Table 5: Regression estimates: fixed effects specifications of bmod1. Dependent variable: income per capita (in natural logarithm).

Independent variables IIII III
WRSE PCSEWRSE PCSEWRSE PCSE

Aid−0.049***−0.049***−0.042***−0.042***−0.047***−0.047**
(4.23)(4.23)(4.93)(4.93)(6.12)(6.13)
Initial income0.375***0.375***0.357***0.357***0.352***0.352***
(5.02)(5.02)(4.23)(4.22)(5.42)(5.42)
Inflation−0.005**−0.005***−0.007***−0.007***−0.02***−0.02***
(2.52)(2.59)(6.33)(6.33)(5.37)(5.37)
Corruption 0.247**0.247***0.254***0.254***0.256***0.256***
(2.55)(2.58)(4.14)(4.14)(4.75)(4.75)
Corruption * aid0.0010.001−0.004***−0.004***−0.005***−0.005***
(1.02)(1.02)(2.94)(2.94)(3.41)(3.41)
Aid * aid−0.014***−0.014***−0.008**−0.008**−0.007**−0.007*
(6.02)(6.02)(2.0)(2.0)(1.98)(1.65)
Investment0.030.03**0.04**0.04**0.05**0.05**
(1.02)(2.14)(1.97)(1.97)(2.01)(2.02)
Intra-ECOWAS trade0.0060.006***0.035**0.035**0.052*0.052*
(1.61)(2.59)(2.49)(2.49)(1.75)(1.75)
Broad money supply0.003***0.003**0.002***0.002***0.0010.001
(6.3)(1.96)(2.59)(4.61)(1.13)(1.13)
Trend −0.004−0.004−0.005**−0.005**0.0030.003
(1.44)(1.44)(1.99)(1.99)(1.63)(1.63)
War0.0130.0130.0160.016
(0.63)(0.63)(0.98)(0.98)
UEMOA−0.185***−0.185***−0.353***−0.353**
(3.17)(3.17)(2.57)(2.52)
Corruption_1994 0.301*0.301*
(1.68)(1.68)
c6.782***6.782***7.073***7.073***6.221***6.221***
(3.73)(3.73)(4.58)(4.58)(3.01)(3.01)
Number of countries141414141414
Observations419419419419419419
Adjusted 0.610.610.650.650.610.61
F statistics298***298***231***231***175***175***

***Indicates significance at the 1 percent level.
**Indicates significance at the 5 percent level.
*Indicates significance at the 10 percent level.
t statistics are in parenthesis.