| Model 1 | Model 2 | Model 3 |
L.lnPIB | 1.056 | 0.971 | 1.087 |
| (35.94)*** | (18.02)*** | (17.00)*** |
lnFBCF | 0.012 | 0.040 | 0.019 |
| (0.25) | (0.87) | (0.22) |
lnCE | 0.194 | 0.482 | 0.938 |
| (1.88)* | (2.42)** | (2.83)** |
Tbsp | −0.005 | −0.010 | −0.018 |
| (2.02)* | (2.60)** | (4.48)*** |
lnouv | 0.193 | 0.109 | 0.253 |
| (2.94)*** | (2.16)** | (2.30)** |
Institution |
| −0.024 | −3.526 |
|
| (0.55) | (1.87)* |
Interaction |
|
| 0.558 |
|
|
| (1.86)* |
Constante | −2.844 | −1.843 | −7.256 |
| (2.72)** | (1.83)* | (2.40)** |
Prob_AR(1) | 0.003 | 0.014 | 0.050 |
Prob_AR(2) | 0.495 | 0.600 | 0.480 |
Prob_Sargan | 0.380 | 0.843 | 0.991 |
Prob_Hansen | 0.466 | 0.821 | 0.958 |
N | 300 | 300 | 300 |
| *p < 0.1 | **p < 0.05; | ***p < 0.01 |