Real Growth

Model (3) coefficients

(Level effect)

Model (4) coefficients

(Composition effect)

GDPreal (−1)

−0.08**

(−2.43)

0.009

(0.00)

Public Expenditures

−0.06

(−0.19)

-

Public Consumption

-

−0.60*

(−1.78)

Public investment

-

0.03**

(2.20)

Private Investment

0.67

(1.34)

0.59

(1.26)

Population

2.37**

(2.44)

8.26***

(3.84)

Term of trade

0.17*

(1.94)

0.10

(1.25)

Constant

−24.12

(−0.25)

−13.95

(−0.46)

Number of ’observations

30

30

F(.)

4.05

5.96

R²Adj

0.45

0.37

DW

2.36

2.15