(1)

(2)

(3)

(4)

Human capital

0.043***

0.045***

0.031***

0.048***

(0.010)

(0.011)

(0.009)

(0.014)

Institution

0.296***

0.285***

0.168***

0.065

(0.047)

(0.061)

(0.051)

(0.039)

Democracy

0.119

0.117

−0.243

(0.191)

(0.176)

(0.195)

High revenu

1.068***

0.711***

(0.225)

(0.222)

Communist

−1.022***

(0.206)

Africa

(dropped)

Americas

0.788***

(0.255)

Asia

0.097

(0.290)

Europa

1.056***

(0.334)

Oceania

1.519***

(0.450)

_cons

1.827**

1.577*

2.436***

0.980

(0.830)

(0.941)

(0.730)

(1.095)

Number of observations

115

102

102

79

R²

0.685

0.706

0.767

0.852