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

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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

VariablesFixed effectSystem GMM
(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)
Schooling0.0228**0.01450.0218**0.0275*0.0277*0.0290**
 (0.0112)(0.0150)(0.0109)(0.0144)(0.0147)(0.0129)
Investment0.0083***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***− 0.02150.0243− 0.0500
 (0.0289)(0.0421)(0.0295)(0.0272)(0.0222)(0.0321)
Pvt. credit0.0008***0.0005*0.0007**0.0016***0.00050.0012**
 (0.0003)(0.0003)(0.0003)(0.0006)(0.0004)(0.0006)
KAOPEN0.0025  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)
Observations588302578588302578
R-squared0.35620.27400.3606   
No. of countries1057410810574108
  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
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