Asian 1

Asian 2

Africa 1

Africa 2

Latin America 1

Latin America 2

countries 1

countries 2

finance

−0.013753

(−0.57)

−0.013632*

(−1.88)

−0.001660

(−0.9)

−0.0012819

(−1.21)

−0.013177

(−1.1)

−0.016003

(−0.46)

−0.0007564

(−0.48)

−0.0011664*

(−1.62)

finance²

0.0058185

(1.02)

7.93e-06

(0.03)

−0.00125*

(−2.26)

−0.0001318

(−0.77)

government

0.0107078

(1.43)

0.0141842

(1.55)

−0.0024726

(−0.62)

−0.003568

(−0.84)

0.0098348

(0.4)

0.0121836

(0.45)

0.0024343

(0.31)

0.0026844

(0.34)

gdp

−0.003822

(−0.87)

−0.003515**

(−2.10)

−0.0000678

(−0.04)

0.0004284

(0.17)

−0.022374*

(−1.92)

−0.026199

(−1.32)

−0.0000725

(−0.03)

−0.0000555

(−0.03)

inflation

−0.012138

(−1.31)

−0.019488

(−1.59)

0.0020623

(0.54)

0.0023995

(0.63)

−0.005543

(−0.53)

−0.004310

(−0.47)

0.0004185

(0.12)

0.0003985

(0.12)

trade

0.0082057

(0.26)

0.0090258*

(1.81)

source

−0.0013053

(−0.83)

−0.0015333*

(−1.8)

structure

−0.551235

(−1.55)

−0.487470*

(−1.81)

_cons

0.4739101***

(9.06)

0.4739101***

(9.01)

−0.1326306***

(3.5)

−0.0997986***

(15.28)

4.240465***

(12.34)

3.954374***

(6.68)

0.0152895***

(4.09)

0.0150862***

(4.09)

Hansen

0.98

0.97

0.763

0.808

0.999

0.999

0.76

0.87

AR (2)

0.217

0.234

0.485

0.665

0.691

0.668

0.853

0.856