The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Table 8 2SLS estimation results of five areas of economic freedom
| Variable | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| (r−g) |
0.008810* (0.005210) |
0.002270*** (0.000434) |
0.005952** (0.003067) |
−0.001228 (0.001123) |
−0.000196 (0.001417) |
| Lag GDP/capita |
−3.08E − 06** (1.49E − 06) |
−1.07E − 06*** (3.99E − 07) |
8.18E − 07 (9.16E − 07) |
−4.80E − 07 (5.95E − 07) |
−2.73E − 06** (1.14E − 06) |
| Govt. spending (as % of GDP) |
0.003548 (0.002429) |
−0.000357 (0.000394) |
−0.000784 (0.000744) |
0.000219 (0.000537) |
0.000634 (0.000863) |
| Inflation |
−0.000463 (0.000373) |
0.000241* (0.000125) |
−0.000784 (0.000744) |
0.000660** (0.000231) |
−0.000809 (0.000503) |
| Population growth rate |
−0.004410 (0.003564) |
0.001555 (0.001052) |
0.002987 (.002300) |
7.75E − 05 (0.001365) |
−0.001901 (0.002342) |
| Natural resource rent (as % of GDP) |
−0.001108 (0.000803) |
−8.43E − 05 (0.000286) |
0.001029 (0.000846) |
−0.001506** (0.000606) |
−0.001616* (0.000900) |
| Gross savings rate (as % of GDP) |
0.000749* (0.000402) |
0.000545*** (0.000167) |
0.128700*** (0.040032) |
0.000703*** (0.000228) |
0.001111** (0.000440) |
| Tax revenue (as % of GDP) |
−0.00205*** (0.000556) |
−0.00210*** (0.000256) |
−0.003842** (0.001546) |
−0.00153*** (0.000339) |
−0.0015*** (0.000460) |
| Trade openness |
0.000106 (9.70E − 05) |
0.000124*** (4.31E − 05) |
−2.05E − 05 (0.000118) |
1.52E − 05 (6.96E − 05) |
0.000100 (8.61E − 05) |
| Unemployment rate |
0.002446*** (0.000810) |
0.001077*** (0.000261) |
0.012603*** (0.003539) |
0.000763** (0.000381) |
0.000541 (0.000511) |
| EFW1 |
0.295454* (0.167960) | ||||
| EFW12 |
−0.018695 (0.011420) | ||||
| (r−g) × EFW1 |
−0.001254* (0.000741) | ||||
| EFW2 |
0.093011*** (0.029822) | ||||
| EFW22 |
−0.00828*** (0.002879) | ||||
| (r−g) × EFW2 |
−0.00040*** (7.67E − 05) | ||||
| EFW3 |
−0.341668** (0.173638) | ||||
| EFW32 |
0.019706* (0.010142) | ||||
| (r−g) × EFW3 |
−0.000708* (0.000364) | ||||
| EFW4 |
0.195123*** (0.067223) | ||||
| EFW42 |
−0.01211*** (0.004460) | ||||
| (r−g) × EFW4 |
0.000153 (0.000149) | ||||
| EFW5 |
−0.56761** (0.263736) | ||||
| EFW52 |
0.040889** (0.018762) | ||||
| (r−g) × EFW5 |
4.34E − 07 (0.000200) | ||||
| Observations | 1360 | 1360 | 1358 | 1359 | 1360 |
| Number of countries | 80 | 80 | 80 | 80 | 80 |
| Adj. R-squared | 0.840632 | 0.962136 | 0.848207 | 0.940148 | 0.878289 |
| F-statistic | 475.1823 | 481.1154 | 474.1967 | 475.2936 | 478.9523 |
| Prob (F-statistic) | 0.000000 | 0.000000 | 0.000000 | 0.000000 | 0.000000 |