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)