(1)

(2)

(3)

(4)

L_GDP_PC

1.438***

1.358***

1.121***

1.254***

(0.186)

(0.176)

(0.193)

(0.185)

L_PERSONAL

0.874***

0.651***

0.358***

0.393***

(0.169)

(0.149)

(0.124)

(0.130)

OPENNESS

0.016***

0.012***

0.009**

(0.003)

(0.003)

(0.004)

ED_SHARE

0.090***

0.062**

0.061**

(0.023)

(0.023)

(0.022)

INTER

0.087***

(0.020)

IP

0.044***

(0.014)

TERTIARY

0.071***

0.070***

(0.010)

(0.011)

UNI_RD

0.004

0.002

(0.007)

(0.007)

BANK

−0.013*

−0.014*

(0.007)

(0.007)

_cons

−16.180***

−15.092***

−12.646***

−13.825***

(1.662)

(1.446)

(1.113)

(1.186)

N

240

240

240

240

r2

0.766

0.806

0.865

0.864

r2_a

0.764

0.802

0.861

0.859