Table 2 Aid, Policies, Institutions, and Growth Dependent Variable: Period Average Growth Rate of Per Capita Income

||||||Policies|||||Instit|utions|||Policies an|d Institutions||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||dQ)|Q)|EcoAid<br>@)|SocAid<br>(4)|AggAid<br>(5)|EcoAid<br>(6)|SocAid<br>@)|AggAid<br>(8)|(9)|EcoAid<br>(0)|SocAid<br>e8))|AggAid<br>(12)|(3)|EcoAid<br>(4)|Soc Aid<br>(5)|AggAid<br>(16)|
|Constant|O.1188***|0.1348***|<br>—0.0998**|<br>—0.1259***|<br>—0.1204***|<br>0.0799|<br>O.1162***|<br>=O.L177***=|—0.1202***|0.1358***|<br>—0.1293***|<br>—0.1334***|—O.1257***|O.1315***|<br>—0.1349***|<br>—0.1319***|
||<br>(5.99)|<br>(5.27)|(2.11)|<br>(3.94)|<br>(4.11)|(1.58)|<br>(3.55)|<br>(4.36)|(5.10)|<br>(2.96)|<br>(4.79)|<br>(4.94)|<br>(5.19)|(2.99)|<br>(5.32)|<br>(4.99)|
|InitialLn(PerCapitaIncome)|-0.0082***|-0.0083***|-0.0035|-0.0060*|-0.0058*|-0.0028|-0.0069**|—-0.0073**|-0.0078***|-0.0096**|-0.0085***|—-0.0090**|=-0.0081***|—-0.0083*|-0.0082***|-0.0080***|
||(3.83)|(3.03)|(0.71)|(1.78)|(1.87)|(0.53)|<br>(1.99)|<br>(2.58)|(2.84)|(1.99)|<br>(2.88)|<br>(3.07)|<br>(2.86)|<br>(1.80)|(2.98)|(2.74)|
|InitialLn(Fertility)|-0.0253***|-0.0273***|0.0300***|-0.0342***|-0.0337***|-0.0245**|-0.0281***—|-0.0269***|—-0.0318***|-0.0355***|-0.0386***|-0.0388***|-0.0304***|0.0342***|-0.0396***|—-0.0405***|
||(4.27)|<br>(3.63)|(2.90)|(3.37)|<br>(3.67)|<br>(2.57)|<br>(3.29)|<br>(3.25)|<br>(5.34)|(2.96)|(3.76)|(4.10)|<br>(4.82)|(2.92)|(3.83)|(4.12)|
|PeriodAverageRateofChangeofTOT|0.1142**|0.0918|0.1299**|0.1225**|0.1104*|O.1521***|—0.1474***|—0.1509***|0.0467|0.0556|0.0557|0.0598*|0.0701|0.0805**|0.0804*|0.0726|
||(2.10)|(1.45)|<br>(2.09)|(2.05)|<br>(1.94)|<br>(2.68)|<br>(2.74)|<br>(2.88)|(1.05)|(1.23)|(1.23)|(1.28)|(1.38)|(1.82)|(1.76)|(1.54)|
|Initial Government Consumption/GDP||-0.0005<br>|-0.0005<br>|-0.0008<br>|-0.0007*<br>||||||||||||
|||(1.04)|(1.05)|(1.63)|(1.83)||||||||||||
|Ln(1+PeriodAverageInflation/CPI)||-0.0671|0.1099***|—-0.1098***|-0.0741*|-0.1132***|-0.1064***|—-0.0806**|||||-0.0627*|0.0869***|—-0.0860***|-0.0576*|
|||<br>(1.46)|(2.91)|(3.14)|(1.76)|(4.38)|<br>(3.93)|<br>(2.31)|||||<br>(1.97)|<br>(2.67)|<br>(2.85)|(1.84)|
|PeriodAverageGrowthRateof||0.0717|-0.0984|-0.0804|-0.0074||||||||||||
|<br>Trade/GDP#1||(0.49)|(0.52)|(0.43)|(0.05)||||||||||||
