| Basic Model | Model 2: Economic Freedom Indicators | Model 3: Sociopolitical Stability Indicators | Model 4: No Composite Indicators |
Corruption | −1.175500** (0.0209) | −0.779521 (0.1489) | −0.775504* (0.0549) | −1.110536** (0.0125) |
Governance | −0.635739*** (0.0036) |
|
|
|
Economic freedom | −0.062631 (0.1302) |
|
|
|
Unemployment | −0.412023*** (0.0031) | −0.562410*** (0.0001) | −0.562549*** (0.0000) | −0.573386*** (0.0000) |
GDP per capita | 0.000702*** (0.0005) | 0.000865*** (0.0000) | 0.000798*** (0.0000) | 0.000767*** (0.0000) |
Voice and accountability |
|
| 0.096496* (0.0717) | 0.041436 (0.4438) |
Political stability and violence | −0.086278** (0.0149) | −0.113066*** (0.0007) |
| −0.026501 (0.4455) |
Government effectiveness | −0.026595 (0.5839) | −0.225570*** (0.0000) | −0.038733 (0.4372) |
|
Rule of law) | 0.272706*** (0.0000) | 0.255118*** (0.0000) | 0.123954*** (0.0037) | 0.144857*** (0.0076) |
Control of corruption |
| −0.052219 (0.2918) | −0.040289 (0.3739) | −0.037577 (0.3754) |
Regulatory quality | −0.391040*** (0.0000) |
|
| −0.117210** (0.0325) |
Overall score |
| −0.549061** (0.0180) |
| −0.329049** (0.0227) |
Property rights |
| 0.070449 (0.1539) |
| 0.089381** (0.0299) |
Freedom from corruption |
|
|
| 0.107570*** (0.0079) |
Fiscal freedom |
| 0.106416** (0.0419) |
| 0.109747*** (0.0059) |
Government spending |
| −0.050012 (0.2569) |
|
|
Business freedom |
| 0.116745** (0.0372) |
| 0.077769* (0.0900) |
Monetary freedom |
| −0.192445*** (0.0000) |
|
|
Trade freedom |
|
|
| 0.024271 (0.4569) |