least squares

fixed effect

2007-2017

2007-2013

2014-2017

2007-2017

2007-2013

2014-2017

xg

−1190.99***

−1323.12***

−289.10

−370.25*

−914.19**

200.58

(327.99)

(412.00)

(506.67)

(210.87)

(395.86)

(380.37)

pop

0.34

−0.10

−0.09

−10.57**

−10.34**

−2.08

(0.45)

(0.51)

(0.58)

(4.23)

(3.91)

(3.30)

pergdp

0.02***

0.03***

0.01**

−0.08***

−0.10***

−0.01

(0.00)

(0.00)

(0.00)

(0.03)

(0.03)

(0.02)

tge

−3.96

14.18***

0.75

−21.17***

−48.94***

−26.58***

(3.41)

(5.14)

(3.97)

(5.92)

(13.72)

(8.71)

open

81.31**

34.38

47.80

37.95

105.71

−7.41

(37.67)

(45.88)

(36.93)

(43.49)

(73.82)

(31.40)

inv

−0.42

−1.77

0.39

7.97***

16.73***

2.48**

(1.12)

(1.99)

(0.97)

(2.38)

(4.27)

(1.11)

reiinv

70.21***

76.14***

57.19***

22.29

43.65

16.21

(12.63)

(17.13)

(9.62)

(25.57)

(34.51)

(19.08)

prop

9.73

19.83*

−35.78***

−7.85

−56.62***

−30.91

(10.28)

(11.61)

(11.48)

(12.51)

(16.02)

(19.71)

db

0.57***

0.27

0.31

−0.36

−0.20

0.16

(0.18)

(0.24)

(0.30)

(0.32)

(0.87)

(0.61)

dr

1411.99***

−855.01

0.00

1103.73***

1077.40*

686.08***

(341.72)

(1321.38)

(.)

(233.91)

(618.66)

(156.41)

trs

−0.27

−0.23

1.35

−0.04

−0.10

−5.74

(0.53)

(0.54)

(1.38)

(0.10)

(0.16)

(4.02)

perdi

0.07**

0.07*

0.06***

0.09

0.19

0.01

(0.03)

(0.04)

(0.02)

(0.08)

(0.16)

(0.03)

rchpir

847.15***

941.89***

605.21***

−40.27

53.11

363.44*

(67.17)

(83.18)

(70.42)

(140.10)

(193.70)

(188.73)

m2gr

239.14***

51.34

−1121.42***

83.88

112.42

114.37

(54.32)

(146.23)

(166.70)

(53.47)

(119.60)

(71.57)

ggr

539.66***

842.71***

0.00

−60.58

25.45

0.00

(161.93)

(289.35)

(.)

(71.01)

(157.70)

(.)

cpi

−279.37***

−155.37*

−393.61*

−7.48

30.38

−54.01

(80.75)

(85.35)

(206.63)

(30.73)

(28.06)

(176.56)

cci

−455.87***

−157.30

−647.83***

−117.61**

−142.57

0.00

(64.82)

(150.85)

(87.34)

(53.45)

(126.05)

(.)

cei

382.80***

324.90***

0.00

102.21**

133.71*

0.00

(58.87)

(66.08)

(.)

(47.64)

(77.30)

(.)