Journal of Economic Structures

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

Table 4 Robustness check: financial integration and tfp growth-panel regressions (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	Fixed effect			System GMM
Variables	(1)	(2)	(3)	(4)	(5)	(6)
Initial TFP	− 0.4854***	− 0.3962***	− 0.4424***	− 0.3125***	− 0.2297***	− 0.2289***
	(0.0333)	(0.0460)	(0.0337)	(0.0774)	(0.0876)	(0.0755)
Schooling	0.0228**	0.0145	0.0218**	0.0275*	0.0277*	0.0290**
	(0.0112)	(0.0150)	(0.0109)	(0.0144)	(0.0147)	(0.0129)
Investment	0.0083***	0.0043***	0.0069***	0.0102***	0.0067***	0.0119***
	(0.0010)	(0.0013)	(0.0010)	(0.0021)	(0.0022)	(0.0023)
Population	− 0.0951***	− 0.1466***	− 0.1356***	− 0.0215	0.0243	− 0.0500
	(0.0289)	(0.0421)	(0.0295)	(0.0272)	(0.0222)	(0.0321)
Pvt. credit	0.0008***	0.0005*	0.0007**	0.0016***	0.0005	0.0012**
	(0.0003)	(0.0003)	(0.0003)	(0.0006)	(0.0004)	(0.0006)
KAOPEN	0.0025			0.0059
	(0.0053)			(0.0091)
CAPITAL		0.0007** (0.0003)			0.0017*** (0.0005)
FDI Inflow			0.0211*** (0.0048)			0.0271*** (0.0088)
Observations	588	302	578	588	302	578
R-squared	0.3562	0.2740	0.3606
No. of countries	105	74	108	105	74	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

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