55

# **Table 4 Dependent Variable: Growth Rate of Real GDP Regressions with Economic Openness and Institutions**

|**Years : 1960 - 2000**|**Reg 4.1**|**Reg 4.2**|**Reg 4.3**|**Reg 4.4**|**Reg 4.5**|**Reg 4.6**|**Reg 4.7**|**Reg 4.8**|**Reg 4.9**|**Reg 4.10**|**Reg 4.11**|
|---|---|---|---|---|---|---|---|---|---|---|---|
|**Growth of Capital**|**0.2128*** **<br>**(0.0442)**|**0.2384*** **<br>**(0.0347)**|**0.2380*****<br>**(0.0313)**|**0.2510*****<br>**(0.0366)**|**0.2348*** **<br>**(0.0352)**|**0.2344*** **<br>**(0.0336)**|**0.2366*** **<br>**(0.0362)**|**0.2358*****<br>**(0.0329)**|**0.2487*****<br>**(0.0380)**|**0.2318*****<br>**(0.0363)**|**0.2321*****<br>**(0.0348)**|
|**Growth of Labor**|**0.5694*** **<br>**(0.1335)**|**0.3999*** **<br>**(0.1111)**|**0.4411*****<br>**(0.1033)**|**0.4059*****<br>**(0.1186)**|**0.4293*** **<br>**(0.0947)**|**0.4315*** **<br>**(0.0945)**|**0.4126*** **<br>**(0.1124)**|**0.4533*****<br>**(0.1028)**|**0.4177*****<br>**(0.1198)**|**0.4418*****<br>**(0.0960)**|**0.4452*****<br>**(0.0956)**|
|**Initial GDP (1960)**|**-3.8747*** **<br>**(0.8375)**|**-3.6513*** **<br>**(0.7642)**|**-3.4613*****<br>**(0.7073)**|**-3.4498*****<br>**(0.7222)**|**-3.8702*** **<br>**(0.7564)**|**-3.8524*** **<br>**(0.7509)**|**-3.7380*** **<br>**(0.7934)**|**-3.5526*****<br>**(0.7482)**|**-3.5551*****<br>**(0.7622)**|**-3.9390*** **<br>**(0.7865)**|**-3.9599*****<br>**(0.7868)**|
|**Economic**<br>**Openness**||**0.4979****<br>**(0.2337)**|**0.6255****<br>**(0.2395)**|**0.4578***<br>**(0.2468)**|**0.4189***<br>**(0.2405)**|**0.4595***<br>**(0.2354)**|**0.5021****<br>**(0.2310)**|**0.6281*****<br>**(0.2373)**|**0.4649***<br>**(0.2438)**|**0.4239***<br>**(0.2392)**|**0.4624***<br>**(0.2337)**|
|**Institutions**||**3.6920*****<br>**(0.9857)**|**2.6259****<br>**(1.0632)**|**3.8409*****<br>**(0.9294)**|**3.0583*** **<br>**(0.9658)**|**3.6058*** **<br>**(0.9153)**|**3.7844*****<br>**(0.9833)**|**2.6916****<br>**(1.0651)**|**3.9367*****<br>**(0.9266)**|**3.1816*****<br>**(0.9663)**|**3.7142*****<br>**(0.9134)**|
|**Education Variables**||||||||||||
|**HC15**|**4.3613****<br>**(1.9441)**|**1.7563**<br>**(1.7665)**|**1.7059**<br>**(1.5988)**|**1.8216**<br>**(1.8584)**|**1.7856**<br>**(1.7912)**|**1.6176**<br>**(1.7979)**||||||
|**Sq of HC15**|**-1.0208****<br>**(0.4654)**|**-0.2906**<br>**(0.4195)**|**-0.3056**<br>**(0.3844)**|**-0.2981**<br>**(0.4460)**|**-0.3561**<br>**(0.4301)**|**-0.2435**<br>**(0.4365)**||||||
|**HC25**|||||||**1.6475**<br>**(1.7405)**|**1.6450**<br>**(1.5670)**|**1.6850**<br>**(1.8370)**|**1.5373**<br>**(1.7828)**|**1.4689**<br>**(1.7790)**|
|**Sq of HC25**|||||||**-0.2665**<br>**(0.4157)**|**-0.2917**<br>**(0.3765)**|**-0.2643**<br>**(0.4468)**|**-0.3018**<br>**(0.4338)**|**-0.2055**<br>**(0.4376)**|
|**Log (Educational**<br>**Quality)**|**0.2933**<br>**(0.5121)**|**0.6176**<br>**(0.4461)**|**0.7633***<br>**(0.4129)**|**0.6182**<br>**(0.4654)**|**0.6166**<br>**(0.4741)**|**0.6348**<br>**(0.4643)**|**0.6324**<br>**(0.4550)**|**0.7730***<br>**(0.4191)**|**0.6329**<br>**(0.4724)**|**0.6414**<br>**(0.4858)**|**0.6559**<br>**(0.4752)**|
|**Innovation Variables**||||||||||||
|**Log (Patents)**|**0.1909*****<br>**(0.0728)**|**0.0703**<br>**(0.0556)**|||**0.0723**<br>**(0.0548)**|**0.0600**<br>**(0.0569)**|**0.0683**<br>**(0.0559)**|||**0.0703**<br>**(0.0551)**|**0.0574**<br>**(0.0571)**|
|**Log (Journals)**|||**0.1431*****<br>**(0.0497)**|||||**0.1439*****<br>**(0.0503)**||||
|**Royalties per**<br>**capita**||||**0.000002***<br>**(0.000001)**|||||**0.000002**<br>**(0.000001)**|||
|**ICT Variables**||||||||||||
|**Phones**|**0.0033*****<br>**(0.0010)**|**-0.0011**<br>**(0.0010)**|**-0.0009**<br>**(0.0010)**|**-0.0008**<br>**(0.0011)**|||**-0.0011**<br>**(0.0010)**|**-0.0009**<br>**(0.0010)**|**-0.0008**<br>**(0.0011)**|||
|**Computers**|||||**0.0012**<br>**(0.0018)**|||||**0.0010**<br>**(0.0018)**||
|**Internet Users**||||||**-0.0027**<br>**(0.0018)**|||||**-0.0029**<br>**(0.0019)**|
|**Constant**|**-3.6660***<br>**(2.1096)**|**-4.0649** **<br>**(1.9485)**|**-4.6608*****<br>**(1.7335)**|**-4.2734****<br>**(2.1077)**|**-3.6728***<br>**(1.9450)**|**-4.0212****<br>**(1.9303)**|**-3.9997**<br>**(1.8666)**|**-4.6183*****<br>**(1.6672)**|**-4.1809****<br>**(2.0268)**|**-3.5298***<br>**(1.8741)**|**-3.9533****<br>**(1.8473)**|
|**R squared**|**0.6137**|**0.8194**|**0.8387**|**0.8185**|**0.8220**|**0.8192**|**0.8189**|**0.8388**|**0.8179**|**0.8216**|**0.8187**|
|**No. of Countries**<br>*, **, *** denotes significanc<br>Robust standard errors inp|**85**<br>e at the 90, 95<br>arentheses ob|**72**<br>and 99 perce<br>tained usingW|**72**<br>nt confidence l<br>hite's correcti|**72**<br>evel respectively<br>on for heterosce|**70**<br> <br>dasticity.|**72**|**71**|**71**|**71**|**69**|**71**|