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 |