(5)

(6)

(7)

(8)

lnfdi

lnifdi

exfdi1

exfdi2

L.lnfdi

0.181***

(0.0618)

L.lnifdi

0.0675**

(0.0300)

L.exfdi1

0.0805**

(0.0337)

L.exfdi2

0.243***

(0.0364)

cor

−1.120***

−0.398

−0.358

−1.870**

(0.338)

(0.372)

(0.530)

(0.806)

coc2

0.0649***

0.0193

0.0217

0.136**

(0.0236)

(0.0256)

(0.0374)

(0.0586)

lnmar

0.471**

−0.0602

0.0377

1.025***

(0.230)

(0.143)

(0.391)

(0.282)

lnlab

0.541

0.0986

0.497

−1.115**

(0.477)

(0.253)

(0.432)

(0.540)

ggdp

2.135

4.802***

1.414

4.118

(2.538)

(1.161)

(2.531)

(4.961)

open

−2.009***

−0.507**

−1.448*

−1.915*

(0.193)

(0.219)

(0.798)

(1.054)

res

−0.00598

0.00355

−0.0245

−0.0443

(0.00694)

(0.00650)

(0.0151)

(0.0290)

cons

−4.400

8.803***

0.191

−6.013

(7.063)

(2.950)

(7.994)

(6.754)

N

AR(1)

AR(2)

Sargan

200

0.0001

0.4476

0.9998

200

0.0028

0.6432

1.0000

200

0.0016

0.1004

1.0000

200

0.0000

0.6315

0.9857