(1)

(2)

(3)

(4)

First

Second

First

Second

First

Second

First

Second

Ln (cgdp)

0.836^***

(6.58)

0.937^***

(7.34)

0.734^***

(6.13)

0.749^***

(6.02)

Ln (hgdp)

0.178^***

(3.01)

0.825^***

(10.28)

0.114^***

(2.59)

0.576^***

(8.00)

0.121^***

(2.64)

0.583^***

(8.05)

0.151^***

(3.34)

0.576^***

(8.34)

Ln (hpgdp)

−0.207^**

(−2.53)

−0.035^***

(−3.07)

−0.026

(−0.42)

−0.329^***

(−2.96)

−0.051

(−0.76)

−0.145

(−1.31)

−0.140^**

(−2.00)

0.199^*

(1.78)

nr

0.005

(0.16)

0.012^***

(3.11)

0.002

(0.70)

0.0185^***

(4.46)

0.001

(0.54)

0.016^***

(3.90)

0.002

(0.67)

0.012^***

(3.03)

htech

0.004

(0.54)

0.201^**

(2.39)

0.060

(1.01)

0.198^**

(2.26)

0.010^*

(1.69)

0.024^***

(2.71)

0.005

(0.78)

0.011^*

(1.35)

cc

0.587^**

(2.04)

0.982^***

(2.64)

ps

0.369^**

(2.45)

0.255

(1.25)

rq

0.954^***

(2.56)

−0.205^***

(−4.64)

va

−0.572^***

(−2.61)

−0.355

(−1.40)

bf

0.010

(1.20)

0.040^***

(3.69)

fnf

−0.013^*

(−1.86)

0.027^***

(2.86)

tf

−0.031^**

(−2.43)

0.025^**

(1.98)

rl

−1.22^***

(−3.47)

0.082^***

(0.18)

cul

0.251^**

(2.43)

−0.516^***

(−3.86)

constant

−25.99^***

(−6.73)

−10.317^***

(−5.95)

0.695

(1.40)

−7.893^***

(−5.08)

−23.084^***

(−6.48)

−6.345^***

(−3.73)

−23.486^***

(−6.38)

−7.817^***

(−5.15)

LR

32.24

0.0000

32.24

0.0000

43.83

0.0000

43.83

0.0000

31.09

0.0000

31.09

0.0000

31.76

0.0000

31.76

0.0000

W

158.05

158.05

109.09

109.09

99.64

99.64

147.80

147.80