Period

2004 to 2017

MODEL 1

By OLS

MODEL 2

by OLS

MODEL 3

by GLS

MODEL 4

by GLS

Real GDP per capita

(PIB)

1.542174

(0.001)***

3.453238

(0.000)***

1.483872

(0.002)***

1.477419 (0.002)***

Mobile phone penetration

(Mobile)

0.0879871

(0.024)**

0.2601325

(0.000)***

0.4161098

(0.000)***

0.4078781 (0.000)***

Rural Population rate

(Popr)

−4.392873

(0.020)**

0.00000

(0.000)

6.415178

(0.000)***

6.802618 (0.000)***

Adult literacy rate

(Alpha)

0.4671693

(0.025)***

0.2544899

(0.334)

2.310852

(0.001)***

2.470759

(0.000)***

Credit granted by banks to government

(Cretat)

0.0095981

(0.636)

0.1732874

(0.022)**

−0.03521

(0.541)

0.3834764

(0.137)

Weight of agriculture in GDP

(Agri)

−0.0682729

(0.803)

0.00000

(0.000)

0.0923636

(0.790)

−1.356619

(0.147)

interbank credit

(Interb)

−0.0442755

(0.040)**

−0.0151946

(0.572)

0.0056108

(0.923)

0.0084372

(0.883)

C

−15.41228

(0.000)***

−15.12621

(0.000)***

−7.725357

(0.001)***

−9.177621

(0.000)***

CRETAGRI

(Cretat * Agri)

0.00000

(0.000)

0.1495847

(0.022)**

0.00000

(0.000)

0.3568344

(0.095)*

ALPHARUR

(Alpha * Popr)

0.00000

(0.000)

0.00000

(0.000)

4.110451

(0.002)**

4.405903 (0.001)***

R2

0.8948

0.8217

0.6255

0.6437

F Fisher or Wald

117.92

75.28

140.85

146.06

p-value

0.0000

0.0000

0.0000

0.0000

Observations

112

112

112

112