Variables

Equation n˚1

Equation n˚2

Equation n˚3

LPIBt-1

1.021224

(0.000) *

0.9479

(0.000) *

0.9341301

(0.000) *

Corr

−0.1290262

(0.036)**

−0.1894338

(0.003)*

−0.623943

(0.134)

Demo

−0.0484829

(0.01)*

0.6326532

(0.682)

Demo*corr. Interaction

0.0769878

(0.289)

FDI

−0.0007094

(0.659)

−0.0006181

(0.690)

−0.0007285

(0.0015868)

LDP

−0.2260388

(0.000)*

−0.0793639

(0.268)

−0.574149

(0.451)

LFBCF

0.1684839

(0.000)*

0.1221407

(0.000)*

0.1126598

(0.002)*

LPop

0.0768421

(0.021)**

0.03448

(0.303)

0.067415

(0.875)

Observations

81

82

83

0.82

0.82

0.96

Fisher statistics

77.85

(0.0000)*

63.85

(0.0000)*

305.42

(0.000)*

Stat Wald

6.25e+06

(0.000)

77.85

(0.000)

5.97e+06

(0.000)

Sargan test

97.399

(0.0421)**

95.435

(0.0402)**

90.12

(0.0847)***