OLS Regression Analysis by Country (Area 1-5)

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
ZAF.lm KEN.lm VEN.lm BRA.lm CAN.lm
Area_1_Size_of_Government -9.192 6.990 -35.936*** 55.196* 40.558***
(7.541) (5.909) (6.262) (27.014) (9.411)
t = -1.219 t = 1.183 t = -5.739 t = 2.043 t = 4.310
p = 0.244 p = 0.257 p = 0.0001 p = 0.061 p = 0.001
Area_2_Legal_System_and_Property_Rights -15.625** 5.068 -11.633*** -33.935 7.723
(6.175) (4.734) (3.328) (27.058) (8.017)
t = -2.530 t = 1.070 t = -3.496 t = -1.254 t = 0.963
p = 0.025 p = 0.303 p = 0.004 p = 0.231 p = 0.352
Area_3_Sound_Money 35.042*** 1.699 -1.383 -1.381 -4.342
(10.348) (3.475) (2.874) (5.600) (21.232)
t = 3.386 t = 0.489 t = -0.481 t = -0.247 t = -0.205
p = 0.005 p = 0.633 p = 0.638 p = 0.809 p = 0.841
Area_4_Freedom_to_trade_internationally 13.191 2.655 -1.308 5.675 -30.184***
(14.932) (3.999) (2.826) (8.468) (8.475)
t = 0.883 t = 0.664 t = -0.463 t = 0.670 t = -3.562
p = 0.392 p = 0.518 p = 0.651 p = 0.514 p = 0.004
Area_5_Regulation 7.977 -0.747 -1.914 -10.137 7.522
(13.400) (9.900) (7.973) (25.832) (14.601)
t = 0.595 t = -0.075 t = -0.240 t = -0.392 t = 0.515
p = 0.562 p = 0.941 p = 0.814 p = 0.701 p = 0.615
Constant -98.570 40.107 500.671*** 54.404 75.363
(74.912) (45.412) (41.218) (206.474) (220.631)
t = -1.316 t = 0.883 t = 12.147 t = 0.263 t = 0.342
p = 0.210 p = 0.393 p = 0.000 p = 0.797 p = 0.738
Observations 20 20 20 20 20
R2 0.880 0.863 0.932 0.843 0.835
Adjusted R2 0.837 0.814 0.908 0.787 0.776
Residual Std. Error (df = 14) 17.068 7.112 14.916 29.401 15.448
F Statistic (df = 5; 14) 20.450*** (p = 0.00001) 17.610*** (p = 0.00002) 38.611*** (p = 0.00000) 15.045*** (p = 0.00004) 14.167*** (p = 0.00005)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
USA.lm JPN.lm SGP.lm TWN.lm IDN.lm
Area_1_Size_of_Government 15.731** 8.212 420.567* 8.915* 2.231
(6.127) (7.279) (206.553) (4.833) (7.324)
t = 2.567 t = 1.128 t = 2.036 t = 1.844 t = 0.305
p = 0.023 p = 0.279 p = 0.062 p = 0.087 p = 0.766
Area_2_Legal_System_and_Property_Rights 13.031 -17.426 47.934 1.168 19.314**
(9.209) (10.325) (158.623) (5.069) (7.077)
t = 1.415 t = -1.688 t = 0.302 t = 0.230 t = 2.729
p = 0.179 p = 0.114 p = 0.767 p = 0.822 p = 0.017
Area_3_Sound_Money -9.614 50.355*** 214.947* 1.966 2.614
(18.528) (8.378) (109.214) (6.269) (2.835)
t = -0.519 t = 6.010 t = 1.968 t = 0.314 t = 0.922
p = 0.612 p = 0.00004 p = 0.070 p = 0.759 p = 0.373
Area_4_Freedom_to_trade_internationally -65.323*** -25.488*** 200.812 17.195*** 17.723**
(12.865) (7.760) (157.822) (4.916) (6.992)
t = -5.077 t = -3.285 t = 1.272 t = 3.497 t = 2.535
p = 0.0002 p = 0.006 p = 0.224 p = 0.004 p = 0.024
Area_5_Regulation 7.250 4.704 -189.496 31.726*** 4.402
(6.091) (10.937) (130.770) (4.412) (9.014)
t = 1.190 t = 0.430 t = -1.449 t = 7.191 t = 0.488
p = 0.254 p = 0.674 p = 0.170 p = 0.00001 p = 0.633
Constant 538.802*** -51.170 -5,302.027** -135.573*** -82.426
(161.963) (134.290) (2,292.192) (40.702) (51.958)
t = 3.327 t = -0.381 t = -2.313 t = -3.331 t = -1.586
p = 0.005 p = 0.709 p = 0.037 p = 0.005 p = 0.135
Observations 20 20 20 20 20
R2 0.933 0.813 0.624 0.973 0.872
Adjusted R2 0.909 0.747 0.490 0.964 0.826
Residual Std. Error (df = 14) 9.611 17.787 230.223 9.293 12.575
F Statistic (df = 5; 14) 38.886*** (p = 0.00000) 12.205*** (p = 0.0002) 4.654** (p = 0.011) 101.539*** (p = 0.000) 19.064*** (p = 0.00001)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
MYS.lm THA.lm PAK.lm FIN.lm FRA.lm
Area_1_Size_of_Government -23.387 -4.375 5.400 -6.206 -1.621
(26.377) (5.844) (4.817) (6.666) (5.119)
t = -0.887 t = -0.749 t = 1.121 t = -0.931 t = -0.317
p = 0.391 p = 0.467 p = 0.282 p = 0.368 p = 0.757
Area_2_Legal_System_and_Property_Rights 19.289 -9.792 6.409 -1.124 -3.558
(20.367) (6.472) (4.518) (9.796) (6.665)
t = 0.947 t = -1.513 t = 1.419 t = -0.115 t = -0.534
p = 0.360 p = 0.153 p = 0.178 p = 0.911 p = 0.602
Area_3_Sound_Money -31.481** -7.691 6.073 20.036 25.491***
(12.062) (5.566) (6.974) (14.107) (5.658)
t = -2.610 t = -1.382 t = 0.871 t = 1.420 t = 4.505
p = 0.021 p = 0.189 p = 0.399 p = 0.178 p = 0.0005
Area_4_Freedom_to_trade_internationally 14.957 25.359*** 6.201** -11.281 -26.181**
(33.945) (6.151) (2.759) (8.280) (10.824)
t = 0.441 t = 4.123 t = 2.248 t = -1.362 t = -2.419
p = 0.667 p = 0.002 p = 0.042 p = 0.195 p = 0.030
Area_5_Regulation 85.471** 29.304*** 1.736 28.405* 31.619***
(29.118) (8.381) (8.383) (15.857) (9.525)
t = 2.935 t = 3.497 t = 0.207 t = 1.791 t = 3.320
p = 0.011 p = 0.004 p = 0.839 p = 0.095 p = 0.006
Constant -210.078 -42.290 29.243 -119.242** -44.824
(192.689) (70.985) (45.044) (53.993) (77.687)
t = -1.090 t = -0.596 t = 0.649 t = -2.208 t = -0.577
p = 0.295 p = 0.561 p = 0.527 p = 0.045 p = 0.574
Observations 20 20 20 20 20
R2 0.867 0.862 0.782 0.777 0.841
Adjusted R2 0.820 0.813 0.704 0.697 0.785
Residual Std. Error (df = 14) 35.695 14.548 12.875 12.620 14.015
F Statistic (df = 5; 14) 18.313*** (p = 0.00002) 17.506*** (p = 0.00002) 10.045*** (p = 0.0004) 9.740*** (p = 0.0004) 14.860*** (p = 0.00004)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
