The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Table 7 Fixed effect estimation results of five areas of economic freedom
| Variable | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| (r−g) |
−6.20E − 05 (0.000435) |
0.001295*** (0.000337) | 0.000874* (0.000475) |
−0.000311 (0.000606) |
0.001607*** (0.000459) |
| Lag GDP/capita |
−7.19E − 07*** (1.78E − 07) |
−6.60E − 07*** (2.51E − 07) |
−6.93E − 07*** (2.49E − 07) |
−8.62E − 07*** (2.62E − 07) |
−7.92E − 07*** (2.61E − 07) |
| Govt. spending (as % of GDP) |
−0.000504* (0.000281) |
−0.000717** (0.000321) |
−0.00093*** (0.000318) |
−0.000785** (0.000316) |
−0.000770** (0.000318) |
| Inflation |
5.08E − 05 (0.000116) |
0.000145 (0.000109) |
9.46E − 05 (0.000133) |
0.000123 (0.000110) |
0.000126 (0.000110) |
| Population growth rate |
0.000660 (0.001667) |
0.001019 (0.000909) |
0.001093 (0.000913) |
0.001196 (0.000909) |
0.000999 (0.000913) |
| Natural resource rent (as % of GDP) |
−0.000245 (0.000273) |
−5.69E − 05 (0.000257) |
−4.27E − 05 (0.000262) |
−0.000376 (0.000263) |
−3.80E − 05 (0.000259) |
| Gross savings rate (as % of GDP) |
0.000385*** (0.000128) |
0.000375*** (0.000140) |
0.000333** (0.000141) |
0.000396*** (0.000139) |
0.000342** (0.000140) |
| Tax revenue (as % of GDP) |
−0.001136*** (0.000250) |
−0.00111*** (0.000160) |
−0.00103*** (0.000162) |
−0.00109*** (0.000159) |
−0.001100*** (0.000159) |
| Trade openness |
7.99E − 05** (3.33E − 05) |
7.78E − 05** (3.53E − 05) |
7.91E − 05** (3.55E − 05) |
7.34E − 05** (3.53E − 05) |
6.67E − 05 * (3.58E − 05) |
| Unemployment rate |
0.001295*** (0.000206) |
0.001173*** (0.000212) |
0.001209*** (0.000214) |
0.001015*** (0.000212) |
0.001154*** (0.000210) |
| EFW1 |
0.011585*** (0.003712) | ||||
| EFW12 |
−0.000532** (0.000279) | ||||
| (r−g) × EFW1 |
1.37E − 05 (6.87E − 05) | ||||
| EFW2 |
0.012940*** (0.004017) | ||||
| EFW22 |
−0.00110*** (0.000373) | ||||
| (r−g) × EFW2 |
−0.00023*** (6.01E − 05) | ||||
| EFW3 |
-0.013544** (0.005299) | ||||
| EFW32 |
0.000952*** (0.000339) | ||||
| (r−g) × EFW3 |
−0.000102* (5.64E − 05) | ||||
| EFW4 |
0.031972*** (0.005828) | ||||
| EFW42 |
−0.00224*** (0.000421) | ||||
| (r−g) × EFW4 |
4.43E − 05 (8.01E − 050) | ||||
| EFW5 |
0.006393 (0.009240) | ||||
| EFW52 |
−0.000210 (0.000667) | ||||
| (r−g) × EFW5 |
−0.000236*** (6.80E − 05) | ||||
| Redundant fixed effects tests (prob) |
199.837128 (0.0000) |
203.073872 (0.0000) |
209.428482 (0.0000) |
206.846867 (0.0000) |
201.134660 (0.0000) |
| Hausman test |
72.567801 (0.0000) |
83.187496 (0.0000) |
65.382413 (0.0000) |
72.041878 (0.0000) |
70.647063 (0.0000) |
| Adj. R-squared | 0.970054 | 0.969739 | 0.969494 | 0.969941 | 0.969637 |
| F-statistic | 481.0456 | 475.8991 | 471.2806 | 478.8391 | 479.3310 |
| Prob(F-statistic) | 0.000000 | 0.000000 | 0.000000 | 0.000000 | 0.000000 |