Explanatory variables

high-income countries

Upper-middle-income countries

Lower-middle-income countries

FE

FE

RE

TO

0.152**

(2.38)

−0.540

(−0.55)

0.157*

(1.94)

TO2

0.005

(0.02)

0.980

(0.98)

−0.946

(−0.79)

TO*TE

−2.134*

(−2.00)

−1.845**

(−2.04)

0.233

(0.15)

TO*ER

0.561*

(1.83)

−0.472

(−0.69)

−2.257*

(−1.81)

TO*LO

0.407**

(2.16)

0.682

(0.7)

2.543

(0.97)

TE

1.544***

(2.99)

1.402***

(3.74)

0.153

(0.24)

ER

−0.284*

(−1.74)

0.152

(0.52)

0.827*

(1.89)

LO

−0.465

(−0.16)

−0.181

(−0.36)

−1.116

(−1.25)

FDI

0.009

(0.29)

0.282**

(2.52)

0.091

(0.156)

EN

−0.424*

(−1.72)

−0.454

(0.90)

−0.185

(−0.1)

UR

2.238***

(3.05)

0.346

(0.9)

0.379

(1.12)

Constant

−1.545**

(−2.28)

−0.146

(−0.51)

0.080

(0.5)

N

39

78

26