DEU.lm IRL.lm NLD.lm NOR.lm SWE.lm
Area_1_Size_of_Government 15.465 -0.659 -42.577*** -0.049 9.208*
(12.241) (3.702) (11.494) (2.500) (4.472)
t = 1.263 t = -0.178 t = -3.704 t = -0.019 t = 2.059
p = 0.228 p = 0.862 p = 0.003 p = 0.985 p = 0.059
Area_2_Legal_System_and_Property_Rights 12.209 1.301 0.001 0.224 4.334
(11.341) (4.418) (9.712) (2.923) (2.471)
t = 1.077 t = 0.295 t = 0.0001 t = 0.077 t = 1.754
p = 0.300 p = 0.773 p = 1.000 p = 0.941 p = 0.102
Area_3_Sound_Money 50.490 2.859 83.618* 8.916*** 7.763**
(75.717) (3.648) (43.241) (2.446) (2.781)
t = 0.667 t = 0.784 t = 1.934 t = 3.645 t = 2.791
p = 0.516 p = 0.447 p = 0.074 p = 0.003 p = 0.015
Area_4_Freedom_to_trade_internationally -22.742 9.147 -1.905 -5.420 -2.903
(15.773) (7.366) (7.486) (3.625) (2.799)
t = -1.442 t = 1.242 t = -0.254 t = -1.495 t = -1.037
p = 0.172 p = 0.235 p = 0.803 p = 0.158 p = 0.318
Area_5_Regulation 34.282** 7.452* 16.855** -4.259 7.305*
(15.276) (3.962) (6.800) (4.457) (3.585)
t = 2.244 t = 1.881 t = 2.479 t = -0.956 t = 2.037
p = 0.042 p = 0.081 p = 0.027 p = 0.356 p = 0.061
Constant -471.821 -25.545 -526.982 107.265*** -21.906
(627.991) (45.322) (377.668) (24.049) (18.542)
t = -0.751 t = -0.564 t = -1.395 t = 4.460 t = -1.181
p = 0.465 p = 0.582 p = 0.185 p = 0.001 p = 0.258
Observations 20 20 20 20 20
R2 0.847 0.825 0.861 0.718 0.960
Adjusted R2 0.792 0.762 0.812 0.618 0.946
Residual Std. Error (df = 14) 21.828 7.489 15.294 5.549 4.876
F Statistic (df = 5; 14) 15.474*** (p = 0.00003) 13.197*** (p = 0.0001) 17.381*** (p = 0.00002) 7.146*** (p = 0.002) 67.085*** (p = 0.000)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
GBR.lm GRC.lm ITA.lm PRT.lm ESP.lm
Area_1_Size_of_Government 6.405* -9.175*** -17.832** -4.780 -21.302**
(3.266) (1.919) (8.057) (5.332) (9.290)
t = 1.961 t = -4.781 t = -2.213 t = -0.896 t = -2.293
p = 0.071 p = 0.0003 p = 0.045 p = 0.386 p = 0.038
Area_2_Legal_System_and_Property_Rights 0.175 5.799 -15.837* 4.117 -11.097
(2.502) (4.536) (8.561) (3.639) (13.718)
t = 0.070 t = 1.278 t = -1.850 t = 1.131 t = -0.809
p = 0.946 p = 0.222 p = 0.086 p = 0.277 p = 0.433
Area_3_Sound_Money 7.144*** 7.404 12.447* 12.917*** 27.140***
(2.020) (4.749) (5.846) (3.664) (8.591)
t = 3.537 t = 1.559 t = 2.129 t = 3.526 t = 3.159
p = 0.004 p = 0.142 p = 0.052 p = 0.004 p = 0.007
Area_4_Freedom_to_trade_internationally -0.039 5.591* 4.101 -11.758* -16.129
(1.609) (2.678) (15.257) (5.856) (12.125)
t = -0.024 t = 2.088 t = 0.269 t = -2.008 t = -1.330
p = 0.982 p = 0.056 p = 0.792 p = 0.065 p = 0.205
Area_5_Regulation -13.481** 8.064 40.937*** 7.939 45.775*
(4.644) (5.219) (11.178) (5.774) (24.513)
t = -2.903 t = 1.545 t = 3.662 t = 1.375 t = 1.867
p = 0.012 p = 0.145 p = 0.003 p = 0.191 p = 0.083
Constant 154.582*** 28.622 4.929 39.820** 20.499
(34.913) (35.630) (100.153) (18.503) (142.142)
t = 4.428 t = 0.803 t = 0.049 t = 2.152 t = 0.144
p = 0.001 p = 0.436 p = 0.962 p = 0.050 p = 0.888
Observations 20 20 20 20 20
R2 0.827 0.915 0.903 0.848 0.861
Adjusted R2 0.765 0.884 0.868 0.794 0.812
Residual Std. Error (df = 14) 6.111 7.556 17.512 9.053 25.705
F Statistic (df = 5; 14) 13.371*** (p = 0.0001) 30.033*** (p = 0.00000) 26.039*** (p = 0.00001) 15.679*** (p = 0.00003) 17.388*** (p = 0.00002)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
TUN.lm ISR.lm AUS.lm NZL.lm NGA.lm
Area_1_Size_of_Government 1.091 10.670 34.522*** -5.851** 1.443
(1.959) (8.192) (7.707) (2.629) (1.813)
t = 0.557 t = 1.302 t = 4.479 t = -2.226 t = 0.796
p = 0.587 p = 0.214 p = 0.001 p = 0.043 p = 0.441
Area_2_Legal_System_and_Property_Rights -0.525 -7.438 -5.152 -0.458 -5.272
(1.528) (8.811) (8.122) (3.187) (3.600)
t = -0.344 t = -0.844 t = -0.634 t = -0.144 t = -1.465
p = 0.737 p = 0.413 p = 0.537 p = 0.888 p = 0.167
Area_3_Sound_Money 2.246 -12.847* -3.181 28.365*** -6.815***
(5.442) (5.991) (21.704) (6.346) (1.768)
t = 0.413 t = -2.144 t = -0.147 t = 4.470 t = -3.854
p = 0.687 p = 0.051 p = 0.886 p = 0.001 p = 0.002
Area_4_Freedom_to_trade_internationally 23.022*** 9.186* 31.023** -18.457** 4.127*
(2.323) (5.176) (11.091) (7.457) (2.234)
t = 9.912 t = 1.775 t = 2.797 t = -2.475 t = 1.847
p = 0.00000 p = 0.098 p = 0.015 p = 0.027 p = 0.088
Area_5_Regulation -0.137 67.595*** -7.683 -3.700 16.085**
(3.468) (17.141) (7.775) (6.827) (6.434)
t = -0.040 t = 3.944 t = -0.988 t = -0.542 t = 2.500
p = 0.970 p = 0.002 p = 0.340 p = 0.597 p = 0.027
Constant 49.659 -14.023 -136.001 127.234** 38.791*
(33.694) (56.054) (174.980) (46.275) (18.082)
t = 1.474 t = -0.250 t = -0.777 t = 2.750 t = 2.145
p = 0.163 p = 0.807 p = 0.450 p = 0.016 p = 0.052
Observations 20 20 20 20 19
R2 0.977 0.937 0.850 0.911 0.917
Adjusted R2 0.969 0.915 0.796 0.879 0.885
Residual Std. Error 5.495 (df = 14) 26.029 (df = 14) 13.499 (df = 14) 7.904 (df = 14) 6.317 (df = 13)
F Statistic 119.014*** (df = 5; 14) (p = 0.000) 41.816*** (df = 5; 14) (p = 0.00000) 15.847*** (df = 5; 14) (p = 0.00003) 28.582*** (df = 5; 14) (p = 0.00000) 28.838*** (df = 5; 13) (p = 0.00001)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
