Variables

RE

FE

OLS

lnIIN

−0.4863** (−2.57)

−0.3335 (−1.65)

−2.5542*** (−6.50)

lnIOUT

0.0310 (0.15)

−0.0384 (−0.19)

2.5868*** (4.39)

lnINAB

0.0511** (2.06)

0.0419 (1.62)

−0.2614** (−2.33)

lnGOV

−0.0070 (−0.13)

0.0206 (0.39)

−0.3525 (−1.37)

lnFIN

0.5192 (0.55)

0.4734 (0.49)

0.5274 (0.21)

lnSCA

0.8316*** (3.43)

1.0228** (2.68)

0.3954** (2.40)

lnOPE

0.1002 (0.85)

0.2472* (1.80)

−0.1904 (−1.25)

Constants

0.1082 (0.10)

1.5422 (1.14)

−8.1337*** (−9.37)

R²

0.5115

0.5368

0.8606

Number of samples

49

49

49

Hausman test

3.64