Table 7: Regression estimates: random effects specifications of bmod1. Dependent variable: income per capita (in natural logarithm).

Independent variables IIII III
WRSE PCSEWRSE PCSEWRSE PCSE

Aid−0.031***−0.031***−0.008−0.0080.0240.024
(5.05)(5.05)(1.63)(1.63)(1.59)(1.59)
Initial income−0.19−0.190.969***0.969***1.129*1.129*
(1.41)(1.41)(3.36)(3.36)(1.85)(1.85)
Inflation−0.012***−0.012***0.006**0.006**0.0030.003
(3.54)(3.54)(1.97)(1.97)(1.12)(1.12)
Corruption−0.005−0.0050.029**0.029***0.4080.408
(0.65)(0.65)(2.54)(2.58)(0.51)(0.51)
Corruption * aid0.002***0.002***0.00120.0012−0.009−0.009
(3.41)(3.41)(1.64)(1.63)(1.42)(1.42)
Aid * aid0.0010.001−0.041***−0.041**−0.002*−0.002*
(1.11)(1.11)(2.58)(2.51)(1.64)(1.64)
Investment−0.08***−0.08***−0.04***−0.04***−0.01−0.01
(5.32)(5.32)(4.72)(4.72)(1.62)(1.62)
Intra-ECOWAS trade0.0230.023 0.029**0.029***0.0390.039*
(1.23)(1.23)(2.55)(2.59)(1.63)(1.65)
Broad money supply0.0030.0030.028***0.028***−0.007−0.007
(1.6)(1.6)(3.31)(3.31)(1.45)(1.45)
Trend−0.009*−0.009−0.031***−0.031***0.0380.038*
(1.71)(1.71)(4.32)(431)(1.62)(1.64)
War0.089***0.089***−0.437−0.437
(3.89)(3.89)(0.54)(0.54)
UEMOA−0.003*−0.003**0.0610.061
(1.64)(1.97)(1.15)(1.15)
Corruption_19945.0205.020
(1.62)(1.62)
c8.796***8.796***
−14.151***

−14.151***
−9.156−9.156
(3.25)(3.25)(4.13)(4.13)(1.01)(1.01)
Number of countries141414141414
Observations406406406406406406
Adjusted 0. 650.650.60.60.580.58
F statistics140***140***113***113***133***133***

***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.