Table 4 Infrastructure stocks and economic growth: panel regression analysis

Lag output per capita (logs)

− 0.116***

− 0.188***

− 0.394***

− 0.0821***

− 0.178***

− 0.381***

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

Infrastructure index

0.0862***

0.102***

0.250***

0.0804***

0.117***

0.246***

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

Human capital

− 0.0204

0.0221

0.0773

− 0.0255

0.0188*

0.0817

(0.114)

(0.135)

(0.519)

(0.051)

(0.046)

(0.483)

Financial depth

0.0621***

0.0909***

0.238***

0.0627***

0.0911***

0.230***

(0.000)

(0.000)

(0.001)

(0.000)

(0.000)

(0.000)

Trade openness

− 0.165***

− 0.107***

− 0.410*

− 0.242***

− 0.0640*

− 0.381*

(0.000)

(0.000)

(0.031)

(0.000)

(0.015)

(0.032)

Government burden

− 0.0701*

− 0.0726**

− 0.0761

− 0.105**

− 0.0621***

− 0.102

(0.017)

(0.002)

(0.585)

(0.001)

(0.000)

(0.432)

Inflation

0.0000133

0.000284***

0.0000181

− 0.0000143

0.000304***

0.000104

(0.448)

(0.000)

(0.974)

(0.511)

(0.000)

(0.833)

Terms of trade shocks

0.0859***

0.142***

0.278

0.0721*

0.161***

0.330

(0.000)

(0.000)

(0.293)

(0.023)

(0.000)

(0.101)

Governance

0.0191***

0.0222***

-0.0180

0.0105*

0.00927*

-0.0192

(0.000)

(0.000)

(0.461)

(0.029)

(0.026)

(0.426)

Observations

500

402

247

500

402

247

Groups

70

70

70

70

70

70

No. instruments

90

68

31

110

80

32

Specification tests

Hansen test

0.888

0.298

0.425

0.997

0.624

0.507

First-order correlation

0.180

0.030

0.211

0.146

0.035

0.207

Second-order correlation

0.022

0.127

0.065

0.022

0.147

0.060