Table 6: Regression estimates: fixed effects specifications of bmod2. Dependent variable: income per capita (in natural logarithm).

Independent variables IIII III
WRSEPCSEWRSEPCSEWRSEPCSE

Aid−0.018***−0.018***0.0110.011−0.029−0.029
(5.6)(5.6)(1.36)(1.36)(1.42)(1.42)
Initial income0.72***0.72***0.725***0.725***0.724***0.724***
(4.52)(4.52)(4.43)(4.43)(5.72)(5.72)
Inflation0.0030.003−0.003−0.003−0.004−0.004
(1.33)(1.33)(0.25)(0.25)(0.73)(0.73)
Corruption0.171***
(3.11)
0.171***
(3.12)
0.257***
(4.07)
0.257***
(4.07)
0.259***
(3.63)
0.259***
(3.63)
Corruption * aid0.0080.008−0.001***−0.001***−0.001**−0.001*
(1.55)(1.55)(3.74)(3.74)(1.99)(1.94)
Aid * aid−0.015***−0.015***−0.013*−0.013*−0.004*−0.004*
(5.14)(5.14)(1.76)(1.76)(1.82)(1.82)
Investment0.01***0.01***0.06***0.06***0.0590.059
(4.61)(4.61)(3.53)(3.53)(1.03)(1.03)
World trade0.040.040.032*0.032*0.043*0.043*
(1.16)(1.16)(1.73)(1.73)(1.77)(1.77)
Broad money supply0.002***0.002***0.001***0.001***0.001**0.001***
(4.45)(4.45)(4.53)(4.53)(2.51)(2.59)
Trend−0.001*−0.001*−0.002***−0.002***−0.001−0.001
(1.68)(1.68)(3.47)(3.47)(1.52)(1.52)
War−0.109***−0.109***−0.109***−0.109***
(4.01)(4.01)(4.56)(4.56)
UEMOA−0.198***−0.198***−0.200***−0.200***
(2.86)(2.86)(3.02)(3.02)
Corruption_19940.0180.018
(1.25)(1.25)
c1.098***1.098***0.9990.9990.985***0.985***
(3.12)(3.12)(1.03)(1.03)(4.51)(4.51)
Number of countries141414141414
Observations419419419419419419
Adjusted 0.790.790.800.800.800.80
F statistics359***359***331***331***304***304***

***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.