(1)

GIE

(2)

GIE

(3)

GIE

DE

−3.962^**

−3.560

−0.136

(1.647)

(2.395)

(3.295)

DE2

5.991^**

2.024

−4.871

(2.451)

(8.009)

(10.748)

IS

0.074

−0.082

−0.073

(0.082)

(0.099)

(0.102)

G

0.853

−0.812

−0.729

(0.686)

(0.497)

(0.561)

FDI

3.636

0.999

−4.666^*

(3.412)

(0.742)

(2.451)

MAR

0.008

0.065^*

0.103

(0.084)

(0.032)

(0.076)

_cons

−8.539

9.223

7.704

(7.111)

(5.548)

(5.910)

N

110.000

90.000

80.000

r2

0.853

0.788

0.593

id

Yes

Yes

Yes

year

Yes

Yes

Yes