Variable

Coefficient

Std. Error

t-Statistic

P-value

lnFDI

0.931**

0.403

2.309

0.0213

lnTNR

0.999***

0.296

3.373

0.0008

lnTO

−18.991***

2.639

−7.197

0.0000

lnFD

1.563**

0.780

2.003

0.0456

lnHC

10.675

7.401

1.442

0.1497

lnINF

−0.222

0.464

−0.479

0.6319

C

71.539***

8.628

8.292

0.0000

R-squared

F-statistic

Instrument rank

No (cross-sections)

0.1755

17.1325***

9

27