(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

FE

0.1079**

0.1277**

0.1563**

0.1510**

0.1556**

0.1604**

0.1192*

0.1508**

(0.0506)

(0.0529)

(0.0621)

(0.0647)

(0.0704)

(0.0709)

(0.0681)

(0.0678)

ECO

0.0621**

0.0652**

0.0748

0.0737

0.0717

0.0790**

0.0712*

(0.0302)

(0.0304)

(0.0490)

(0.0490)

(0.0493)

(0.0401)

(0.0397)

GOV

0.0790**

0.2496***

0.2464***

0.2475***

0.2340***

0.2292***

(0.0312)

(0.0308)

(0.0307)

(0.0307)

(0.0282)

(0.0282)

FD

0.1988***

0.1957***

0.1961***

0.1577***

0.1666***

(0.0444)

(0.0442)

(0.0442)

(0.0403)

(0.0403)

SYS

0.0662

0.0633

0.0738*

0.0769*

(0.0411)

(0.0412)

(0.0397)

(0.0395)

FDI

0.1782

0.5881**

0.4959*

(0.2785)

(0.2704)

(0.2734)

PGDP

0.0450***

0.0408***

(0.0061)

(0.0064)

REG

0.0092*

(0.0049)

Regional FE

Year FE

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

λ

0.3760***

0.3617***

0.3762***

0.3564***

0.3490***

0.3574***

0.3111***

0.3012***

(0.0676)

(0.0687)

(0.0677)

(0.0694)

(0.0702)

(0.0708)

(0.0804)

(0.0810)

N

300

300

300

300

300

300

300

300

R²

0.3372

0.2262

0.2508

0.2413

0.2027

0.2002

0.2288

0.1925