|PeriodAverage Rate ofChange of|||||||||-0.0495|0.0176|0.0623|0.0210|-0.0914|0.0542|0.0468|0.0123|
|Institutional Quality (ICRG Capacity)#1|||||||||(0.92)|(0.08)|(0.35)|(0.20)|(0.76)|(0.30)|(0.30)|(0.13)|
|PeriodAverageAid/GDP#2|||0.0111**<br>|0.0034**<br>|0.0013**<br>|0.0099*<br>|0.0017<br>|0.0004<br>||0.0027<br>|0.0028**<br>|0.0010<br>||0.0047<br>|0.0033***<br>|0.0014*<br>|
||||(2.00)|(2.09)|(2.57)|(1.73)|(0.99)|(0.74)||(0.52)|(2.33)|(1.53)||(0.89)|(2.54)|(1.91)|
|Regional DummyEAP|0.0017|-0.0068|-0.0052|-0.0058|-0.0069|-0.0056|-0.0042|-0.0051|0.0032|-0.0037|-0.0020|-0.0035|-0.0914|-0.0064|-0.0055|-0.0065|
||(0.26)|(0.84)|(0.59)|(0.68)|(0.85)|(0.78)|(0.61)|(0.76)|(0.43)|(0.51)|(0.27)|(0.46)|(0.76)|(0.88)|(0.74)|(0.86)|
|RegionalDummySSA|-0.0065|-0.0026|-0.0054|-0.0029|-0.0067|-0.0102*|-0.0079|—-0.0098**|-0.0003|-0.0044|-0.0060|-0.0063|-0.0032|-0.0065|-0.0076|-0.0088|
||(1.53)|(0.42)|(0.79)|(0.45)|(1.17)|(1.85)|<br>(1.66)|<br>(2.09)|(0.04)|(0.52)|(0.86)|(0.90)|(0.47)|(0.77)|(1.10)|(1.18)|
|FSU Dummy|0.0199**<br>|0.0198*<br>|0.0235<br>|0.0225<br>|0.0233<br>|0.0259**<br>|0.0254*<br>|0.0246*<br>|-0.0140<br>|-0.0324**<br>|-0.0365***<br>|—-0.0369***<br>|-0.0138<br>|-0.0302**<br>|-0.0384***<br>|—-0.0398***<br>|
||(2.18)|(1.68)|(1.34)|(1.25)|(1.28)|(1.96)|(1.89)|(1.84)|(0.89)|(2.13)|(2.93)|(3.35)|(0.82)|(2.14)|(3.15)|(3.53)|
|CrisesDummy|-0.0057|-0.0062|-0.0039|-0.0030|-0.0013|-0.0025|-0.0026|-0.0026|-0.0027|0.0005|0.0005|0.0017|-0.0005|-0.0005|0.0001|0.0021|
||(1.61)|(1.55)|(0.93)|(0.67)|(0.34)|(0.61)|(0.60)|(0.67)|(0.68)|(0.09)|(0.10)|(0.35)|(0.10)|(0.10)|(0.03)|(0.43)|
|No. ofObservations<br>|127<br>|105<br>|85<br>|85<br>|95<br>|99<br>|100<br>|112<br>|102<br>|77<br>|77<br>|82<br>|87<br>|74<br>|74<br>|79<br>|
|R-squared|0.44|0.41|0.44|0.47|0.47|0.49|0.47|0.45|0.24|0.27|0.34|0.28|0.24|0.35|0.40|0.34|
|Notes:<br>i)Absolute value oft-statistics calculat<br>ii) Panel two-stage least squares methods is use|ed with White-cor<br>d forthese analys|rected standard<br>es.|errors is in pa|rentheses. *, **|and *** indica|te significance|at the 10%, 5%|and 1% levels,|respectively.||||||||
|iii) # denotes variables are instrumented with; #<br>Source:Authors'compilation|1-the initial level|and period ave|rage growth r|ate of the previo|us spell; #2 -the|period average|rate ofthe pre|vious spell.|||||||||