(1)

(2)

(3)

(4)

L_GDP_PC

1.406***

1.339***

1.105***

1.241***

(0.185)

(0.178)

(0.196)

(0.188)

L_PERSONAL

0.836***

0.634***

0.333**

0.370***

(0.164)

(0.147)

(0.126)

(0.132)

OPENNESS

0.014***

0.011***

0.008*

(0.003)

(0.003)

(0.004)

ED_SHARE

0.085***

0.057**

0.055**

(0.025)

(0.026)

(0.024)

INTER

0.088***

(0.019)

IP

0.043***

(0.014)

TERTIARY

0.072***

0.072***

(0.010)

(0.011)

UNI_RD

0.004

0.002

(0.006)

(0.006)

BANK

−0.013

−0.014*

(0.008)

(0.007)

_cons

−19.034***

−18.145***

−15.702***

−16.932***

(1.628)

(1.472)

(1.244)

(1.240)

N

240

240

240

240

r2

0.763

0.797

0.863

0.860

r2_a

0.761

0.794

0.858

0.856