Table 4

Fixed-effect regression for annual growth rate of per capita GDP

Independent variable	(1)	(2)	(3)	(4)	(5)
Log of initial per capita GDP	-0.045981672	-0.046280034	-0.046004265	-0.04619971	-0.011768485
(8.13)***	(8.20)***	(8.16)***	(8.14)***	(7.87)***
Change in terms of trade	0.096436112	0.094969023	0.096373784	0.09540463	0.107774654
(4.59)***	(4.69)***	(4.61)***	(4.71)***	(4.47)***
Inflation rate	-0.021996961	-0.02192844	-0.022006668	-0.021863992	-0.017810829
(4.03)***	(4.13)***	(4.04)***	(4.10)***	(3.70)***
Total fertility rate	-0.003109308	-0.003165137	-0.003181183	-0.002723534	-0.006116146
(1.47)	(1.62)	(1.74)*	(1.73)*	(4.17)***
Government consumption ratio	-0.001196826	-0.001202735	-0.001197987	-0.001196647	-0.000829771
(3.28)***	(3.34)***	(3.27)***	(3.31)***	(3.12)***
Investment ratio	0.000768285	0.000772291	0.000768643	0.000771067	0.000683254
(2.63)***	(2.62)***	(2.63)***	(2.63)***	(2.85)***
External openness ratio	0.000217042	0.00022419	0.000217139	0.000224142	6.51444E-05
(3.35)***	(3.46)***	(3.35)***	(3.45)***	(2.40)**
1/(Life expectancy at birth)	-2.31395	-2.55256	-2.31596	-2.52501	-2.7663
(2.02)**	(2.36)**	(2.02)**	(2.35)**	(3.61)***
Democracy index	-0.014531634	-0.015429699	-0.014504884	-0.015595021	-0.011054152
(2.46)**	(2.49)**	(2.43)**	(2.52)**	(2.54)**
(Democracy index)²	0.002813827	0.002966593	0.002807123	0.00300495	0.002107156
(2.24)**	(2.29)**	(2.21)**	(2.31)**	(2.29)**
(Democracy index)³	-0.015584051	-0.016347366	-0.015539936	-0.016594793	-0.011312696
(2.01)**	(2.06)**	(1.97)*	(2.08)**	(2.01)**
Upper-level schooling years	0.005089882	0.002536348	0.004711603	0.004455278	-0.003331301
(1.08)	(0.64)	(1.74)*	(1.73)*	(1.04)
(Upper-level schooling years)²	-5.43193E-05	0.000284868	0.000698279
(0.09)	(0.51)	(1.75)*
Urban agglomerated population ratio	-0.00087614	-0.000872885
(1.64)	(1.61)
Urban population ratio	-0.000456236	-0.000451489
(1.40)	(1.48)
1965-1970 dummy	0.012094259	0.012572434	0.012098065	0.012501026	0.005550647
(2.95)***	(3.00)***	(2.94)***	(2.98)***	(1.25)
1970-1975 dummy	0.011666789	0.012470965	0.011676902	0.012361632	-0.001032628
(2.00)**	(2.05)**	(1.99)**	(2.02)**	(0.20)
1975-1980 dummy	0.013277846	0.014520038	0.01330016	0.014349644	-0.003467755
(2.03)**	(2.10)**	(2.01)**	(2.05)**	(0.63)
1980-1985 dummy	-0.00916332	-0.007740405	-0.009136502	-0.007930204	-0.030162858
(1.39)	(1.09)	(1.37)	(1.10)	(5.96)***
1985-1999 dummy	0.002254225	0.00344972	0.002295063	0.003178423	-0.020363597
(0.29)	(0.44)	(0.29)	(0.40)	(3.22)***
1990-1995 dummy	-0.001086567	5.23258E-05	-0.00105	-0.000226362	-0.025988456
(0.13)	(0.01)	(0.12)	(0.02)	(4.63)***
1995-2000 dummy	0.003769555	0.004716973	0.003795397	0.004483134	-0.023768752
(0.43)	(0.51)	(0.43)	(0.47)	(4.12)***
2000-2005 dummy	0.012749927	0.013665617	0.012766768	0.013471548	-0.018413247
(1.34)	(1.36)	(1.33)	(1.31)	(3.23)***
2005-2010 dummy	0.009155143	0.009812906	0.009154126	0.00970458	-0.026457555
(0.85)	(0.87)	(0.86)	(0.85)	(4.24)***
Constant	0.4223924	0.431177353	0.423019395	0.426588767	0.204181477
(7.74)***	(8.03)***	(7.86)***	(7.92)***	(8.31)***
Observations	651	651	651	651	651
Adj. R-squared	0.54	0.55	0.54	0.55	0.54
Number of cid	122	122	122	122	122

Cluster-robust t statistics in parentheses

* significant at 10%; ** significant at 5%; *** significant at 1%