Table 4 Tests on Croatia and Macedonia

FDI

−0.0112729

0.0130713

−0.0029945

−0.0073595

0.0199348

−0.217406

0.0077164

0.0426126

[0.0301352]

[0.033949]

[0.0141584]

[0.0137953]

[0.0914588]**

[0.1391686]

[0.0247525]

[0.0950594]

FTW

2.901084

2.813014

0.7270706

2.843796

−2.879743

0.1675782

1.971317

[0.919504]***

[0.873429]***

[0.33431]**

[0.466066]***

[0.426370]***

[0.371802]

[0.530498]***

CU

0.1133218

0.1207993

0.0963405

0.2571246

0.1841887

−0.1217007

−0.1190696

−0.0990504

0.0455404

−0.0238404

[0.1126597]

[0.1089484]

[0.1311446]*

[0.0539277]***

[0.0618641]***

[0.054703]**

[0.0521867]**

[0.0887919]

[0.0696652]

[0.0631092]

AEG

−0.2623711

−0.2515806

−0.0370962

−0.3290766

−0.3304862

−0.4437646

−0.3388933

[0.1276298]*

[0.12217]**

[0.1232867]

[0.1307336]**

[0.1277157]**

[0.2104827]*

[0.1553065]**

ALPG

0.0375986

0.0368362

0.126771

−0.1189805

−0.1106986

−0.198015

−0.1510707

[0.0487375]

[0.04785]

[0.0462731]**

[0.0825608]

[0.0716933]

[0.1326559]

[0.0786294]*

PTSExD

−0.0060098

−0.0107254

0.0004302

0.018774

−0.0032564

0.0474847

0.0437079

−0.001059

−0.0130952

[0.0354395]

[0.0325469]

[0.0412328]*

[0.0244438]

[0.0256485]

[0.0296345]

[0.0235148]*

[0.046443]

[0.028422]

PTSExI

−0.4914096

−0.4961292

−0.2512877

−0.3873539

−0.3703826

0.2105108

0.2107629

0.0795414

−0.0487474

[0.1682758]***

[0.1648904]***

[0.174906]

[0.1184475]***

[0.1144477]***

[0.0538104]***

[0.0526205]***

[0.0802786]

[0.064191]

Constant

−13.31484

−13.63137

−3.996946

−15.98033

−12.87565

19.90322

19.65876

13.28152

−0.9839942

11.97123

[8.679077]

[8.487851]

[9.511054]

[4.198977]***

[4.292102]***

[3.810679]***

[3.742807]***

[6.075264]**

[5.144553]

[4.352135]**

R-squared

0.5594

0.5568

0.3767

0.4494

0.4988

0.8086

0.8082

0.4693

0.044

0.6536

Adj R-sqrd

0.4309

0.4505

0.2271

0.4044

0.4466

0.7448

0.7559

0.3246

0.02

0.5783

Obs

480

420

420

300

360

464

406

406

384

384

Time period

2002–2013

2002–2013