MEX.lm ARG.lm CHL.lm KOR.lm PHL.lm
Area_1_Size_of_Government -15.983 -12.303*** 40.157*** 10.964 15.266*
(19.767) (3.163) (10.667) (25.226) (7.257)
t = -0.809 t = -3.890 t = 3.765 t = 0.435 t = 2.104
p = 0.434 p = 0.002 p = 0.003 p = 0.671 p = 0.056
Area_2_Legal_System_and_Property_Rights -5.000 -1.646 0.122 0.058 6.289
(8.814) (2.659) (13.169) (9.223) (5.905)
t = -0.567 t = -0.619 t = 0.009 t = 0.006 t = 1.065
p = 0.581 p = 0.547 p = 0.993 p = 0.996 p = 0.307
Area_3_Sound_Money -0.933 0.757 -5.943 25.005** -1.586
(6.328) (1.593) (4.784) (10.103) (3.052)
t = -0.147 t = 0.475 t = -1.242 t = 2.475 t = -0.520
p = 0.886 p = 0.643 p = 0.237 p = 0.028 p = 0.613
Area_4_Freedom_to_trade_internationally -2.678 5.714** 2.702 3.492 8.049
(7.534) (2.454) (7.312) (12.940) (5.470)
t = -0.355 t = 2.328 t = 0.370 t = 0.270 t = 1.471
p = 0.728 p = 0.037 p = 0.718 p = 0.792 p = 0.165
Area_5_Regulation 28.871** 4.657 6.327 29.065 -1.465
(10.937) (3.465) (20.562) (18.803) (7.079)
t = 2.640 t = 1.344 t = 0.308 t = 1.546 t = -0.207
p = 0.021 p = 0.202 p = 0.764 p = 0.147 p = 0.840
Constant 160.202 164.628*** -101.057 -213.601 -20.303
(101.884) (24.644) (66.029) (139.658) (34.455)
t = 1.572 t = 6.680 t = -1.530 t = -1.529 t = -0.589
p = 0.140 p = 0.00002 p = 0.150 p = 0.151 p = 0.566
Observations 19 19 19 19 19
R2 0.725 0.683 0.869 0.923 0.767
Adjusted R2 0.619 0.561 0.818 0.894 0.677
Residual Std. Error (df = 13) 15.710 7.689 18.214 21.492 12.159
F Statistic (df = 5; 13) 6.844*** (p = 0.003) 5.609*** (p = 0.006) 17.222*** (p = 0.00003) 31.386*** (p = 0.00000) 8.561*** (p = 0.001)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
IND.lm DNK.lm ISL.lm CHE.lm TUR.lm
Area_1_Size_of_Government 14.727*** 8.120 -6.316* 3.972 -4.600
(3.948) (20.839) (3.089) (7.385) (4.337)
t = 3.730 t = 0.390 t = -2.045 t = 0.538 t = -1.061
p = 0.003 p = 0.704 p = 0.062 p = 0.600 p = 0.309
Area_2_Legal_System_and_Property_Rights -2.225 -1.976 -2.611 -1.592 3.911
(2.566) (15.747) (5.306) (6.947) (3.043)
t = -0.867 t = -0.125 t = -0.492 t = -0.229 t = 1.285
p = 0.402 p = 0.903 p = 0.631 p = 0.823 p = 0.222
Area_3_Sound_Money -12.411 19.569 -1.727 -25.667* 7.494***
(11.071) (11.887) (2.185) (13.689) (1.328)
t = -1.121 t = 1.646 t = -0.790 t = -1.875 t = 5.643
p = 0.283 p = 0.124 p = 0.444 p = 0.084 p = 0.0001
Area_4_Freedom_to_trade_internationally -1.036 -14.167 -1.495 -1.057 7.977**
(3.454) (18.731) (4.572) (2.323) (3.494)
t = -0.300 t = -0.756 t = -0.327 t = -0.455 t = 2.283
p = 0.770 p = 0.463 p = 0.749 p = 0.657 p = 0.040
Area_5_Regulation 16.602** 33.163 3.513 14.609*** -1.973
(5.862) (20.140) (3.570) (4.318) (5.974)
t = 2.832 t = 1.647 t = 0.984 t = 3.383 t = -0.330
p = 0.015 p = 0.124 p = 0.344 p = 0.005 p = 0.747
Constant 46.750 -129.114 136.100*** 256.153* 84.699***
(79.809) (122.004) (26.812) (128.360) (27.868)
t = 0.586 t = -1.058 t = 5.076 t = 1.996 t = 3.039
p = 0.569 p = 0.310 p = 0.0003 p = 0.068 p = 0.010
Observations 19 19 19 19 19
R2 0.903 0.797 0.557 0.885 0.913
Adjusted R2 0.866 0.719 0.387 0.840 0.879
Residual Std. Error (df = 13) 7.423 25.284 7.143 6.733 8.588
F Statistic (df = 5; 13) 24.296*** (p = 0.00001) 10.193*** (p = 0.0004) 3.274** (p = 0.040) 19.922*** (p = 0.00002) 27.206*** (p = 0.00001)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
CMR.lm COG.lm GAB.lm BDI.lm TZA.lm
Area_1_Size_of_Government 3.949 0.549 -1.310 1.047 -2.755
(4.425) (0.561) (1.062) (2.529) (3.865)
t = 0.892 t = 0.979 t = -1.234 t = 0.414 t = -0.713
p = 0.390 p = 0.348 p = 0.241 p = 0.687 p = 0.490
Area_2_Legal_System_and_Property_Rights 2.080 -0.653 -4.447** -5.547* 5.931
(7.808) (0.652) (1.952) (2.853) (5.234)
t = 0.266 t = -1.002 t = -2.278 t = -1.944 t = 1.133
p = 0.795 p = 0.336 p = 0.042 p = 0.076 p = 0.280
Area_3_Sound_Money -31.286* -4.801*** 0.004 3.399 -6.329
(14.612) (1.120) (1.837) (3.592) (5.677)
t = -2.141 t = -4.286 t = 0.002 t = 0.946 t = -1.115
p = 0.054 p = 0.002 p = 0.999 p = 0.363 p = 0.287
Area_4_Freedom_to_trade_internationally 47.707*** 3.492** 10.048*** -2.981* 3.778
(14.784) (1.443) (1.995) (1.371) (4.261)
t = 3.227 t = 2.419 t = 5.036 t = -2.174 t = 0.887
p = 0.008 p = 0.033 p = 0.0003 p = 0.051 p = 0.393
Area_5_Regulation 12.234 4.843*** -1.032 -2.949 7.620**
(10.299) (1.324) (1.301) (1.837) (2.827)
t = 1.188 t = 3.659 t = -0.793 t = -1.605 t = 2.696
p = 0.258 p = 0.004 p = 0.444 p = 0.135 p = 0.020
Constant -31.487 71.554*** 64.188*** 106.206*** 76.081***
(121.839) (18.176) (10.667) (28.133) (20.438)
t = -0.258 t = 3.937 t = 6.017 t = 3.775 t = 3.723
p = 0.801 p = 0.002 p = 0.0001 p = 0.003 p = 0.003
Observations 18 18 18 18 18
R2 0.813 0.913 0.892 0.540 0.694
Adjusted R2 0.736 0.876 0.846 0.348 0.567
Residual Std. Error (df = 12) 14.203 1.787 2.117 5.571 4.986
F Statistic (df = 5; 12) 10.456*** (p = 0.0005) 25.076*** (p = 0.00001) 19.744*** (p = 0.00003) 2.813* (p = 0.066) 5.452*** (p = 0.008)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
