(1)

(2)

VARIABLES

developing

developed

x

0.054^***

0.025

(3.49)

(1.15)

x1

0.003^***

0.002^***

(7.01)

(6.63)

x2

−0.001

0.008

(−0.53)

(1.59)

x3

0.001

0.004^**

(0.50)

(2.31)

x4

−0.026^***

−0.034

(−2.80)

(−0.68)

Constant

−0.066

−0.353

(−0.38)

(−0.51)

Observations

349

180

R-squared

0.977

0.988