(1)

(2)

(3)

(4)

(5)

VARIABLES

y

y

y

y

y

x

0.079^**

0.055^**

0.053^***

0.052^***

0.046^**

(2.43)

(2.62)

(2.74)

(2.71)

(2.33)

x1

0.003^***

0.003^***

0.002^***

0.002^***

(4.95)

(4.69)

(4.45)

(4.51)

x2

−0.003

−0.003

−0.001

(−0.78)

(−0.72)

(−0.16)

x3

0.001

0.001

(1.53)

(1.23)

x4

−0.033^**

(−2.04)

Constant

−0.376

−0.397^*

−0.209

−0.201

0.028

(−1.19)

(−1.98)

(−0.99)

(−0.97)

(0.12)

Observations

530

530

530

530

530

R-squared

0.189

0.444

0.449

0.452

0.474

Number of country

53

53

53

53

53

Country FE

YES

YES

YES

YES

YES

Year FE

YES

YES

YES

YES

YES