Dependent variable

Annual growth rate in GDP per capita

Sample

10 countries (1990-2012)

Model

Pooled OLS

2SLS

FD

FE

RE

Regression

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

LGGDP

−3.612*

−7.773***

-

-

0.027

−0.006

-

-

−3.612*

−7.773***

(2.043)

(1.896)

-

-

(0.163)

(0.169)

-

-

(2.043)

(1.896)

INV

0.126*

0.036

0.156*

0.064

−0.035

−0.134

0.062

0.026

0.126*

0.036

(0.068)

(0.058)

(0.093)

(0.078)

(0.123)

(0.108)

(0.069)

(0.062)

(0.068)

(0.058)

LABOUR

−0.899

−0.639

−0.826

−0.594

−2.398

−2.138

−0.455

−0.393

−0.899

−0.639

(0.614)

(0.620)

(0.637)

(0.568)

(1.574)

(1.551)

(0.691)

(0.686)

(0.614)

(0.620)

AID

0.024

−0.252**

0.038

−0.565

−0.253

−0.424**

0.185

−0.042

0.024

−0.252**

(0.117)

(0.117)

(0.160)

(0.573)

(0.182)

(0.212)

(0.114)

(0.112)

(0.117)

(0.117)

AID²

−0.001

0.001

−0.002

0.005

0.000

0.003

−0.003**

−0.001

−0.001

0.001

(0.002)

(0.002)

(0.002)

(0.008)

(0.002)

(0.003)

(0.001)

(0.002)

(0.002)

(0.002)

POLICY

0.910***

0.221

-

-

0.251

0.451

1.093***

0.506

0.910***

0.221

(0.230)

(0.316)

-

-

(0.418)

(0.355)

(0.245)

(0.389)

(0.230)

(0.316)

AID × POLICY

0.009

0.045***

0.048**

0.058***

0.068***

0.043**

0.009

0.039***

0.009

0.045***

(0.022)

(0.011)

(0.017)

(0.017)

(0.025)

(0.017)

(0.022)

(0.013)

(0.022)

(0.011)

AID_t−1

-

0.227***

-

0.277***

-

0.199***

-

0.225***

-

0.227***

-

(0.068)

-

(0.098)

(0.065)

-

(0.069)

-

(0.068)

POLICY_t−1

-

1.333***

-

1.444***

-

1.046***

-

1.303***

-

1.333***

-

(0.443)

-

(0.344)

-

(0.333)

-

(0.445)

-

(0.443)

AID_t−1 × POLICY_t−1

-

−0.083***

-

−0.089***

-

−0.075***

-

−0.081***

-

−0.083***

-

(0.025)

-

(0.019)

-

(0.018)

-

(0.027)

-

(0.025)

AID_t−2

-

−0.033

-

−0.011

-

−0.070

-

−0.034

-

−0.033

-

(0.042)

-

(0.068)

-

(0.053)

-

(0.044)

-

(0.042)

POLICY_t−2

-

−0.492

-

−0.448

-

−1.102***

-

−0.664**

-

−0.492

-

(0.317)

-

(0.414)

-

(0.294)

-

(0.302)

-

(0.317)

AID_t−2 × POLICY_t−2

-

0.020

-

0.020

-

0.041**

-

0.024

-

0.020

-

(0.015)

-

(0.018)

-

(0.017)

-

(0.015)

-

(0.015)

AID_t−3

-

−0.054

-

−0.043

-

−0.115**

-

−0.033

-

−0.054

-

(0.042)

-

(0.055)

-

(0.045)

-

(0.047)

-

(0.042)

POLICY_t−3

-

−0.183

-

−0.217

-

−1.106***

-

−0.104

-

−0.183

-

(0.285)

-

(0.332)

-

(0.333)

-

(0.261)

-

(0.285)

AID_t−3 × POLICY_t−3

-

0.014

-

0.017

-

0.046***

-

0.015

-

0.014

-

(0.011)

-

(0.016)

-

(0.013)

-

(0.013)

-

(0.011)

M2GDP_t−1

0.017

0.044

0.015

0.022

0.222*

0.161**

0.126**

0.072*

0.017

0.044

(0.030)

(0.027)

(0.038)

(0.050)

(0.116)

(0.072)

(0.052)

(0.043)

(0.030)

(0.027)

F/Wald Statistics

8.56

11.78

5.86

4.41

3.74

6.42

9.15

8.05

68.46

200.29

Prob > F

0.0000

0.0000

0.0000

0.0000

0.0004

0.0000

0.0000

0.0000

0.0000

0.0000

R-squared

0.2535

0.3335

0.1656

0.3045

0.2095

0.3693

0.2071

0.2296

0.2535

0.3335

Partial R² of first-stage regressions

-

-

0.9121

0.6823

-

-

-

-

-

-