(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

FE

0.1046**

0.1037**

0.0956*

0.0733

0.0986*

0.0847*

0.1039*

0.0992*

(0.0513)

(0.0521)

(0.0530)

(0.0659)

(0.0517)

(0.0504)

(0.0624)

(0.0509)

ECO

0.0911**

0.0982**

0.0915**

0.0880*

0.0866**

0.0874*

0.0870*

(0.0456)

(0.0449)

(0.0460)

(0.0460)

(0.0422)

(0.0469)

(0.0432)

GOV

0.0498*

0.0576*

0.0545*

0.0564*

0.0547**

0.0568*

(0.0295)

(0.0327)

(0.0326)

(0.0307)

(0.0275)

(0.0324)

FIN

0.4016***

0.4035***

0.4105***

0.3602***

0.3898***

(0.0532)

(0.0534)

(0.0538)

(0.0504)

(0.0529)

SYS

0.0763*

0.0745*

0.0823**

0.0834**

(0.0401)

(0.0403)

(0.0396)

(0.0394)

FDI

0.6565**

0.6746**

0.6067**

(0.2807)

(0.2688)

(0.2746)

PGDP

0.0327***

0.0216***

(0.0053)

(0.0057)

REG

0.0188*

(0.0109)

Regional FE

Year FE

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

λ

0.2624***

0.2576***

0.2681***

0.2468***

0.2234***

0.2388***

0.2299***

0.2289***

(0.0703)

(0.0743)

(0.0753)

(0.0761)

(0.0763)

(0.0771)

(0.0816)

(0.0832)

N

300

300

300

300

300

300

300

300

R²

0.2346

0.2099

0.1763

0.1844

0.2066

0.2019

0.1861

0.1772