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 |