MLI.lm NER.lm SEN.lm MWI.lm ZMB.lm
Area_1_Size_of_Government -2.850** 5.608*** -1.157 0.962 14.991**
(1.291) (1.180) (1.269) (3.339) (6.250)
t = -2.207 t = 4.751 t = -0.912 t = 0.288 t = 2.399
p = 0.048 p = 0.0005 p = 0.380 p = 0.779 p = 0.034
Area_2_Legal_System_and_Property_Rights 5.141** -5.345** 5.557** 3.276 4.069
(2.262) (2.169) (2.365) (9.460) (10.486)
t = 2.273 t = -2.464 t = 2.350 t = 0.346 t = 0.388
p = 0.043 p = 0.030 p = 0.037 p = 0.736 p = 0.705
Area_3_Sound_Money 5.952** 4.542** -2.827 -0.377 4.451
(2.313) (2.070) (2.966) (2.908) (4.353)
t = 2.573 t = 2.194 t = -0.953 t = -0.130 t = 1.023
p = 0.025 p = 0.049 p = 0.360 p = 0.900 p = 0.327
Area_4_Freedom_to_trade_internationally 13.367*** 7.342** -2.336* 9.773* -14.279**
(2.990) (2.823) (1.289) (5.127) (5.663)
t = 4.470 t = 2.601 t = -1.812 t = 1.906 t = -2.522
p = 0.001 p = 0.024 p = 0.096 p = 0.081 p = 0.027
Area_5_Regulation 7.228*** 0.507 6.702*** 25.992*** 20.745
(1.878) (2.372) (1.791) (7.037) (18.980)
t = 3.848 t = 0.214 t = 3.742 t = 3.694 t = 1.093
p = 0.003 p = 0.835 p = 0.003 p = 0.004 p = 0.296
Constant -14.671 13.143 58.966*** -83.819** -16.742
(22.248) (17.236) (17.059) (38.154) (77.881)
t = -0.659 t = 0.763 t = 3.456 t = -2.197 t = -0.215
p = 0.523 p = 0.461 p = 0.005 p = 0.049 p = 0.834
Observations 18 18 18 18 18
R2 0.902 0.840 0.691 0.853 0.751
Adjusted R2 0.862 0.773 0.563 0.792 0.648
Residual Std. Error (df = 12) 6.095 5.149 2.701 11.997 21.011
F Statistic (df = 5; 12) 22.181*** (p = 0.00002) 12.593*** (p = 0.0002) 5.377*** (p = 0.008) 13.932*** (p = 0.0002) 7.251*** (p = 0.003)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
ZWE.lm BEN.lm GHA.lm TGO.lm DOM.lm
Area_1_Size_of_Government 0.461 -0.580 10.845** 2.612*** 1.327
(2.554) (2.303) (4.165) (0.498) (5.669)
t = 0.181 t = -0.252 t = 2.604 t = 5.251 t = 0.234
p = 0.860 p = 0.807 p = 0.024 p = 0.0003 p = 0.819
Area_2_Legal_System_and_Property_Rights 1.694 2.487 5.149 -3.444*** 18.863
(3.373) (4.008) (3.464) (1.098) (12.029)
t = 0.502 t = 0.620 t = 1.487 t = -3.138 t = 1.568
p = 0.625 p = 0.549 p = 0.163 p = 0.010 p = 0.143
Area_3_Sound_Money 0.018 18.342** 1.485 -10.084*** 3.958**
(0.885) (7.541) (2.653) (2.128) (1.418)
t = 0.020 t = 2.432 t = 0.560 t = -4.738 t = 2.791
p = 0.985 p = 0.036 p = 0.587 p = 0.001 p = 0.017
Area_4_Freedom_to_trade_internationally -1.157 15.329*** 4.297 -0.522 9.264**
(2.672) (4.154) (2.452) (1.268) (3.867)
t = -0.433 t = 3.690 t = 1.752 t = -0.412 t = 2.396
p = 0.673 p = 0.005 p = 0.106 p = 0.689 p = 0.034
Area_5_Regulation -0.825 8.541 -4.664 3.241** -27.174*
(3.439) (5.255) (5.110) (1.247) (12.927)
t = -0.240 t = 1.625 t = -0.913 t = 2.600 t = -2.102
p = 0.815 p = 0.136 p = 0.380 p = 0.025 p = 0.058
Constant 121.277*** -129.898** 15.106 135.576*** 113.666
(18.015) (45.508) (27.028) (12.248) (72.806)
t = 6.732 t = -2.854 t = 0.559 t = 11.070 t = 1.561
p = 0.00003 p = 0.018 p = 0.587 p = 0.00000 p = 0.145
Observations 18 16 18 17 18
R2 0.034 0.917 0.898 0.862 0.733
Adjusted R2 -0.369 0.875 0.855 0.799 0.622
Residual Std. Error 6.142 (df = 12) 6.321 (df = 10) 7.296 (df = 12) 2.134 (df = 11) 10.537 (df = 12)
F Statistic 0.084 (df = 5; 12) (p = 0.994) 21.971*** (df = 5; 10) (p = 0.00005) 21.074*** (df = 5; 12) (p = 0.00002) 13.726*** (df = 5; 11) (p = 0.0003) 6.592*** (df = 5; 12) (p = 0.004)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
JAM.lm TTO.lm CRI.lm GTM.lm HND.lm
Area_1_Size_of_Government -4.112 1.282 31.123* -12.134 5.363
(3.402) (1.866) (14.901) (13.681) (9.877)
t = -1.209 t = 0.687 t = 2.089 t = -0.887 t = 0.543
p = 0.251 p = 0.506 p = 0.059 p = 0.393 p = 0.599
Area_2_Legal_System_and_Property_Rights 6.642 1.149 27.865 8.220 12.050*
(9.558) (2.041) (33.236) (11.448) (6.654)
t = 0.695 t = 0.563 t = 0.838 t = 0.718 t = 1.811
p = 0.501 p = 0.584 p = 0.419 p = 0.487 p = 0.098
Area_3_Sound_Money -1.858 -0.984 13.243 14.945 20.769**
(3.513) (2.937) (12.686) (12.652) (7.375)
t = -0.529 t = -0.335 t = 1.044 t = 1.181 t = 2.816
p = 0.607 p = 0.744 p = 0.318 p = 0.261 p = 0.017
Area_4_Freedom_to_trade_internationally 5.660 -0.705 13.249 13.969* 2.070
(5.823) (1.909) (8.780) (7.328) (4.946)
t = 0.972 t = -0.369 t = 1.509 t = 1.906 t = 0.419
p = 0.351 p = 0.719 p = 0.158 p = 0.081 p = 0.684
Area_5_Regulation 9.629 0.109 -32.485 5.534 8.344
(5.546) (5.199) (35.213) (21.251) (10.745)
t = 1.736 t = 0.021 t = -0.923 t = 0.260 t = 0.777
p = 0.109 p = 0.984 p = 0.375 p = 0.799 p = 0.454
Constant 18.018 66.344* -47.587 13.181 -182.855***
(36.110) (36.994) (327.609) (145.408) (52.031)
t = 0.499 t = 1.793 t = -0.145 t = 0.091 t = -3.514
p = 0.627 p = 0.099 p = 0.887 p = 0.930 p = 0.005
Observations 18 18 18 18 17
R2 0.460 0.194 0.811 0.696 0.862
Adjusted R2 0.235 -0.141 0.732 0.569 0.800
Residual Std. Error 10.863 (df = 12) 5.030 (df = 12) 39.802 (df = 12) 24.817 (df = 12) 10.112 (df = 11)
F Statistic 2.047 (df = 5; 12) (p = 0.144) 0.579 (df = 5; 12) (p = 0.716) 10.273*** (df = 5; 12) (p = 0.001) 5.485*** (df = 5; 12) (p = 0.008) 13.792*** (df = 5; 11) (p = 0.0002)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
