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The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

Table 3 Conditional effect and TFP growth: fixed effect (dependent variable—TFP growth; 5-year panel)

From: Financial integration and total factor productivity: in consideration of different capital controls and foreign direct investment

Variables(1)(2)(3)(4)
Initial TFP− 0.7141***− 0.7100***− 0.4993***− 0.4988***
 (0.0629)(0.0620)(0.0332)(0.0331)
Schooling0.0397**0.0530***0.0264**0.0280**
 (0.0159)(0.0155)(0.0110)(0.0108)
Investment0.0072***0.0073***0.0078***0.0077***
 (0.0018)(0.0018)(0.0010)(0.0010)
Population− 0.0741− 0.1181*− 0.1349***− 0.1370***
 (0.0684)(0.0665)(0.0297)(0.0298)
Pvt. credit− 0.0002− 0.00020.0010*** 
 (0.0005)(0.0005)(0.0003) 
Pvt. credit_bank   0.0010***
    (0.0003)
Ka− 0.2152***   
 (0.0627)   
Ka*Pvt. credit0.0029***   
 (0.0008)   
Di − 0.2233***  
  (0.0506)  
Di*Pvt. credit 0.0020***  
  (0.0006)  
FDI  0.0017***0.0017***
   (0.0005)(0.0005)
FDI*Pvt. credit  − 0.0000128*** 
   (0.0000) 
FDI*Pvt.credit_bank   − 0.0000124***
    (0.0000)
Observations267267602601
R-squared0.47640.49010.37760.3776
Number of countries7777108108
  1. 1. The dependent variable is the growth rate of TFP over each 5-year period. 2. All standard errors are robust and reported in parentheses. 3. Statistical significance: *** p < 0.01, ** p < 0.05, * p < 0.1. 4. Intercept not reported. 5. All regressions include time dummies. 6. For variables, see Table 1