Variables

Fixed effect

Random effect

OPEN1

OPEN2

OPEN3

OPEN4

OPEN1

OPEN2

OPEN3

OPEN4

OPEN’

−0.252***

−0.366***

−0.0343

−0.0214

−0.241***

−0.371***

−0.010

−0.006

(0.0335)

(0.0309)

(0.0252)

(0.0157)

(0.034)

(0.031)

(0.026)

(0.016)

InGFCF

0.0952***

0.141***

0.0388

0.0388

0.101***

0.150***

0.0489*

0.048*

(0.0249)

(0.0243)

(0.0245)

(0.0245)

(0.025)

(0.024)

(0.026)

(0.026)

InLAB

0.394***

0.363***

0.426***

0.426***

−0.158***

−0.160***

−0.172***

−0.172***

(0.129)

(0.124)

(0.133)

(0.133)

(0.057)

(0.059)

(0.048)

(0.048)

InEXC

0.0194***

0.0189***

0.0230***

0.0230***

0.0113

0.0115*

0.012

0.012

(0.00693)

(0.00664)

(0.00715)

(0.00715)

(0.007)

(0.006)

(0.007)

(0.007)

InFD

−0.0452**

−0.0269

−0.0569***

−0.0569***

−0.0190

−0.00282

−0.0210

−0.0210

(0.0194)

(0.0187)

(0.0199)

(0.0199)

(0.0197)

(0.0189)

(0.0206)

(0.0206)

InFDI

−0.0752***

−0.0555***

−0.0931***

−0.0931***

−0.0854***

−0.0635***

−0.105***

−0.105***

(0.0181)

(0.0175)

(0.0185)

(0.0185)

(0.0187)

(0.0179)

(0.0196)

(0.0196)

InCPI

−0.0950***

−0.0804**

−0.0912**

−0.0912**

−0.0938**

−0.0798**

−0.0864**

−0.0864**

(0.0361)

(0.0346)

(0.0372)

(0.0372)

(0.0374)

(0.0356)

(0.0396)

(0.0396)

Constant

2.821

3.262*

1.602

1.489

11.07***

11.12***

10.48***

10.44***

(1.958)

(1.875)

(2.024)

(2.014)

(0.916)

(0.928)

(0.777)

(0.766)

Yeardummies

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Observations

988

988

988

988

988

988

988

988

N˚ ofcountry

52

52

52

52

52

52

52

52

R-squared

0.782

0.799

0.769

0.769

F statistics

269.33

293.04

179.55

179.55

BP LM test

5494.76

6109.42

4018.32

4018.35