(1)

(2)

(3)

(4)

VARIABLES

enecon

enecon

enecon

enecon

exp

−1.895***

−2.034***

−2.185***

−2.294***

(−2.80)

(−2.89)

(−2.85)

(−3.17)

fdi

−690.108

−631.247

−633.617

−2,124.377

(−0.42)

(−0.38)

(−0.37)

(−1.24)

fi

0.606

0.968

1.821**

(0.72)

(1.13)

(2.11)

ind

−19.346*

−20.849**

(−1.90)

(−2.17)

gdp

0.000***

(2.85)

Constant

22.688***

23.792***

28.195***

27.723***

(3.10)

(3.17)

(3.46)

(3.61)

Observations

77

77

70

70

R-squared

0.216

0.222

0.294

0.383

F test

0.113

0.140

0.0435

0.00544

r2_a

0.0828

0.0761

0.145

0.240

F

1.624

1.521

1.978

2.677