2007-2017

2007-2013

2014-2017

xg

−404.41*

−1204.00***

424.71

(249.40)

(399.33)

(516.94)

pop

−11.50***

−11.91***

−4.40

(3.09)

(3.78)

(5.70)

pergdp

−0.10***

−0.11***

−0.00

(0.01)

(0.01)

(0.02)

tge

−23.39***

−53.84***

−32.94***

(6.62)

(8.99)

(11.65)

open

32.18

100.77

−9.72

(56.14)

(96.45)

(79.32)

inv

10.29***

19.04***

2.43

(1.66)

(2.60)

(2.43)

reiinv

34.77

46.36

15.55

(21.52)

(28.36)

(37.14)

prop

−3.27

−44.70

−38.74

(15.05)

(27.58)

(30.86)

db

−0.26

−0.08

0.72

(0.48)

(0.41)

(0.68)

dr

1383.80***

1408.70

557.72

(322.55)

(928.60)

(631.56)

trs

0.64

0.02

−5.89

(2.28)

(0.47)

(4.19)

perdi

0.10**

0.20**

−0.13

(0.04)

(0.08)

(0.12)

rchpir

108.31

96.19

398.10**

(91.74)

(125.89)

(160.20)

m2gr

57.23

98.07

12.09

(66.83)

(114.13)

(247.30)

ggr

−55.43

−46.26

0.00

(141.48)

(230.61)

(...)

cpi

−27.78

24.73

3.41

(81.32)

(82.86)

(304.78)

cci

−279.65***

−180.01

0.00

(96.68)

(133.04)

(...)

cei

245.58***

157.86**

0.00

(78.37)

(74.73)

(...)

csi

139.35**

105.38

0.00

(63.61)

(111.44)

(...)

landarea

−0.23

−0.03

−0.89*

(0.17)

(0.20)

(0.47)

landprice

−0.00

−0.01

−0.14

(0.00)

(0.00)

(0.09)

depend

9.17**

2.83

−8.54

(3.99)

(5.06)

(8.59)

_cons

4362.94

−1613.98

15,015.18

(11,005.64)

(13,233.42)

(32,275.48)