Variables

Model 1

Model 2

Model 3

Model 4

Model 5

cab (−1)

0.942***

(0.056)

0.950***

(0.054)

0.932***

(0.055)

0.933***

(0.0528)

0.935***

(0.050)

ydr

−0.003

(0.029)

0.062*

(0.031)

0.057*

(0.032)

0.059

(0.034)

0.018

(0.021)

edr

−0.078**

(0.042)

−0.115**

(0.054)

−1.248**

(0.053)

−0.117**

(0.061)

−0.114***

(0.045)

lnreer

−0.126

(2.217)

−4.293

(3.133)

−3.603

(3.652)

−4.704

(3.549)

2.952

(2.107)

lngdp

1.226***

(0.409)

1.122**

(0.496)

1.324**

(0.631)

1.355**

(0.658)

fdi

0.038*

(0.044)

0.055

(0.065)

0.095*

(0.064)

open

0.006*

(0.009)

0.004

(0.009)

gov

−0.003*

(0.023)

constant

0.695

(3.305)

−20.081

(9.158)

−17.666

(11.235)

−21.672*

(12.523)

−21.607*

(12.496)

Number of observations

609

609

609

609

609

AR (1)

0.017

0.017

0.017

0.017

0.018

AR (2)

0.465

0.476

0.480

0.484

0.544

Sargan test

0.457

0.481

0.493

0.431

0.435