PAN.lm BOL.lm COL.lm ECU.lm PER.lm
Area_1_Size_of_Government -6.768*** -9.232 0.952 -5.137* -26.866*
(1.361) (12.915) (2.397) (2.421) (14.448)
t = -4.972 t = -0.715 t = 0.397 t = -2.122 t = -1.859
p = 0.0004 p = 0.489 p = 0.699 p = 0.056 p = 0.088
Area_2_Legal_System_and_Property_Rights 2.464 0.820 4.506 -6.991 14.006*
(1.607) (10.266) (5.204) (4.806) (7.100)
t = 1.534 t = 0.080 t = 0.866 t = -1.455 t = 1.973
p = 0.152 p = 0.938 p = 0.404 p = 0.172 p = 0.073
Area_3_Sound_Money 0.186 -0.507 3.023 -2.973 -2.538
(1.399) (3.297) (3.159) (2.835) (3.270)
t = 0.133 t = -0.154 t = 0.957 t = -1.049 t = -0.776
p = 0.897 p = 0.881 p = 0.358 p = 0.315 p = 0.453
Area_4_Freedom_to_trade_internationally -2.336 -0.286 11.185*** 5.843 -0.401
(2.809) (13.105) (2.573) (3.597) (10.780)
t = -0.832 t = -0.022 t = 4.347 t = 1.624 t = -0.037
p = 0.422 p = 0.983 p = 0.001 p = 0.131 p = 0.971
Area_5_Regulation 13.363** 17.370* 15.692** 7.380 22.588**
(5.893) (9.388) (5.766) (4.240) (8.201)
t = 2.268 t = 1.850 t = 2.722 t = 1.741 t = 2.754
p = 0.043 p = 0.090 p = 0.019 p = 0.108 p = 0.018
Constant 80.139 120.304** -18.756 147.625*** 149.118
(46.366) (45.835) (20.359) (44.461) (89.869)
t = 1.728 t = 2.625 t = -0.921 t = 3.320 t = 1.659
p = 0.110 p = 0.023 p = 0.376 p = 0.007 p = 0.123
Observations 18 18 18 18 18
R2 0.888 0.483 0.953 0.819 0.859
Adjusted R2 0.841 0.268 0.934 0.744 0.800
Residual Std. Error (df = 12) 3.275 15.065 7.037 8.785 10.124
F Statistic (df = 5; 12) 19.046*** (p = 0.00003) 2.243 (p = 0.117) 49.147*** (p = 0.00000) 10.888*** (p = 0.0004) 14.639*** (p = 0.0001)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
URY.lm BGD.lm LKA.lm AUT.lm EGY.lm
Area_1_Size_of_Government 1.768 -5.116 -0.519 7.721 35.353***
(7.145) (3.952) (2.208) (11.154) (9.042)
t = 0.247 t = -1.295 t = -0.235 t = 0.692 t = 3.910
p = 0.809 p = 0.220 p = 0.819 p = 0.502 p = 0.003
Area_2_Legal_System_and_Property_Rights -14.018 -0.672 9.019** 1.150 -6.320
(10.636) (3.088) (3.276) (16.244) (6.254)
t = -1.318 t = -0.218 t = 2.753 t = 0.071 t = -1.011
p = 0.213 p = 0.832 p = 0.018 p = 0.945 p = 0.333
Area_3_Sound_Money 11.808*** -8.832* 2.854 32.592* -6.133
(1.753) (4.109) (4.195) (16.593) (8.337)
t = 6.738 t = -2.149 t = 0.680 t = 1.964 t = -0.736
p = 0.00003 p = 0.053 p = 0.510 p = 0.074 p = 0.477
Area_4_Freedom_to_trade_internationally 39.359*** 3.136* -3.195 -6.165 2.534
(10.477) (1.542) (2.437) (12.518) (4.215)
t = 3.757 t = 2.034 t = -1.311 t = -0.492 t = 0.601
p = 0.003 p = 0.065 p = 0.215 p = 0.632 p = 0.559
Area_5_Regulation 23.498*** 26.772*** 15.916** 12.997 5.225
(6.073) (4.935) (6.970) (16.038) (14.701)
t = 3.870 t = 5.425 t = 2.284 t = 0.810 t = 0.355
p = 0.003 p = 0.0002 p = 0.042 p = 0.434 p = 0.729
Constant -309.016** 33.084 -8.637 -220.841 37.976
(119.034) (30.983) (35.567) (125.866) (101.741)
t = -2.596 t = 1.068 t = -0.243 t = -1.755 t = 0.373
p = 0.024 p = 0.307 p = 0.813 p = 0.105 p = 0.716
Observations 18 18 18 18 18
R2 0.863 0.874 0.698 0.783 0.853
Adjusted R2 0.806 0.821 0.572 0.693 0.792
Residual Std. Error (df = 12) 9.658 6.050 5.510 14.963 16.617
F Statistic (df = 5; 12) 15.104*** (p = 0.0001) 16.612*** (p = 0.00005) 5.547*** (p = 0.008) 8.661*** (p = 0.002) 13.949*** (p = 0.0002)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
MAR.lm IRN.lm JOR.lm SYR.lm ARE.lm
Area_1_Size_of_Government -8.422 33.246*** 9.558* 0.092 -3.780
(10.875) (5.819) (4.457) (5.543) (7.321)
t = -0.774 t = 5.713 t = 2.144 t = 0.017 t = -0.516
p = 0.454 p = 0.0001 p = 0.054 p = 0.988 p = 0.616
Area_2_Legal_System_and_Property_Rights 6.476 10.725 5.171 2.276 19.250**
(5.039) (7.189) (5.235) (8.152) (8.319)
t = 1.285 t = 1.492 t = 0.988 t = 0.279 t = 2.314
p = 0.224 p = 0.162 p = 0.343 p = 0.785 p = 0.042
Area_3_Sound_Money -29.513 -1.304 -4.079 -10.635 -21.618*
(24.970) (5.264) (7.663) (6.554) (11.899)
t = -1.182 t = -0.248 t = -0.532 t = -1.623 t = -1.817
p = 0.261 p = 0.809 p = 0.605 p = 0.131 p = 0.097
Area_4_Freedom_to_trade_internationally 24.279** -2.622 12.605 1.247 37.830
(8.413) (7.205) (11.439) (6.274) (26.143)
t = 2.886 t = -0.364 t = 1.102 t = 0.199 t = 1.447
p = 0.014 p = 0.723 p = 0.293 p = 0.846 p = 0.176
Area_5_Regulation 53.636** -1.260 32.431*** 12.969* -10.375
(20.244) (7.623) (8.396) (7.276) (10.411)
t = 2.649 t = -0.165 t = 3.863 t = 1.782 t = -0.997
p = 0.022 p = 0.872 p = 0.003 p = 0.100 p = 0.341
Constant -13.363 10.667 -235.662*** 184.395*** -40.344
(135.664) (54.330) (50.222) (54.589) (351.852)
t = -0.098 t = 0.196 t = -4.692 t = 3.378 t = -0.115
p = 0.924 p = 0.848 p = 0.001 p = 0.006 p = 0.911
Observations 18 18 18 18 17
R2 0.919 0.900 0.915 0.582 0.656
Adjusted R2 0.885 0.858 0.879 0.408 0.500
Residual Std. Error 15.040 (df = 12) 16.464 (df = 12) 14.376 (df = 12) 19.982 (df = 12) 17.862 (df = 11)
F Statistic 27.064*** (df = 5; 12) (p = 0.00001) 21.586*** (df = 5; 12) (p = 0.00002) 25.738*** (df = 5; 12) (p = 0.00001) 3.343** (df = 5; 12) (p = 0.041) 4.194** (df = 5; 11) (p = 0.023)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
