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

Journal of Economic Structures

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)

Variables	(1)	(2)	(3)	(4)
Initial TFP	− 0.7141***	− 0.7100***	− 0.4993***	− 0.4988***
	(0.0629)	(0.0620)	(0.0332)	(0.0331)
Schooling	0.0397**	0.0530***	0.0264**	0.0280**
	(0.0159)	(0.0155)	(0.0110)	(0.0108)
Investment	0.0072***	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	− 0.0002	0.0010***
	(0.0005)	(0.0005)	(0.0003)
Pvt. credit_bank				0.0010***
				(0.0003)
Ka	− 0.2152***
	(0.0627)
Ka*Pvt. credit	0.0029***
	(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)
Observations	267	267	602	601
R-squared	0.4764	0.4901	0.3776	0.3776
Number of countries	77	77	108	108

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