Dep: GDP per capita growth

(19)

Control of

corruption (Concor)

(20)

Government

effectiveness (Goveff)

(21)

Political stability (Politic)

(22)

Regulatory quality (Requa)

(23)

Rule of Law (Rulelaw)

(24)

Voice & Accountability (Voice)

L1. GDPpcg

0.2622***

[0.0453]

0.2333***

[0.0514

0.2480***

[0.0362]

0.2589***

[0.0317]

0.2797***

[0.0434]

0.2204***

[0.0499]

Loggdppc

−1.4224**

[0.6062]

−1.2612***

[0.4525

−1.4924***

[0.3643]

−1.6788***

[0.3450]

−1.2418***

[0.3554]

−1.8051***

[0.3796]

Capg

0.2588***

[0.0109]

0.2610***

[0.0132]

0.2647***

[0.0119]

0.2699***

[0.0166]

0.2533***

[0.0136]

0.2734***

[0.0162]

Tech

0.1582*

[0.0856]

0.0354

[0.0970]

0.2214**

[0.0840]

0.2869**

[0.1104]

0.1585**

[0.0714]

0.1597

[0.1529]

Humcap

0.8868

[0.7601]

0.4363

[0.6042]

0.5348

[0.3429]

1.5257***

[0.3067]

0.7264**

[0.3162]

1.1647***

[0.2257]

FDI

2.4150***

[0.7849]

2.8993**

[1.3912]

4.1262***

[1.3319]

1.5589

[0.9438]

2.3971*

[1.2419]

2.9059**

[1.1860]

Trade

2.1227***

[0.5060]

2.4871***

[0.4486]

2.6466***

[0.6576]

1.8945***

[0.4658]

1.8546***

[0.5362]

2.7593***

[0.8358]

Inst

17.1791

[12.5776]

25.8662***

[8.6664]

10.3405*

[5.2527]

6.2348*

[3.2789]

12.5733

[8.0825]

10.5071**

[5.0678]

Trade*Fdi

−0.5381***

[0.1621]

−0.6552**

[0.2952]

−0.9948***

[0.3156]

−0.3813*

[0.2107]

−0.5386**

[0.2592]

−0.6871**

[0.2768]

Inst*Trade

−3.8082

[3.0576]

−5.8716***

[1.9622

−2.6139**

[1.2645]

−1.3243

[0.8283]

−2.5758

[1.8053]

−2.5423**

[1.2176]

Inst*Fdi

−5.4798***

[1.6192]

−3.0125*

[1.6240]

−2.5881

[1.7234]

−1.7379*

[1.0032]

−4.1871**

[1.5818]

−1.8737

[1.4711]

Inst*Trade*Fdi

1.2419***

[0.3554]

0.7023**

[0.3428]

0.7637*

[0.4170]

0.3995*

[0.2027]

0.8991***

[0.3246]

0.4821

[0.3438]

N

260

261

260

232

260

261

No. of Group

29

29

29

29

29

29

No. of IVs

31

31

31

30

31

31

AR(2) test

0.628

0.731

0.374

0.882

0.769

0.542

Sargan test

0.618

0.665

0.707

0.545

0.422

0.805

Hansen test

0.763

0.780

0.845

0.843

0.721

0.944