Variables | Dependent variable: Inclusive growth index | ||||
PCSE | Random effects | Fixed effects DKSE | Pooled OLS | GMM | |
(11) | (12) | (13) | (14) | (15) | |
Inclusive growth index (−1) |
|
|
|
| 0.654*** |
|
|
|
|
| (0.109) |
Ease of Doing Business | 0.056*** | 0.009* | −0.002 | 0.079*** | 0.026*** |
| (0.010) | (0.005) | (0.005) | (0.005) | (0.005) |
Investment | 0.007*** | 0.002 | 0.001 | 0.014*** | 0.003 |
| (0.002) | (0.002) | (0.001) | (0.004) | (0.002) |
Industry value added | 0.001 | −0.009** | −0.012*** | 0.001 | −0.001 |
| (0.003) | (0.004) | (0.002) | (0.003) | (0.004) |
Life expectancy at birth | 0.047*** | 0.045*** | 0.047** | 0.041*** | 0.007 |
| (0.010) | (0.010) | (0.014) | (0.007) | (0.016) |
Inflation | −0.001 | −0.002 | −0.004 | 0.014** | −0.007* |
| (0.005) | (0.003) | (0.003) | (0.006) | (0.004) |
Constant | −5.664*** | −2.991*** | −2.448*** | −6.670*** | −1.624* |
| (0.709) | (0.526) | (0.695) | (0.427) | (0.948) |
Observations | 315 | 315 | 315 | 315 | 280 |
R-squared | 0.391 |
|
| 0.626 |
|
Number of countries | 35 | 35 | 35 |
| 35 |
Number of instruments |
|
|
|
| 27 |
AR(1) p value |
|
|
|
| 0.000 |
AR(2) p value |
|
|
|
| 0.078 |
Sargan OIR p value |
|
|
|
| 0.121 |
Hansen OIR p value |
|
|
|
| 0.393 |
DHT for instruments |
|
|
|
|
|
(a) Instruments in levels |
|
|
|
|
|
H excluding group p value |
|
|
|
| 0.383 |
Dif (null, H = exogenous) p value |
|
|
|
| 0.404 |
(b) IV (Year, eq (diff)) |
|
|
|
|
|
H excluding group p value |
|
|
|
| 0.469 |
Dif (null, H = exogenous) p value |
|
|
|
| 0.132 |
Wald test statistic |
|
|
|
| 494.29*** |