A five-year period

Fixed effects model (model 1)

Random effects model (model 2)

Fixed effects model (model 3)

Random effects model (model 4)

constant

6.757789***

6.724453***

8.411602***

8.000908***

Life expectancy

0.036773***

0.033443***

0.026383***

0.025076***

Per capita physical capital

0.012671***

0.012125***

0.012234***

0.012134***

average education years

0.224315***

0.136060***

Primary education years

−0.151893**

−0.100416

Secondary education years

0.054367

0.008167

Higher education years

0.198891***

0.191355***

developed countries or not

1.064972***

1.056715***

Before or after 1973

−0.141543***

−0.082379**

R2

0.958441

0.615248

0.964250

0.650926

ADR2

0.953606

0.611699

0.959928

0.646401

Goodness of fit value

0.000000

0.000000

0.000000

0.000000

F statistic

131.4177

428.0755

223.0892

143.8501