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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