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