Explanatory

Variable

Explained Variable

Explained Variable

(1)

(2)

(3)

(1)

(2)

(3)

L.

1.00096

0.983***

0.964***

(32.32)

(15.08)

(10.38)

L.

0.90301***

0.895***

0.714***

(268.85)

(57.72)

(67.05)

agg

−0.0642***

−0.0503***

−0.0805***

−0.0942***

−0.115***

−0.221**

(−9.31)

(−3.80)

(−3.04)

(−14.01)

(−4.63)

(−2.29)

Agg2

0.0282***

0.0240***

0.0252***

0.0491***

0.0550***

0.0454**

(10.77)

(4.22)

(3.35)

(35.68)

(7.60)

(2.17)

market

−0.203***

−0.139**

0.112

0.389*

(−2.60)

(−2.45)

(0.91)

(1.67)

fdi

−0.0118***

−0.00460**

0.0148***

0.0730***

(−3.18)

(−2.20)

(5.43)

(3.67)

edu

−0.0372***

−0.0160***

−0.00789*

0.00106**

(−4.08)

(−3.62)

(−1.12)

(2.44)

third

−0.0437***

−0.00116**

0.0867***

0.00704***

(−3.67)

(−2.25)

(5.13)

(5.39)

gov

0.0328*

0.0689

0.0753

0.571*

(1.93)

(1.07)

(0.91)

(1.95)

pop

−0.0577

0.356*

0.0215

0.280**

(−0.60)

(1.64)

(0.37)

(2.56)

pgdp

−0.0508*

−0.0804**

0.0253*

−0.0347

(−1.86)

(−2.50)

(2.19)

(−1.01)

wage

0.0601***

0.00975***

−0.0389***

−0.0395***

(3.78)

(3.32)

(−3.62)

(−4.69)

Gov*agg

0.0336**

0.225***

(2.67)

(2.71)

cons

0.302***

−2.812

0.680***

−0.420

−2.130***

(4.82)

(−1.58)

(18.63)

(−1.02)

(−2.84)

AR(1)

0.0185

0.0189

0.0155

0.0235

0.0211

0.0173

AR(2)

0.2696

0.6957

0.4158

0.1956

0.2034

0.6960

Sargan

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

N

510

510

510

510

510

510