(1)

(2)

VARIABLES

Lngdp

Lngdp

HSR

−0.0476

(0.0300)

BHSR 3

−0.00357

(0.0118)

BHSR 2

0.00852

(0.00982)

BHSR 1

0.0329**

(0.0130)

AHSR 1

0.0423***

(0.0157)

AHSR 2

0.0662***

(0.0209)

AHSR 3

0.0578**

(0.0226)

AHSR 4

0.0974***

(0.0293)

Lmpeo

0.652*

0.628***

(0.389)

(0.200)

Pribz

−0.0284***

−0.0313***

(0.00292)

(0.00270)

Lnge

−0.0104

−0.0300

(0.0445)

(0.0285)

Lninvest

0.0436*

0.0258*

(0.0232)

(0.0133)

Lntrs

0.0360***

−0.0146

(0.0134)

(0.0159)

Constant

10.55***

11.93***

(1.586)

(0.917)

Observations

616

616

R-squared

0.945

0.945

Country FE

YES

YES

Year FE

YES

YES