Research Article
Public Investments, Human Capital, and Political Stability: The Triptych of Economic Success
Table 5
Regressions for per capita GDP growth, 1990–2010.
| | Independent variables | Dependent variable | GDP per capita growth | [1] | [2] | [3] | [4] | [5] | [6] | [7] | [8] | [9] | [10] | [11] | [12] | [13] | [14] |
| Benchmark regression | Intercept | −0.673 (−0.88) | 1.244 (1.17) | −2.049 (−1.32) | 2.018* (1.90) | 0.102 (0.09) | −1.393 (−1.59) | 0.329 (0.42) | −1.355* (−1.83) | −1.156 (−1.15) | −1.293 (−1.65) | −1.345 (−1.65) | −0051 (−0.07) | 1.015 (0.96) | 0.645 (0.68) | GDP90 | −0.00004 (−1.46) | −0.00003 (−0.77) | −0.0005* (−1.90) | −0.0006** (−2.51) | −0.00004 (−1.64) | −0.00005* (−1.86) | −0.00004* (−1.69) | −0.0002*** (−5.29) | −0.00004* (−1.71) | −0.0001*** (−4.28) | −0.0001*** (−4.16) | −0.00005* (−1.76) | −0.0001*** (−2.77) | −0.0001** (−2.29) | Sch90 | 0.284*** (3.44) | 0.216* (1.92) | 0.215** (2.23) | 0.146* (1.75) | 0.238** (2.42) | 0.256*** (3.20) | 0.218*** (2.75) | 0.175** (2.44) | 0.261*** (3.25) | 0.245*** (3.18) | 0.229*** (2.85) | 0.239*** (3.19) | 0.310*** (3.28) | 0.241*** (3.02) | Pupteapr90 | — | −0.036** (−2.35) | — | — | — | — | — | — | — | — | — | — | — | — | Govcons | −0.086** (−2.26) | −0.116** (−2.14) | −0.079** (−2.00) | −0.072* (−1.86) | −0.083** (−2.11) | −0.046 (−1.18) | −0.088** (−2.33) | −0.122*** (−3.41) | −0.104** (−2.43) | −0.142*** (−3.86) | −0.123** (−3.40) | −0.061 (−1.41) | −0.041 (−1.10) | −0.051 (−1.33) | Pubinv | 0.175** (2.23) | 0.208*** (2.72) | 0.165** (2.17) | 0.158** (2.31) | 0.167** (2.10) | 0.149* (1.97) | 0.170** (0.27) | 0.153** (2.37) | 0.176** (2.31) | 0.175** (2.38) | 0.167** (2.25) | 0.158** (2.09) | 0.170** (2.60) | 0.175** (2.50) | Prinv | 0.087** (2.08) | 0.0714 (1.56) | 0.067 (1.50) | 0.059 (1.32) | 0.072 (1.52) | 0.062 (1.56) | 0.825* (1.89) | 0.050 (1.60) | 0.085** (2.14) | 0.084** (2.40) | 0.059* (1.69) | 0.064 (1.40) | 0.096*** (2.75) | 0.098** (2.67) |
| Demographic variables | Lifeexp90 | — | — | 0.033 (1.19) | — | — | — | — | — | — | — | — | — | — | — | Fertility90 | — | — | — | −0.352** (−2.21) | — | — | — | — | — | — | — | — | — | — | Mortality90 | — | — | — | — | −0.003 (−0.87) | — | — | — | — | — | — | — | — | — | Mortal_gr | — | — | — | — | — | −0.261** (−3.16) | — | — | — | — | — | — | — | — | Pop_gr | — | — | — | — | — | — | −0.308 (−1.44) | — | — | — | — | — | — | — |
| Political variables | Effect | — | — | — | — | — | — | — | 1.877*** (5.49) | — | — | — | — | — | — | Stability | — | — | — | — | — | — | — | — | 0.392 (1.22) | — | — | — | — | — | Co_corrupt | — | — | — | — | — | — | — | — | — | 1.406*** (4.82) | — | — | — | — | Rule_law | — | — | — | — | — | — | — | — | — | — | 1.409*** (4.78) | — | — | — |
| Region variables | Africa | — | — | — | — | — | — | — | — | — | — | — | −0.662 (−1.60) | — | — | Asia | — | — | — | — | — | — | — | — | — | — | — | 0.155 (0.26) | — | — |
| Economic variables | Inflation | — | — | — | — | — | — | — | — | — | — | — | — | −0.002*** (−3.99) | −0.002*** (−4.19) | Debt | — | — | — | — | — | — | — | — | — | — | — | — | −0.002 (−0.52) | — | Deficit | — | — | — | — | — | — | — | — | — | — | — | — | — | −0.054 (−1.28) | Openness | — | — | — | — | — | — | — | — | — | — | — | — | −0.005 (−1.09) | −0.004 (−0.93) | Gini | — | — | — | — | — | — | — | — | — | — | — | — | −0.020 (−1.27) | −0.008 (−0.51) | Volatgovcons | — | — | — | — | — | — | — | — | — | — | — | — | −0.366*** (−3.40) | −0.491*** (−3.74) |
| | Obs. | 85 | 58 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 79 | 74 | | | 0.34 | 0.50 | 0.35 | 0.38 | 0.34 | 0.40 | 0.35 | 0.56 | 0.36 | 0.47 | 0.49 | 0.36 | 0.79 | 0.57 |
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***, **, and * represent levels of significance at 1%, 5%, and 10%, respectively. White Heteroskedasticity corrected -statistics in parentheses.
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