(1)

GIE

(2)

GIE

DE

−2.454^***

(0.705)

DE2

3.682^*

(1.863)

IS

0.060

0.124

(0.121)

(0.136)

G

−0.025

−0.110

(0.226)

(0.295)

FDI

0.142

5.122^***

(1.638)

(0.975)

MAR

0.001

0.020

(0.022)

(0.019)

L.DE

−3.373^***

(0.806)

L.DE2

4.786^**

(1.478)

_cons

0.818

1.597

(2.527)

(3.289)

N

260.000

270.000

r2

0.725

0.786

id

Yes

Yes

year

Yes

Yes