CAF.lm UGA.lm BWA.lm MDG.lm MUS.lm
Area_1_Size_of_Government 2.117* -3.387 6.343** 1.515 -2.674
(1.151) (1.941) (2.699) (1.028) (1.788)
t = 1.840 t = -1.745 t = 2.350 t = 1.473 t = -1.496
p = 0.093 p = 0.109 p = 0.039 p = 0.169 p = 0.163
Area_2_Legal_System_and_Property_Rights 0.225 -3.043 -15.911** -1.452 -1.551
(2.315) (4.685) (5.989) (1.390) (1.233)
t = 0.097 t = -0.649 t = -2.657 t = -1.044 t = -1.257
p = 0.925 p = 0.530 p = 0.023 p = 0.319 p = 0.235
Area_3_Sound_Money -1.112 8.362*** 0.771 -1.307 -2.331*
(2.428) (1.621) (3.303) (1.031) (1.196)
t = -0.458 t = 5.160 t = 0.233 t = -1.268 t = -1.949
p = 0.656 p = 0.0004 p = 0.820 p = 0.232 p = 0.078
Area_4_Freedom_to_trade_internationally 6.616* -8.036** -4.953 -0.943 0.883
(3.091) (2.757) (5.121) (1.335) (1.339)
t = 2.140 t = -2.915 t = -0.967 t = -0.706 t = 0.659
p = 0.056 p = 0.015 p = 0.355 p = 0.495 p = 0.524
Area_5_Regulation 7.777 -5.890*** 9.517 6.189** 1.461
(4.728) (1.047) (5.873) (2.491) (1.875)
t = 1.645 t = -5.626 t = 1.621 t = 2.485 t = 0.779
p = 0.129 p = 0.0002 p = 0.134 p = 0.031 p = 0.453
Constant 29.483 176.183*** 149.061*** 80.689*** 132.817***
(28.665) (10.933) (44.198) (9.932) (15.867)
t = 1.029 t = 16.115 t = 3.373 t = 8.124 t = 8.371
p = 0.326 p = 0.000 p = 0.007 p = 0.00001 p = 0.00001
Observations 17 17 17 17 17
R2 0.684 0.842 0.804 0.812 0.672
Adjusted R2 0.540 0.770 0.715 0.726 0.523
Residual Std. Error (df = 11) 4.301 3.692 7.169 2.959 1.946
F Statistic (df = 5; 11) 4.764** (p = 0.015) 11.715*** (p = 0.0005) 9.020*** (p = 0.002) 9.488*** (p = 0.002) 4.508** (p = 0.018)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
CIV.lm SLE.lm BHS.lm SLV.lm NIC.lm
Area_1_Size_of_Government 3.000** 4.494 14.531 -8.636 31.088***
(1.322) (3.672) (24.030) (10.769) (7.103)
t = 2.268 t = 1.224 t = 0.605 t = -0.802 t = 4.377
p = 0.045 p = 0.247 p = 0.558 p = 0.440 p = 0.002
Area_2_Legal_System_and_Property_Rights 2.244 12.937*** -0.789 -8.673 17.738**
(2.615) (3.408) (4.898) (5.771) (7.313)
t = 0.858 t = 3.796 t = -0.161 t = -1.503 t = 2.426
p = 0.410 p = 0.003 p = 0.875 p = 0.162 p = 0.034
Area_3_Sound_Money 2.405 4.480** 5.231 13.404** 5.827
(2.993) (1.824) (14.277) (5.344) (4.270)
t = 0.804 t = 2.456 t = 0.366 t = 2.508 t = 1.365
p = 0.439 p = 0.032 p = 0.722 p = 0.030 p = 0.200
Area_4_Freedom_to_trade_internationally 8.809** 1.612 23.571** -3.748 -13.667***
(3.466) (2.580) (9.031) (4.736) (3.835)
t = 2.542 t = 0.625 t = 2.610 t = -0.791 t = -3.564
p = 0.028 p = 0.545 p = 0.025 p = 0.446 p = 0.005
Area_5_Regulation 3.830 1.599 -3.771 7.879 -22.845***
(5.324) (4.715) (10.699) (4.913) (6.267)
t = 0.719 t = 0.339 t = -0.352 t = 1.604 t = -3.645
p = 0.487 p = 0.741 p = 0.732 p = 0.138 p = 0.004
Constant 7.819 -20.605 -71.084 89.041 16.594
(39.397) (21.379) (233.675) (51.681) (16.727)
t = 0.198 t = -0.964 t = -0.304 t = 1.723 t = 0.992
p = 0.847 p = 0.356 p = 0.767 p = 0.113 p = 0.343
Observations 17 17 17 17 17
R2 0.792 0.837 0.854 0.517 0.903
Adjusted R2 0.698 0.764 0.788 0.297 0.859
Residual Std. Error (df = 11) 4.926 7.214 10.952 8.341 9.042
F Statistic (df = 5; 11) 8.399*** (p = 0.002) 11.335*** (p = 0.0005) 12.884*** (p = 0.0003) 2.353 (p = 0.111) 20.491*** (p = 0.00004)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
CHN.lm PNG.lm CYP.lm MLT.lm HUN.lm
Area_1_Size_of_Government 37.829*** -1.574 7.655 -20.118* 0.495
(10.928) (0.937) (15.437) (10.111) (2.982)
t = 3.462 t = -1.680 t = 0.496 t = -1.990 t = 0.166
p = 0.006 p = 0.122 p = 0.630 p = 0.073 p = 0.872
Area_2_Legal_System_and_Property_Rights 1.218 -1.012 14.691*** 15.634*** 9.276
(10.498) (0.748) (4.107) (3.181) (7.981)
t = 0.116 t = -1.352 t = 3.577 t = 4.914 t = 1.162
p = 0.910 p = 0.204 p = 0.005 p = 0.0005 p = 0.270
Area_3_Sound_Money 20.356** -0.062 -11.420 -19.855*** 3.581
(8.046) (1.215) (6.947) (2.876) (2.540)
t = 2.530 t = -0.051 t = -1.644 t = -6.903 t = 1.410
p = 0.028 p = 0.961 p = 0.129 p = 0.00003 p = 0.187
Area_4_Freedom_to_trade_internationally -30.074** 1.314 13.454 31.634*** -6.149***
(11.443) (0.900) (9.974) (3.557) (1.968)
t = -2.628 t = 1.460 t = 1.349 t = 8.894 t = -3.124
p = 0.024 p = 0.173 p = 0.205 p = 0.00001 p = 0.010
Area_5_Regulation 45.183*** 2.741** 9.650 1.407 8.870***
(9.482) (0.913) (8.801) (4.022) (2.804)
t = 4.765 t = 3.003 t = 1.097 t = 0.350 t = 3.163
p = 0.001 p = 0.013 p = 0.297 p = 0.734 p = 0.010
Constant -132.244 87.807*** 13.828 77.993** 25.162
(74.852) (8.493) (69.205) (30.960) (71.542)
t = -1.767 t = 10.338 t = 0.200 t = 2.519 t = 0.352
p = 0.105 p = 0.00000 p = 0.846 p = 0.029 p = 0.732
Observations 17 17 17 17 17
R2 0.937 0.864 0.777 0.952 0.680
Adjusted R2 0.908 0.802 0.676 0.930 0.534
Residual Std. Error (df = 11) 15.802 1.417 14.166 6.238 4.055
F Statistic (df = 5; 11) 32.502*** (p = 0.00001) 13.949*** (p = 0.0002) 7.686*** (p = 0.003) 43.781*** (p = 0.00000) 4.665** (p = 0.016)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
POL.lm BHR.lm KWT.lm OMN.lm TCD.lm
Area_1_Size_of_Government 13.355* 31.138 -11.025 9.731 -1.195
