Dependent variable: Log of GDP per capita

Independent Variables

Coef.

Robust

Std. Error

p-value

logarithm of GDP per capita_(t-1)

0.6153***

0.01262

0.000

logarithm of gross fixed capital formation per worker

0.0272

0.01979

0.455

logarithm of human capital per capita

0.0380**

0.01710

0.026

population growth

− 0.0139**

0.00307

0.044

inflation

− 0.0195

0.04140

0.604

openness

0.0241

0.08729

0.783

domestic credit

0.0214***

0.00137

0.000

lending interest rates

−0.0136***

0.00131

0.000

logarithm of FDI

0.3730***

0.07830

0.000

Constant

0.9346*

0.34456

0.065

Other estimates and robustness test results

Sargan C-Statistic

Hansen J Chi-sq. test

Prob > Wald Chi2

Pr (Skewness)

Pr (Kurtosis)

Joint Pr > chi2

R-squared

6.49**

32.08

0.000

0.065

0.712

0.084

0.64

-

-

-

-

-

-

-

0.011

0.610

-

-

-

-

-