(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

FE

0.1085**

0.1083**

0.0756

0.0733

0.1086*

0.1047*

0.1039*

0.0992*

(0.0508)

(0.0531)

(0.0630)

(0.0659)

(0.0617)

(0.0624)

(0.0624)

(0.0509)

ECO

0.0771*

0.0582

0.0415

0.0280

0.0266

0.0148

0.0170

(0.0416)

(0.0419)

(0.0460)

(0.0460)

(0.0462)

(0.0366)

(0.0362)

GOV

0.0855***

0.0593*

0.0555*

0.0564*

0.0543**

0.0598***

(0.0315)

(0.0307)

(0.0306)

(0.0307)

(0.0275)

(0.0274)

FIN

0.2056***

0.2021***

0.2025***

0.1620***

0.1698***

(0.0440)

(0.0437)

(0.0438)

(0.0390)

(0.0389)

SYS

0.0756*

0.0727*

0.0815**

0.0834**

(0.0421)

(0.0423)

(0.0396)

(0.0394)

FDI

0.6655**

0.6777**

0.6023**

(0.2814)

(0.2689)

(0.2716)

PGDP

0.0423***

0.0386***

(0.0053)

(0.0057)

REG

0.0081

(0.0049)

Regional FE

Year FE

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

λ

0.2724***

0.2546***

0.2691***

0.2412***

0.2298***

0.2378***

0.2339***

0.2499***

(0.0725)

(0.0732)

(0.0723)

(0.0741)

(0.0753)

(0.0761)

(0.0836)

(0.0845)

N

300

300

300

300

300

300

300

300

R²

0.3326

0.2599

0.1966

0.1543

0.2073

0.2029

0.2161

0.2072