Short term effect

Long term effect

Direct

Indirect

Total

Direct

Indirect

Total

net

0.030***

0.002

0.031***

0.030***

0.010***

0.040***

(0.000)

(0.126)

(0.000)

(0.000)

(0.000)

(0.000)

ffais

0.028***

0.002

0.030***

0.028***

0.009***

0.038***

(0.000)

(0.141)

(0.000)

(0.000)

(0.000)

(0.000)

fdi

0.016**

0.001

0.017**

0.016**

0.005*

0.021**

(0.033)

(0.226)

(0.033)

(0.033)

(0.045)

(0.033)

hcc

0.311***

0.019

0.331***

0.316***

0.107***

0.423***

(0.000)

(0.124)

(0.000)

(0.000)

(0.000)

(0.000)

inds

0.175***

0.011

0.186***

0.178***

0.060***

0.238***

(0.000)

(0.122)

(0.000)

(0.000)

(0.000)

(0.000)

srip

−0.010

0.023**

0.013

−0.009

0.025**

0.016

(0.199)

(0.016)

(0.191)

(0.240)

(0.021)

(0.189)

edu

0.033***

0.002

0.035***

0.033***

0.011***

0.044***

(0.000)

(0.142)

(0.007)

(0.000)

(0.000)

(0.000)

Obs

3135

3135

3135

3135

3135

3135