2000-2005

2006-2019

Variables

Coefficients

Coefficients

TO

0.123***

(2.61)

0.006

(0.16)

FBCF

0.114*

(1.86)

0.241***

(4.80)

POP

2.23

(1.67)

2.569

(1.78)

Dummy

2.7569*

(1.65)

0.104*

(1.23)

SB ≥ δ

0.096**

(1.94)

0.121**

(2.41)

Constant

−13.205**

(−2.23)

−8.221

(−1.98)

Threshold

*** = −10.32

*** = −5.58

IC (δ)

[−10.98; −10.89]

[−5.48; −5.98]

R²

0.6880

0.5725

F-stat

4.98

5.34

Number of countries

15

15

Observations

75

195