Explanatory variables

(1)

(2)

(3)

(4)

(5)

(6)

(7)

FD

0.6570***

(0.5300)

1.1466** (0.5204)

0.2358***

(0.5724)

0.3185***

(0.5356)

0.6769*** (0.4328)

0.8041*** (0.4816)

0.8905**

(0.5043)

LNGDP

0.7381***

(0.1876)

0.4992**

(0.1957)

0.0922**

(0.2255)

0.1297***

(0.1697)

0.3158** (0.3700)

0.3048***

(0.3735)

SECI

0.5772***

(0.7775)

0.4088***

(0.1248)

0.2044**

(0.2999)

0.7885*** (0.4698)

0.5849**

(0.5161)

TERI

0.7436

(1.8023)

0.7527

(1.1553)

0.7104

(1.4647)

0.6297

(1.4914)

OPEN

0.5461***

(0.1020)

0.7304*** (0.1991)

0.6853***

(0.2139)

UR

−0.4553**

(0.1327)

−0.6690***

(0.1757)

LNDOP

0.0975**

(0.1586)

C

−0.4543**

(0.4010)

−9.0239***

(0.2415)

−4.6315***

(0.5254)

−8.7241***

(0.7645)

−7.484***

(0.6872)

−4.7169***

(0.2955)

−5.0342***

(0.3574)

R-squared

0.7790

0.8200

0.8317

0.8590

0.8679

0.8836

0.9117

F

7.5364***

8.4252***

9.8399***

8.9685***

18.9637***

14.4737***

12.2631***

Huasman

18.026***

20.107***

20.559***

19.364***

23.860***

21.359***

23.201***