Dep: GDP growth

(25)

Control of

corruption (Concor)

(26)

Government

effectiveness (Goveff)

(27)

Political stability (Politic)

(28)

Regulatory quality (Requa)

(29)

Rule of Law (Rulelaw)

(30)

Voice & Accountability (Voice)

L1. GDPg

0.2486***

[0.0462]

0.2625***

[0.0423]

0.2226***

[0.0479]

0.2010***

[0.0526]

0.2291***

[0.0462]

0.2419

[0.0449]

Loggdppc

−0.8526*

[0.4963]

−1.4012***

[0.4439]

−1.1187*

[0.5744]

−1.5300***

[0.3998]

−1.0924***

[0.3331]

−1.3661

[0.4123]

Capg

0.2410***

[0.0106]

0.2400***

[0.0097]

0.2550***

[0.0106]

0.2523***

[0.0142]

0.2423***

[0.0108]

0.2518

[0.0132]

Tech

0.1934***

[0.0639]

0.1567***

[0.0521]

0.2751***

[0.0920]

0.2291***

[0.0820]

0.1759**

[0.0644]

0.1782

[0.0963]

Humcap

0.0667

[0.7282]

0.5417

[0.5589]

0.3392

[0.9711]

1.0353*

[0.5431]

0.4188

[0.4742]

0.8041

[0.4948]

Popg

0.4079**

[0.1956]

0.2195**

[0.0859]

0.2443

[0.1887]

0.4187*

[0.2359]

0.4895*

[0.2435]

0.4360

[0.2466]

FDI

2.1709**

[0.8703]

3.4587**

[1.2694]

1.6079

[1.0958]

2.8189***

[0.9326]

2.1747***

[0.6599]

3.0573

[1.3057]

Trade

1.6511***

[0.3780]

2.3589***

[0.4328]

1.8513***

[0.5957]

2.1147***

[0.5443]

1.8476***

[0.3168]

1.9541

[0.6773]

Inst

19.2223

[14.3523]

10.8902*

[6.3954]

3.6832

[8.2781]

2.4483

[3.6222]

10.8101

[7.0245]

5.0460

[4.4149]

Trade*Fdi

−0.4749**

[0.1886]

−0.7678*

[0.2737]

−0.3812

[0.2574]

−0.6377***

[0.1961]

−0.4807***

[0.1378]

−0.6559

[0.2862]

Inst*Trade

−4.5542

[3.4630]

−2.3409

[1.4330]

−0.8113

[1.9992]

−0.5867

[0.8620]

−2.2846

[1.4802]

−0.9764

[1.0487]

Inst*Fdi

−3.9483*

[2.2542]

−4.2323***

[1.2988]

−2.6174**

[1.2795]

−1.1435

[0.8396]

−3.6231*

[2.0299]

−3.6142

[1.4751]

Inst*Trade*Fdi

0.9398*

[0.5107]

0.9615***

[0.2878]

0.6174*

[0.3140]

0.2981*

[0.1748]

0.7888*

[0.4072]

0.7680

[0.3082]

N

261

261

260

233

261

261

No. of Group

29

29

29

29

29

29

No. of IVs

33

33

33

31

33

31

AR(2) test

0.422

0.652

0.679

0.911

0.652

0.542

Sargan test

0.335

0.319

0.452

0.142

0.233

0.805

Hansen test

0.817

0.873

0.740

0.820

0.835

0.944