(1)

(2)

VARIABLES

lnGDP

lnGDP

lnFIN

0.3617***

0.1155

(3.3158)

(0.9968)

lnFDI

−0.1497***

(−3.0407)

c.lnFIN#c.lnFDI

0.0304***

(3.5065)

IND2

−0.7144***

(−5.6030)

c.lnFIN#c.IND2

0.1005***

(5.1293)

URBAN

−0.0353

0.3789*

(−0.1674)

(1.6652)

UR

−0.2416***

−0.1911**

(−2.9643)

(−2.4919)

OLD

−0.0117***

−0.0040

(−3.5116)

(−1.2493)

YOUNG

0.0127***

0.0062**

(4.0102)

(2.0047)

REV

−0.9428***

−0.5649***

(−6.2040)

(−3.5407)

Constant

8.4400***

9.7200***

(13.4590)

(15.0132)

District Fixed Effect

YES

YES

Time Fixed Effect

YES

YES

Observations

248

248

R-squared

0.9983

0.9984

r2_a

0.9979

0.9981

F

15.2452***

18.5013***