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