Table 3 Welfare TFP, FDI and trade

Welfare TFP (− 1)

0.766*** (0.000)

0.728*** (0.000)

0.821*** (0.000)

0.814*** (0.000)

0.779*** (0.000)

0.632*** (0.000)

0.689*** (0.000)

0.661*** (0.000)

0.693*** (0.000)

0.596*** (0.000)

FDI

0.008 (0.112)

0.005 (0.220)

0.018 (0.133)

0.002 (0.546)

0.014*** (0.000)

0.009** (0.011)

0.007** (0.022)

0.009*** (0.000)

0.010** (0.028)

0.018*** (0.000)

Imports

0.001*** (0.001)

0.0001 (0.787)

0.001** (0.047)

0.002*** (0.003)

0.001*** (0.003)

–

–

–

–

–

Exports

–

–

–

–

–

0.005*** (0.000)

0.002** (0.022)

0.002** (0.016)

0.004*** (0.001)

0.005*** (0.000)

FDI × imports

− 0.0001 (0.118)

− 0.00006 (0.426)

− 0.0003 (0.140)

− 0.00009 (0.441)

− 0.0002*** (0.000)

–

–

–

–

–

FDI × exports

–

–

–

–

–

− 0.0003*** (0.005)

− 0.0002** (0.023)

− 0.0003*** (0.000)

− 0.0004*** (0.007)

− 0.0007*** (0.000)

Education

–

0.139** (0.042)

–

–

–

–

0.103 (0.143)

–

–

–

Gov’t expenditure

–

–

0.005*** (0.009)

–

–

–

–

0.003** (0.011)

–

–

Remittances

–

–

–

− 0.004*** (0.003)

–

–

–

–

0.0009** (0.010)

–

Private Credit

–

–

–

–

0.001** (0.014)

–

–

–

–

0.001 (0.319)

Time effects

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Net effects

na

na

na

na

0.005

nsa

0.001

nsa

− 0.001

− 0.001

AR(1)

(0.556)

(0.333)

(0.636)

(0.640)

(0.540)

(0.584)

(0.369)

(0.406)

(0.951)

(0.490)

AR(2)

(0.214)

(0.191)

(0.167)

(0.172)

(0.581)

(0.081)

(0.169)

(0.078)

(0.224)

(0.127)

Sargan OIR

(0.511)

(0.491)

(0.637)

(0.482)

(0.710)

(0.269)

(0.552)

(0.237)

(0.359)

(0.686)

Hansen OIR

(0.700)

(0.395)

(0.678)

(0.514)

(0.651)

(0.169)

(0.482)

(0.491)

(0.285)

(0.288)

DHT for instruments

 (a) Instruments in levels

  H excluding group

(0.474)

(0.474)

(0.307)

(0.241)

(0.307)

(0.551)

(0.627)

(0.293)

(0.160)

(0.856)

  Dif(null, H = exogenous)

(0.658)

(0.342)

(0.737)

(0.603)

(0.707)

(0.128)

(0.382)

(0.536)

(0.396)

(0.173)

 (b) IV (years, eq(diff))

  H excluding group

(0.546)

(0.673)

(0.419)

(0.615)

(0.399)

(0.138)

(0.401)

(0.286)

(0.225)

(0.313)

  Dif(null, H = exogenous)

(0.680)

(0.120)

(0.970)

(0.274)

(0.956)

(0.354)

(0.529)

(0.868)

(0.471)

(0.294)

Fisher

152.07***

15,542.43***

295.07***

4475.85***

167.96***

1633.02***

672.82***

915.41***

1767.59***

2177.41***

Instruments

18

22

22

22

22

18

22

22

22

22

Countries

24

24

24

24

24

24

24

24

24

24

Observations

93

81

91

83

91

93

81

91

83

91