| VARIABLES | (1) | (2) | (3) | (4) | (5) | (6) |
| OLS | FMOLS | OLS | FMOLS | OLS | FMOLS | |
| Kt | 0.849*** | 0.888*** | 1.051*** | 1.066*** | 0.762*** | 0.794*** |
|
| (0.0937) | (0.138) | (0.0580) | (0.0224) | (0.0554) | (0.0611) |
| Lt | 0.237 | 0.724* | −0.130 | 0.255*** | −0.221 | −0.221 |
|
| (0.243) | (0.382) | (0.218) | (0.0907) | (0.135) | (0.215) |
| πt | −0.0419*** | −0.0512*** | 0.00870*** | 0.0110*** | 0.00577 | 0.00266 |
|
| (0.00752) | (0.0114) | (0.00259) | (0.000955) | (0.0108) | (0.0125) |
| Et | −0.142*** | −0.132*** | −0.0816** | −0.0514*** | −0.0946*** | −0.101*** |
|
| (0.0297) | (0.0479) | (0.0313) | (0.0110) | (0.0218) | (0.0253) |
| AVAt | −0.0336** | −0.0427** |
|
|
|
|
|
| (0.0148) | (0.0173) |
|
|
|
|
| AVAt * πt | 0.000836*** | 0.00103*** |
|
|
|
|
|
| (0.000135) | (0.000208) |
|
|
|
|
| INDt |
|
| −0.0333*** | −0.0285*** |
|
|
|
|
|
| (0.0103) | (0.00363) |
|
|
| INDt * πt |
|
| −0.000620*** | −0.000723*** |
|
|
|
|
|
| (0.000191) | (6.91e-05) |
|
|
| SERVt |
|
|
|
| 0.0433*** | 0.0435*** |
|
|
|
|
|
| (0.00812) | (0.00802) |
| SERVt * πt |
|
|
|
| −0.0000927 | 0.00000913 |
|
|
|
|
|
| (0.000346) | (0.000379) |
| Constant | 5.547** | 3.819 | 1.693 | 0.313 | 5.675*** | 4.965*** |
|
| (2.490) | (3.664) | (1.425) | (0.604) | (1.304) | (1.627) |
|
|
|
|
|
|
|
|
| Observations | 40 | 39 | 40 | 39 | 40 | 39 |
| R-squared | 0.959 | 0.955 | 0.968 | 0.942 | 0.980 | 0.958 |
| Dependent Variable | ECOt | ECOt | ECOt | ECOt | ECOt | ECOt |
| Sectoral Share | Agriculture | Agriculture | Industry | Industry | Services | Services |