| Equation (4.1) | Equation (4.2) | Equation (4.3) | |
| Constant | 17.459 | 21.950 | 24.625 |
| (3.632) | (3.406) | (3.551) | |
| Exchange rate | 0.006 | ||
| ( ) 0.002 | |||
| Trade openness (% GDP) | 0.117 | 0.154 | 0.120 |
| (0.029) | (0.027) | (0.031) | |
| Share of agriculture to GDP | −0.151 | −0.231 | −0.262 |
| (0.078) | (0.076) | (0.078) | |
| AID (% of GDP) | −0.023 | −0.021 | −0.020 |
| (0.010) | (0.011) | (0.011) | |
| Observation | 114 | 114 | 111 |
| R-squared | 0.60 | 0.56 | 0.48 |