

1239

1289

1239

No. of groups

43

44

44

44

50

44