Dependent variable: Real growth rate

(1)

(2)

(3)

(4)

(5)

(6)

Retarded growth rate

0.183***

0.174***

0.1590***

0.122

0.129***

0.101***

(0.0632)

(0.0622)

(0.0703)

(0.0658)

(0.0673)

(0.0474)

Diversification index

0.068*

0.097*

0.072*

0.168*

0.103*

0.177*

(0.0413)

(0.0545)

(0.0405)

(0.0863)

(0.0629)

(0.0803)

Secondary school enrolment

0.196**

0.222**

0.078**

0.082*

0.069*

(0.0630)

(0.0739)

(0.0732)

(0.0800)

(0.0906)

Gross fixed capital formation

0.405*

0.2146*

0.103

0.410*

(0.102)

(0.1797)

(0.113)

(0.113)

Fertile Land Report

0.146

0.187

0.176*

(0.964)

(0.322)

(0.213)

Raw materials

0.247**

0.188**

(0.085)

(0.058)

Governance

−0.082**

−0.052**

(0.0453)

(0.0223)

TS*CapHum

0.118**

(0.0570)

TS*CapPhys

0.113**

(0.013)

Constant

2.230**

1.849**

1.824**

0.946**

0.947**

0.659**

(0.365)

(0.521)

(0.658)

(0.193)

(0.245)

(0.393)

Observations

1021

1019

1019

1020

1020

1015

Number of countries

46

46

46

46

46

46

Wald chi²

25.75

22.08

23.54

27.06

26.37

27.81

Prob > chi²

0.000

0.000

0.001

0.000

0.000

0.001

Number of instruments

43

42

41

41

40

41

Sargan p-value

0.36

0.24

0.37

0.27

0.28

0.33

AR1 p-value

0.021

0.003

0.010

0.007

0.003

0.001

AR2 p-value

0.324

0.284

0.267

0.542

0.354

0.510