Research Article
Public Investments, Human Capital, and Political Stability: The Triptych of Economic Success
Table 6
Main regressions for per capita GDP growth, 1990–2010.
| Independent variables | Dependent variable | GDP per capita growth, 1990–2010 | [1] | [2] | [3] | [4] | [5] | [6] |
| Intercept | −0.252 (−0.14) | −0.050 (−0.03) | −0.436 (−0.23) | −0.259 (−0.21) | −0.010 (−0.01) | −0.278 (−0.22) | GDP90 | −0.0001*** (−5.11) | −0.0001*** (−4.67) | −0.0001*** (−4.08) | −0.0002*** (−5.25) | −0.0002*** (−4.95) | −0.0002*** (−4.63) | Sch90 | 0.211** (2.48) | 0.226** (2.61) | 0.225** (2.58) | 0.233*** (3.09) | 0.265*** (3.59) | 0.254*** (3.41) | Govcons | −0.080 (−1.64) | −0.079 (−1.66) | −0.074 (−1.58) | −0.069 (−1.62) | −0.066 (−1.54) | −0.061 (−1.44) | Pubinv | 0.162** (2.47) | 0.173** (2.56) | 0.174** (2.55) | 0.147** (2.44) | 0.154** (2.43) | 0.153** (2.38) | Prinv | 0.076* (1.72) | 0.089* (1.95) | 0.076 (1.65) | 0.063 (1.52) | 0.080* (1.86) | 0.064 (1.46) | Fertility90 | −0.011 (−0.06) | −0.013 (−0.06) | 0.016 (0.08) | −0.019 (−0.11) | −0.039 (−0.22) | −0.008 (−0.04) | Mortality_gr | −0.055 (−0.56) | −0.097 (−0.98) | −0.069 (−0.75) | −0.071 (−0.92) | −0.131* (−1.81) | −0.087 (−1.24) | Effectiveness | 1.185*** (4.18) | — | — | 1.400*** (4.51) | — | — | Contr_corrupt | — | 0.851*** (4.33) | — | — | 1.007*** (4.37) | — | Rule_of_law | — | — | 0.914*** (3.10) | — | — | 1.054*** (3.62) | Africa | −0.035 (−0.09) | −0.018 (−0.05) | −0.224 (−0.53) | −0.238 (−0.52) | −0.206 (−0.43) | −0.461 (−0.94) | Asia | −0.285 (−0.55) | −0.239 (−0.44) | −0.361 (−0.67) | −0.082 (−0.15) | 0.040 (0.07) | −0.092 (−0.16) | Inflation | −0.001*** (−3.59) | −0.001*** (−4.17) | −0.001*** (−3.28) | −0.001*** (−3.75) | −0.001*** (−4.37) | −0.001*** (−3.19) | Deficit | −0.040 (−0.99) | −0.051 (−1.22) | −0.050 (−1.18) | — | — | — | Debt | — | — | — | 0.001 (0.18) | 0.0001 (0.02) | −0.001 (−0.20) | Openness | −0.006 (−1.29) | −0.05 (−1.04) | −0.005 (−1.21) | −0.007 (−1.47) | −0.006 (−1.25) | −0.006 (−1.39) | Gini | −0.010 (−0.73) | −0.010 (−0.68) | −0.003 (−0.16) | −0.013 (−1.02) | −0.016 (−1.15) | −0.007 (−0.49) | Volatgovcons | −0.306*** (−2.74) | −0.389*** (−3.35) | −0.376*** (−3.22) | −0.169 (−1.36) | −0.230* (−1.82) | −0.209 (−1.64) |
| Obs. | 74 | 74 | 74 | 79 | 79 | 79 | | 0.65 | 0.63 | 0.63 | 0.64 | 0.61 | 0.61 |
|
|
***, **, and * represent levels of significance at 1%, 5%, and 10% respectively. White Heteroskedasticity corrected -statistics in parentheses.
|