Variables

Institution Measure

None

Political

Economic

Initial FDI

−0.02*

(0.022)

−0.02*

(0.031)

−009

(0.033)

Capital Openness

0.02

(0.101)

0.03

(0.233)

0.02

(0.099)

Property rights

-

−0.07

(0.332)

−0.05

(0.321)

Property rights change

-

−0.03*

(0.011)

−0.01*

(0.019)

Trade Openness

-

0.09

(0.307)

0.10

(0.255)

Political Regime Type

-

−0.09*

(0.006)

−0.09*

(0.022)

Political Regime Change

-

−0.02*

(0.017)

−0.02*

(0.009)

Inflation

0.97

(0.367)

0.56

(0.322)

0.52

(0.217)

Energy Rents

0.23

(0.271)

0.24

(0.233)

0.25

(0.158)

Intercept

0.24

(0.305)

0.54

(0.522)

0.52

(0.126)

Adjusted R²

0.821

0.801

0.752

Restriction p-value

0.773

0.855

0.732

Observations

39

39

39