| Variables | Equation (1) GDP | Equation (2) Education | Equation (3) Life Expectancy |
| Constant | −71.30 | 301.30* | 22.13*** |
| Revenue Decentralization | −10.46 | −18.20 | 5.93 |
| Rev Dec*Dum 7th NFC | 29.87 | 412.64*** | 19.91*** |
| Institutional Democracy | −0.14 | −0.06 | −0.06*** |
| GDP | - | −9.82 | 0.90 |
| Labor | −2.17 | - | - |
| Capital | 3.13 | - | - |
| Trade | 4.16 | - | - |
| Employment Rate | - | −2.26* | - |
| Education Expenditures | - | 7.08* | - |
| Health Expenditures | - | - | 0.11* |
| Number of Physicians | - | - | 2.61*** |
| R Squared | 0.171 | 0.502 | 0.990 |
| No. of Observations | 37 | 37 | 37 |
| J-STAT, Probability for GMM | 0.010 | 0.007 | 0.006 |