(7.078) (23.157) (9.206) (11.619) (0.968)
t = 1.887 t = 1.345 t = -1.198 t = 0.837 t = -1.235
p = 0.086 p = 0.206 p = 0.257 p = 0.421 p = 0.246
Area_2_Legal_System_and_Property_Rights 11.528*** 1.822 35.939** 9.495 0.174
(3.549) (11.631) (12.230) (7.742) (1.685)
t = 3.248 t = 0.157 t = 2.939 t = 1.226 t = 0.103
p = 0.008 p = 0.879 p = 0.014 p = 0.246 p = 0.920
Area_3_Sound_Money -3.202 -12.086 -88.971*** 7.185 6.756**
(3.415) (15.393) (26.299) (5.687) (2.832)
t = -0.937 t = -0.785 t = -3.383 t = 1.263 t = 2.386
p = 0.369 p = 0.449 p = 0.007 p = 0.233 p = 0.039
Area_4_Freedom_to_trade_internationally 3.753 -19.936 -94.879** 0.082 8.767*
(3.379) (12.285) (31.353) (11.704) (4.104)
t = 1.111 t = -1.623 t = -3.026 t = 0.007 t = 2.136
p = 0.291 p = 0.133 p = 0.012 p = 0.995 p = 0.059
Area_5_Regulation -2.914 8.174 5.205 8.323 0.425
(8.502) (9.256) (6.461) (5.348) (3.638)
t = -0.343 t = 0.883 t = 0.806 t = 1.556 t = 0.117
p = 0.739 p = 0.397 p = 0.438 p = 0.148 p = 0.910
Constant -3.549 105.701 1,353.388*** -99.882 21.042
(28.912) (183.744) (336.580) (87.187) (35.394)
t = -0.123 t = 0.575 t = 4.021 t = -1.146 t = 0.594
p = 0.905 p = 0.577 p = 0.003 p = 0.277 p = 0.566
Observations 17 17 17 17 16
R2 0.807 0.513 0.634 0.552 0.578
Adjusted R2 0.720 0.292 0.467 0.348 0.367
Residual Std. Error 4.967 (df = 11) 17.254 (df = 11) 24.558 (df = 11) 13.324 (df = 11) 3.350 (df = 10)
F Statistic 9.221*** (df = 5; 11) (p = 0.002) 2.317 (df = 5; 11) (p = 0.115) 3.808** (df = 5; 11) (p = 0.031) 2.709* (df = 5; 11) (p = 0.079) 2.736* (df = 5; 10) (p = 0.083)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
NAM.lm HTI.lm PRY.lm BGR.lm DZA.lm
Area_1_Size_of_Government 0.250 -10.273** 0.230 20.144* -23.879**
(6.929) (3.690) (7.889) (9.421) (8.082)
t = 0.036 t = -2.784 t = 0.029 t = 2.138 t = -2.955
p = 0.972 p = 0.022 p = 0.978 p = 0.059 p = 0.015
Area_2_Legal_System_and_Property_Rights -1.126 -3.283 7.660 10.804 8.983
(1.580) (2.861) (9.271) (12.469) (5.745)
t = -0.713 t = -1.148 t = 0.826 t = 0.866 t = 1.564
p = 0.493 p = 0.281 p = 0.428 p = 0.407 p = 0.149
Area_3_Sound_Money -2.731 -6.676* -0.596 -4.579 50.642**
(7.518) (3.070) (8.432) (3.934) (16.346)
t = -0.363 t = -2.175 t = -0.071 t = -1.164 t = 3.098
p = 0.724 p = 0.058 p = 0.946 p = 0.272 p = 0.012
Area_4_Freedom_to_trade_internationally 0.997 2.561 -9.654* -4.702 -29.144**
(3.826) (2.386) (5.096) (8.321) (9.899)
t = 0.261 t = 1.073 t = -1.895 t = -0.565 t = -2.944
p = 0.800 p = 0.312 p = 0.088 p = 0.585 p = 0.015
Area_5_Regulation 4.737 3.591 25.732*** 2.113 -2.057
(10.353) (4.630) (7.673) (12.954) (12.923)
t = 0.458 t = 0.776 t = 3.353 t = 0.163 t = -0.159
p = 0.658 p = 0.458 p = 0.008 p = 0.874 p = 0.877
Constant 70.133 220.506*** 31.393 1.193 33.942
(56.789) (48.823) (81.425) (107.494) (68.053)
t = 1.235 t = 4.516 t = 0.386 t = 0.011 t = 0.499
p = 0.246 p = 0.002 p = 0.708 p = 0.992 p = 0.629
Observations 16 15 16 16 16
R2 0.187 0.577 0.784 0.535 0.833
Adjusted R2 -0.220 0.341 0.677 0.302 0.750
Residual Std. Error 5.051 (df = 10) 4.659 (df = 9) 9.985 (df = 10) 12.036 (df = 10) 14.363 (df = 10)
F Statistic 0.459 (df = 5; 10) (p = 0.799) 2.451 (df = 5; 9) (p = 0.115) 7.278*** (df = 5; 10) (p = 0.005) 2.301 (df = 5; 10) (p = 0.123) 9.993*** (df = 5; 10) (p = 0.002)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
RWA.lm BLZ.lm FJI.lm NPL.lm ALB.lm
Area_1_Size_of_Government 1.289 11.868 -2.996 2.599* 0.824
(5.021) (12.553) (2.266) (1.298) (7.697)
t = 0.257 t = 0.945 t = -1.322 t = 2.002 t = 0.107
p = 0.804 p = 0.370 p = 0.219 p = 0.077 p = 0.918
Area_2_Legal_System_and_Property_Rights 5.905** 7.751 8.302** -3.913 -1.035
(2.248) (5.856) (3.640) (3.988) (6.386)
t = 2.627 t = 1.323 t = 2.281 t = -0.981 t = -0.162
p = 0.031 p = 0.219 p = 0.049 p = 0.353 p = 0.875
Area_3_Sound_Money 2.751 8.193 5.702* -9.076 1.327
(3.121) (8.267) (3.043) (6.409) (2.577)
t = 0.881 t = 0.991 t = 1.874 t = -1.416 t = 0.515
p = 0.404 p = 0.348 p = 0.094 p = 0.191 p = 0.619
Area_4_Freedom_to_trade_internationally 3.757 -16.284 3.776 4.371 32.394***
(2.697) (15.995) (4.146) (2.977) (6.765)
t = 1.393 t = -1.018 t = 0.911 t = 1.468 t = 4.788
p = 0.202 p = 0.336 p = 0.387 p = 0.177 p = 0.001
Area_5_Regulation -10.254** 17.656** -1.718 7.304* -1.309
(4.106) (7.182) (1.220) (3.568) (6.237)
t = -2.497 t = 2.458 t = -1.408 t = 2.047 t = -0.210
p = 0.038 p = 0.037 p = 0.193 p = 0.071 p = 0.839
Constant 113.993*** 43.210 -10.821 107.121** -72.494
(29.981) (114.586) (36.826) (42.496) (65.477)
t = 3.802 t = 0.377 t = -0.294 t = 2.521 t = -1.107
p = 0.006 p = 0.715 p = 0.776 p = 0.033 p = 0.297
Observations 14 15 15 15 15
R2 0.871 0.716 0.716 0.874 0.885
Adjusted R2 0.790 0.559 0.558 0.803 0.820
Residual Std. Error 5.299 (df = 8) 12.946 (df = 9) 2.586 (df = 9) 4.194 (df = 9) 8.427 (df = 9)
F Statistic 10.802*** (df = 5; 8) (p = 0.003) 4.546** (df = 5; 9) (p = 0.025) 4.530** (df = 5; 9) (p = 0.025) 12.434*** (df = 5; 9) (p = 0.001) 13.785*** (df = 5; 9) (p = 0.001)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
