Dependent variable: Log TFP

Independent variables

Percentage of GDP

Per capita

All

Latin America

All

Latin America

Log (public consumption): LG

−2.117895*

−0.300467

−0.78601*

−0.108824

[−7.87052]

[−5.95696]

Log (public investment): LIG

0.698088*

0.13285

0.251655**

0.120606

[3.62107]

[2.22520]

Log (imports): LM

0.088724

0.164454

0.291973*

0.212975

[0.81718]

[5.00668]

DUM_REG*LGPIB

1.817428*

0.677186*

[4.34998]

[3.57364]

DUM_REG*LIGPIB

−0.565238**

−0.131049

[−2.28820]

[−0.96222]

DUM_REG*LMPIB

0.07573

−0.078998

[0.29319]

[−0.58597]

Trend (initial year 1960)

0.002442

−0.019561

0.01046**

−0.025087

[0.35622]

[2.48781]

DUM_REG*TIEMPO

−0.022003***

−0.035547*

[−1.87463]

[−5.14054]

Determinant resid covariance (dof adj.)

4.25E−77

6.83E−76

Determinant resid covariance

3.82E−77

6.14E−76

Log likelihood

65475.2

65196.25

Akaike information criterion

−154.1892

−153.5312

Schwarz criterion

−153.6354

−152.9775

Adjustment Coefficients

alpha 1

−0.008084**

−0.034519*

[−2.27783]

[−5.77802]

alpha 2

−0.016294*

−0.019104*

[−6.52661]

[−4.03264]

alpha 3

0.006071

0.011845

[1.25733]

[1.35129]

alpha 4

0.015041*

0.023532**

[3.44586]

[2.58058]