Panel Data (FE)

Model 1

Model 2

Normal

Arellano

Normal

Arellano

Physical Capital

0.4583***

(0.000)

0.4583***

(0.000)

0.4735***

(0.000)

0.4735***

(0.000)

Human Capital

0.4045***

(0.000)

0.4045***

(0.000)

0.3744***

(0.000)

0.3744***

(0.000)

Unemployment

−0.0766***

(0.004)

−0.0766**

(0.037)

−0.0790***

(0.003)

−0.0790**

(0.028)

Investment

0.0464***

(0.000)

0.0464***

(0.002)

0.0476***

(0.000)

0.0476***

(0.000)

Corruption 1

−0.0510*

(0.093)

−0.0510

(0.109)

Corruption 2

−0.0274**

(0.014)

−0.0274*

(0.066)

R-Squared

0.7896

0.7896

0.7927

0.7927

Adj. R-Squared

0.7587

0.7587

0.7622

0.7622