GNB.lm GUY.lm MMR.lm MOZ.lm VNM.lm
Area_1_Size_of_Government 1.751 12.452*** 17.509 2.786 4.160
(1.239) (3.113) (28.037) (2.582) (4.803)
t = 1.414 t = 4.000 t = 0.625 t = 1.079 t = 0.866
p = 0.196 p = 0.004 p = 0.550 p = 0.330 p = 0.427
Area_2_Legal_System_and_Property_Rights 4.788** 1.044 7.377 1.040 6.181
(1.891) (2.672) (17.734) (9.412) (14.397)
t = 2.532 t = 0.391 t = 0.416 t = 0.110 t = 0.429
p = 0.036 p = 0.707 p = 0.689 p = 0.917 p = 0.686
Area_3_Sound_Money 2.532* 26.943 17.352** -2.594 -7.356
(1.301) (15.356) (7.290) (4.795) (5.543)
t = 1.946 t = 1.755 t = 2.380 t = -0.541 t = -1.327
p = 0.088 p = 0.118 p = 0.045 p = 0.612 p = 0.242
Area_4_Freedom_to_trade_internationally 16.938 -6.270 14.233* 31.613 65.706*
(11.047) (13.534) (7.049) (19.922) (29.516)
t = 1.533 t = -0.463 t = 2.019 t = 1.587 t = 2.226
p = 0.164 p = 0.656 p = 0.079 p = 0.174 p = 0.077
Area_5_Regulation 2.200 -5.013 -40.247 2.633 -7.807
(2.393) (5.062) (22.725) (9.314) (28.745)
t = 0.919 t = -0.990 t = -1.771 t = 0.283 t = -0.272
p = 0.385 p = 0.352 p = 0.115 p = 0.789 p = 0.797
Constant -49.347 -58.614 112.956 -118.940 -178.430
(56.806) (186.677) (160.740) (133.348) (103.961)
t = -0.869 t = -0.314 t = 0.703 t = -0.892 t = -1.716
p = 0.411 p = 0.762 p = 0.503 p = 0.414 p = 0.147
Observations 14 14 14 11 11
R2 0.888 0.910 0.666 0.879 0.958
Adjusted R2 0.819 0.854 0.457 0.758 0.916
Residual Std. Error 3.335 (df = 8) 5.274 (df = 8) 20.629 (df = 8) 5.505 (df = 5) 4.817 (df = 5)
F Statistic 12.745*** (df = 5; 8) (p = 0.002) 16.155*** (df = 5; 8) (p = 0.001) 3.187* (df = 5; 8) (p = 0.071) 7.254** (df = 5; 5) (p = 0.025) 22.868*** (df = 5; 5) (p = 0.002)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
MNG.lm ETH.lm BFA.lm MRT.lm AGO.lm
Area_1_Size_of_Government -1.942 4.415 12.961 1.038 5.184
(9.018) (3.750) (11.447) (2.847) (11.553)
t = -0.215 t = 1.177 t = 1.132 t = 0.365 t = 0.449
p = 0.841 p = 0.324 p = 0.340 p = 0.740 p = 0.685
Area_2_Legal_System_and_Property_Rights -7.710 1.623 -5.068 -10.266 -15.755
(5.884) (6.590) (9.088) (4.542) (37.092)
t = -1.310 t = 0.246 t = -0.558 t = -2.260 t = -0.425
p = 0.261 p = 0.822 p = 0.616 p = 0.109 p = 0.700
Area_3_Sound_Money -6.519 -3.606 12.211 5.287 3.911
(3.358) (1.576) (7.415) (16.198) (9.841)
t = -1.941 t = -2.288 t = 1.647 t = 0.326 t = 0.397
p = 0.125 p = 0.107 p = 0.199 p = 0.766 p = 0.718
Area_4_Freedom_to_trade_internationally 6.100 24.406 -23.798 24.520 -12.803
(10.213) (14.744) (12.955) (10.434) (29.227)
t = 0.597 t = 1.655 t = -1.837 t = 2.350 t = -0.438
p = 0.583 p = 0.197 p = 0.164 p = 0.101 p = 0.691
Area_5_Regulation 8.518 43.260* 3.694 -2.294 18.437
(10.149) (16.325) (6.961) (14.726) (41.725)
t = 0.839 t = 2.650 t = 0.531 t = -0.156 t = 0.442
p = 0.449 p = 0.077 p = 0.633 p = 0.887 p = 0.689
Constant 95.115 -311.950* 124.502 -19.252 94.408
(86.568) (126.168) (116.773) (169.926) (98.009)
t = 1.099 t = -2.472 t = 1.066 t = -0.113 t = 0.963
p = 0.334 p = 0.090 p = 0.365 p = 0.917 p = 0.407
Observations 10 9 9 9 9
R2 0.635 0.902 0.757 0.890 0.790
Adjusted R2 0.178 0.738 0.351 0.706 0.441
Residual Std. Error 3.822 (df = 4) 2.492 (df = 3) 3.709 (df = 3) 2.847 (df = 3) 11.539 (df = 3)
F Statistic 1.390 (df = 5; 4) (p = 0.386) 5.518* (df = 5; 3) (p = 0.096) 1.865 (df = 5; 3) (p = 0.323) 4.835 (df = 5; 3) (p = 0.113) 2.263 (df = 5; 3) (p = 0.267)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
LSO.lm CPV.lm GMB.lm SWZ.lm SUR.lm
Area_1_Size_of_Government -5.898 19.752 -21.047 -32.258 -10.826
(12.453)
t = -0.474
p = 0.669
Area_2_Legal_System_and_Property_Rights 28.437 13.627 -25.909 -181.711 31.684
(13.587)
t = 2.093
p = 0.128
Area_3_Sound_Money -10.632 -10.392 -90.889 -52.738 2.952
(20.704)
t = -0.514
p = 0.644
Area_4_Freedom_to_trade_internationally 26.523
(17.058)
t = 1.555
p = 0.218
Area_5_Regulation 3.757
(15.441)
t = 0.243
p = 0.824
Constant -97.232 25.317 1,072.497 1,734.781 97.995
(166.275)
t = -0.585
p = 0.600
Observations 9 4 4 4 4
R2 0.791 1.000 1.000 1.000 1.000
Adjusted R2 0.444
Residual Std. Error 6.855 (df = 3)
F Statistic 2.278 (df = 5; 3) (p = 0.265)
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
BRN.lm KHM.lm LBN.lm QAT.lm SAU.lm
Area_1_Size_of_Government -365.343 82.794 -89.923 35.461
Area_2_Legal_System_and_Property_Rights 189.802 19.206 -76.602 89.369 -73.699
Area_3_Sound_Money -150.425 88.090 -25.207 30.802 10.201
Area_4_Freedom_to_trade_internationally 24.929
Area_5_Regulation
Constant 510.822 2,093.651 228.314 -197.320 679.829
Observations 4 4 4 4 4
R2 1.000 1.000 1.000 1.000 1.000
Note: p<0.1; p<0.05; p<0.01

Dependent variable:
TFP_index
(1) (2) (3) (4) (5)
YEM.lm SYC.lm GIN.lm BTN.lm LBY.lm
Area_1_Size_of_Government 21.630
Area_2_Legal_System_and_Property_Rights 20.078
Area_3_Sound_Money 5.096
Area_4_Freedom_to_trade_internationally
Area_5_Regulation
Constant -144.784 107.000 87.000 82.000 714.000
Observations 4 1 1 1 1
R2 1.000 0.000 0.000 0.000 0.000
Adjusted R2 0.000 0.000 0.000 0.000
Note: p<0.1; p<0.05; p<0.01





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