| 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) | (.) |