Model	SAR		SDM		SAC
Model	Pooled	Within	Pooled	Within	Pooled
Original Model
Investment Computation index (t − 1)	0.398***	0.427*	0.064	0.065	0.388***
Log Trade openness (t)	0.002*	0.002	0.008***	0.008***	0.002*
Log Trade openness squared (t)	−0.0001	−0.0001	−0.001**	−0.001**	−0.0001
Log Trade openness squared (t − 1)	0.0002	0.0002	0.001	0.001	0.0002
Log Government spending to GDP (t)	0.001	0.001	−0.001	−0.001	0.0010
Log Households Spending to GDP (t)	0.001***	0.001**	0.002*	0.002*	0.001***
Intercept				0.001
Model with Spatial Effects
Investment Computation Indicator (t − 1)			0.313***	0.328***
Log Trade Openness (t)			−0.006**	−0.007***
Log Trade Openness squared (t)			0.001	0.001**
Log Trade Openness (t − 1)			−0.002	−0.002
Human Capital Index (t)			0.003	0.002
Human Capital index (t − 1)			−0.001	−0.002*
Validation Indicators
Spatial Correlation
Rho (ρ)	0.491***	0.449***	0.562***	0.568***	0.506***
Lambda (λ)					−0.056
Spatial Variance
lgt_theta (log θ)		−2.08***	31258
Sigma (σ) squared_e	3.91E−06	3.91E−06***	2.66E−06***	2.7E−06***	4.10
R-squared	78.33%	80.07%	0.84	88.27%	77.78%
Hausman Test	−1.050		0.010		1