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Table 2 Estimation Results for Developed Countries

From: Institutions and FDI: evidence from developed and developing countries

  High Income Countries Upper Middle Income Countries
FE GMM FE GMM
lnFDI(t-1)   0.581a (0.001)   0.387a (0.000)
Trade openness 0.042 (0.344) 0.640b (0.014) 0.133a (0.000) 0.221a (0.000)
lnMobile 2.949b (0.022) 0.120b (0.016) 0.869a (0.000) 0.003b (0.022)
lnGDP per capita −6.580 (0.443) −4.981c (0.108) −9.227a (0.000) −8.355c (0.074)
Inflation −0.346 (0.252) −0.230c (0.071) 0.0002 (0.966) −0.021 (0.269)
Agriculture value added −0.379 (0.290) − 0.369 (0.241) −0.142 (0.132) − 0.120 (0.115)
Institutional Index 5.774 (0.141) 4.853b (0.019) 0.911b (0.033) 2.693b (0.055)
Constant 5.674b (0.036) 10.270a (0.000) 7.512a (0.000) 21.726a (0.002)
  0.218   0.388 0.000
AR(1)   0.041   0.342
AR(2)   0.222   0.262
Sargan   0.357   0.371
  1. Note: a, b and c denote significance at the 1%, 5% and 10% levels, respectively. Parentheses show P-values