(1)

(2)

(3)

(4)

(5)

xg

−731.03*

−926.91**

−919.28**

−914.19**

−370.25*

(423.52)

(375.34)

(373.24)

(395.86)

(195.94)

pop

−13.72***

−10.11**

−8.63**

−10.34**

−10.57**

(3.87)

(4.08)

(4.10)

(3.91)

(4.18)

pergdp

−0.10***

−0.10***

−0.09***

−0.10***

−0.08***

(0.01)

(0.03)

(0.03)

(0.03)

(0.02)

tge

−51.69***

−53.33***

−47.73***

−48.94***

−21.17***

(7.69)

(8.78)

(12.99)

(13.72)

(5.57)

open

78.02

110.68

76.89

105.71

37.95

(67.69)

(71.13)

(60.03)

(73.82)

(49.73)

inv

18.09***

16.43***

15.44***

16.73***

7.97***

(2.18)

(4.13)

(4.18)

(4.27)

(2.33)

reiinv

31.68

41.95

43.65

22.29

(28.04)

(32.90)

(34.51)

(25.36)

prop

−75.37**

−55.62***

−59.05***

−56.62***

−7.85

(30.85)

(16.06)

(17.34)

(16.02)

(11.81)

db

−0.01

0.21

−0.20

−0.36

(0.38)

(0.83)

(0.87)

(0.30)

dr

−1367.32

1534.45***

1077.40*

1103.73***

(1516.12)

(528.66)

(618.66)

(178.30)

trs

−0.11

−0.16

−0.09

−0.10

−0.04

(0.36)

(0.10)

(0.16)

(0.16)

(0.09)

perdi

0.15**

0.18

0.22

0.19

0.09

(0.08)

(0.17)

(0.14)

(0.16)

(0.08)

rchpir

71.45

41.19

53.11

−40.27

(143.13)

(189.81)

(193.70)

(137.99)

m2gr

−102.74

112.14

189.18*

112.42

83.88*

(75.59)

(128.67)

(99.04)

(119.60)

(47.48)

ggr

71.60

−31.15

11.60

25.45

−60.58

(219.78)

(154.03)

(148.97)

(157.70)

(80.68)

cpi

56.35

28.15

31.43

30.38

−7.48

(56.38)

(28.48)

(26.33)

(28.06)

(36.51)

cci

258.52

−146.96

−212.78*

−142.57

−117.61**

(271.21)

(137.30)

(108.35)

(126.05)

(47.80)

cei

0.00

127.68

152.02**

133.71*

102.21**

(.)

(79.95)

(70.88)

(77.30)

(47.16)