1

2

3

4

5

Human capital

0.087***

0.042***

0.044***

0.034***

0.055***

(0.007)

(0.008)

(0.009)

(0.009)

(0.012)

Institution

0.305***

0.307***

0.170***

0.049

(0.039)

(0.046)

(0.049)

(0.050)

Democracy

0.041

0.100

−0.213

(0.178)

(0.167)

(0.209)

High revenue

1.025***

0.655***

(0.225)

(0.241)

Communist

−1.083***

(0.242)

Africa

(dropped)

Americas

0.735***

(0.259)

Asia

0.051

(0.269)

Europa

1.021***

(0.357)

Oceania

1.472***

(0.445)

_cons

−1.903***

1.872***

1.688**

2.282***

0.480

(0.634)

(0.699)

(0.735)

(0.712)

(0.952)

Number of observations

118

115

102

102

79

R²

0.543

0.679

0.709

0.747

0.831