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***