Income groups

Countries

Low income

Benin

−0.0537

0.6801***

0.7014***

−0.0058**

0.0531**

0.0151**

Rwanda

−0.1211

1.0190***

1.4789***

−0.0235***

0.0424**

−0.0023**

Uganda

0.0511

1.0791***

1.2301***

−0.0117***

0.0375**

−0.0061*

Burkina faso

−0.0082

0.8512***

0.8913***

−0.0109***

0.0514**

0.0102**

Low&middle

income

Bolivia

−0.0107

0.8618***

0.8536***

0.0439**

0.0232***

−0.0102**

Indonesia

−0.0386

0.8851**

0.8886***

0.0471*

0.0184**

−0.0057*

Philippines

0.0665

0.3729**

0.4595***

0.0529*

−0.0214*

−0.0418**

Vietnam

−0.4172

0.8702***

0.9052***

0.0446**

0.0372***

−0.0198**

Upper middle income

Brazi

0.0178

0.8018***

0.9003***

0.0190**

0.0053*

−0.0040**

China

0.1121

0.6515***

0.5728**

0.0184***

−0.0188*

−0.0012**

Malaysia

−0.3954

0.6885***

0.5760***

0.0166*

0.0041**

−0.0027**

Turkey

−0.0501

0.8800***

0.9035***

0.0257**

0.0012*

−0.0011**

High Income

Iceland

−0.1449

−0.598***

−0.4577***

0.0031***

0.0023**

0.0001*

Italy

−0.0575

0.1111**

0.2120*

0.0113*

0.0070**

0.0024*

Japan

0.0089

−0.3162**

−0.2748*

0.0121**

0.0044**

0.0178**

Singapore

0.1191

0.3340**

0.6241**

0.0013*

0.0111**

0.0012*

Adjusted R2 = 0.912

DW = 2.129

F-statistics = 25.212

P-value = 0.000