Regressors | Dependent Variable: GDP Growth Rate | ||
(1) | (2) | (3) | |
ECM (−1) | −0.923*** | −0.956*** | −0.962*** |
| (0.226) | (0.199) | (0.201) |
Foreign Direct Investment (% of GDP) = D, | 0.536 | −0.540 | −1.406 |
| (0.600) | (1.319) | (1.478) |
Government Expenditure (% of GDP) = D, | 1.144** | 1.146** | 1.188** |
| (0.536) | (0.511) | (0.545) |
Trade (% of GDP) = D, | −0.082 | −0.137** | −0.169** |
| (0.060) | (0.056) | (0.066) |
Population Growth % = D, | 6.801 | −10.488 | −14.311 |
| (14.327) | (13.766) | (14.865) |
Population Growth % = L, | −18.811 | −0.329** | 5.481 |
| (17.310) | (16.702) | (18.143) |
BANKDEV1*FDI = D, |
| 5.232** | 7.429** |
|
| (2.437) | (2.987) |
BANKDEV1*FDI = L, |
| 2.593** | 3.203*** |
|
| (0.911) | (1.051) |
BANKDEV1 = D, | 2.162 | −1.679 | −5.227 |
| (5.054) | (4.900) | (5.609) |
BANKDEV1 = L, | −5.805 | −11.641* | −12.316* |
| (6.698) | (6.580) | (6.670) |
Financial Reform = D, |
|
| 0.178 |
|
|
| (0.365) |
Constant | 3.014 | 14.366 | 14.460 |
| (13.362) | (12.795) | (13.001) |
R-Squared | 0.714 | 0.857 | 0.836 |
Adjusted R-Squared | 0.571 | 0.686 | 0.638 |
Number of Observations | 37 | 34 | 34 |