Primary OLS Regression Analysis on 2012 TFP Data with Year range from 2000 - 2012

(Model 1) - Primary Regression Analysis of Economic Freeedom, (Model 2) - Components of Economic Freedom (areas 1-5), (Model 3) - Area 5 expanded to sub-categories: A5A, A5B, A5C, (Model 4) - Area 5 expanded to sub-categories: 5Ai-iii, 5Bi-vi, 5Ci-vi, (Model 5) - Area 1 expanded to sub-categories: A1A, A1B, A1C, A1D, Area 4 expanded to sub-categories: A4A, A4B, A4C, A4D, Area 5 expanded to sub-categories: A5A, A5B, A5C, (Model 6) - Area 1, Area 4, Area 5 completely expaned. All independent variables are regressed on Natural Log of Argricultural TFP Index.
Dependent variable:
log(tfp)
(1) (2) (3) (4) (5) (6)
Economic_Freedom_Summary_Index 0.016
(0.012)
Area_1_Size_of_Government -0.016** -0.018** -0.035***
(0.007) (0.008) (0.010)
A1A_Government_Consumption 0.001 0.012
(0.006) (0.009)
A1B_Transfers_and_subsidies -0.050*** -0.043***
(0.009) (0.012)
A1C_Government_enterprises_and_investment 0.005 -0.008
(0.004) (0.006)
A1D_Top_marginal tax rate -0.003
(0.005)
A1Di_Top_marginal_income_tax_rate -0.059***
(0.010)
A1Dii_Top_marginal_income_and_payroll_tax_rate 0.019**
(0.008)
Area_2_Legal_System_and_Property_Rights 0.095*** 0.109*** 0.139*** 0.075*** 0.085***
(0.008) (0.010) (0.019) (0.013) (0.027)
Area_3_Sound_Money 0.037*** 0.039*** 0.052*** 0.046*** 0.058***
(0.008) (0.009) (0.011) (0.009) (0.015)
Area_4_Freedom_to_trade_internationally -0.024** -0.050*** -0.003
(0.011) (0.014) (0.020)
Area_5_Regulation -0.112***
(0.011)
A4A_Tariffs -0.027***
(0.009)
A4B_Regulatory trade barriers 0.012
(0.011)
A4Ai_Revenue_from_trade_taxes_Percent_of_trade_sector 0.018
(0.011)
A4Aii_Mean_tariff_rate -0.069***
(0.026)
A4Aiii_Standard_deviation_of_tariff_rates -0.008
(0.008)
A4Bi_Nontariff_trade_barriers -0.005
(0.019)
A4Bii_Compliance_costs_of_importing_and_exporting 0.008
(0.016)
A4C_Black_market_exchange_rates -0.029*** -0.021
(0.008) (0.013)
A4D_Controls_of_the_movement_of_capital_and_people -0.003
(0.006)
A5A_Credit_market_regulations -0.023*** -0.024***
(0.008) (0.009)
A5B_Labor_market_regulations -0.060*** -0.066***
(0.007) (0.007)
A5C_Business_regulations -0.037*** -0.050***
(0.011) (0.013)
A4Di_Foreign_ownership_investment_restrictions -0.013
(0.017)
A4Dii_Capital_controls 0.006
(0.006)
A4Diii_Freedom_of_foreigners_to_visit 0.016***
(0.005)
A5Ai_Ownership_of_banks -0.007 -0.016**
(0.005) (0.007)
A5Aii_Private_sector_credit -0.003 -0.003
(0.006) (0.007)
A5Aiii_Interest_rate_controls_negative_real_interest_rates -0.006 0.019*
(0.008) (0.011)
A5Bi_Hiring_regulations_and_minimum_wage -0.024*** -0.037***
(0.004) (0.006)
A5Bii_Hiring_and_firing_regulations 0.036*** 0.042***
(0.011) (0.013)
A5Biii_Centralized_collective_bargaining -0.028*** -0.017
(0.009) (0.011)
A5Biv_Hours_Regulations 0.020*** 0.027***
(0.007) (0.008)
A5Bv_Mandated_cost_of_worker_dismissal -0.024*** -0.016***
(0.004) (0.005)
A5Bvi_Conscription -0.017*** -0.011***
(0.003) (0.003)
A5Ci_Administrative_requirements -0.081*** -0.064***
(0.014) (0.017)
A5Cii_Bureaucracy_costs -0.023*** -0.019*
(0.007) (0.010)
A5Ciii_Starting_a_business -0.006 -0.029
(0.012) (0.019)
A5Civ_Extra_payments_bribes_favoritism -0.029** -0.022
(0.013) (0.019)
A5Cv_Licensing_restrictions -0.004 -0.005
(0.007) (0.009)
A5Cvi_Tax_compliance -0.013** -0.008
(0.006) (0.009)
scaled_lat -0.017 -0.053*** -0.067*** -0.056*** -0.075*** -0.077***
(0.010) (0.010) (0.010) (0.013) (0.011) (0.015)
AFRICA, Developed 0.031 0.130 0.122 0.159 0.188* 0.094
(0.119) (0.112) (0.112) (0.126) (0.111) (0.148)
AFRICA, SUB-SAHARA -0.486*** -0.366*** -0.359*** -0.261*** -0.260*** -0.316***
(0.075) (0.072) (0.072) (0.085) (0.078) (0.103)
AMERICA, LAC -0.156** -0.019 -0.003 -0.067 -0.047 -0.166
(0.074) (0.072) (0.073) (0.085) (0.076) (0.104)
AMERICA, NORTH 0.036 0.181** 0.234** 0.145 0.251*** 0.086
(0.097) (0.092) (0.092) (0.103) (0.090) (0.115)
ASIA -0.040 0.079 0.107 0.119 0.139* 0.023
(0.073) (0.070) (0.070) (0.083) (0.072) (0.098)
EUROPE -0.070 -0.052 -0.033 -0.112 -0.120* -0.172*
(0.075) (0.071) (0.072) (0.082) (0.071) (0.094)
WANA 0.166** 0.202*** 0.268*** 0.262*** 0.322*** 0.304***
(0.077) (0.073) (0.075) (0.084) (0.080) (0.103)
muslim75Percent -0.093*** -0.084*** -0.120*** -0.132*** -0.147*** -0.275***
(0.033) (0.032) (0.035) (0.042) (0.041) (0.057)
christ75Percent 0.027 0.072*** 0.054** 0.070*** 0.054** 0.007
(0.022) (0.021) (0.022) (0.026) (0.025) (0.034)
Constant 5.098*** 5.392*** 5.558*** 5.399*** 6.155*** 6.550***
(0.119) (0.113) (0.125) (0.178) (0.158) (0.282)
Observations 1,532 1,530 1,383 848 1,196 632
R2 0.264 0.353 0.363 0.456 0.371 0.482
Adjusted R2 0.259 0.347 0.355 0.437 0.359 0.446
Residual Std. Error 0.341 (df = 1520) 0.320 (df = 1514) 0.318 (df = 1365) 0.284 (df = 818) 0.306 (df = 1172) 0.275 (df = 590)
F Statistic 49.674*** (df = 11; 1520) 55.096*** (df = 15; 1514) 45.819*** (df = 17; 1365) 23.679*** (df = 29; 818) 30.074*** (df = 23; 1172) 13.381*** (df = 41; 590)
Note: p<0.1; p<0.05; p<0.01





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