Table 5 Results from fixed and random effects estimation—all countries panel estimations—[All recipient countries]

Independent variables

(D) REM

−0.0617*

0.1131

0.0686**

−0.3203*

0.0989

0.1150**

[−1.95]

[1.07]

[0.08]

[−1.96]

[1.04]

[1.98]

(D) LOGGDP

−9.1839

−11.944***

−12.6366***

−16.9781

−11.8468***

−3.5986*

[−2.50]

[‘−3.57]

[−4.11]

[−1.52]

[−3.63]

[−1.77]

(D) PCGDP

0.0061**

0.0015**

0.0012***

0.0062

0.0015***

0.0012***

[0.69]

[2.05]

[0.12]

[0.24]

[1.98]

[1.98]

INF

−0.0694*

−0.0746***

0.0765***

−0.0677*

−0.0662**

−0.0389***

[−0.13]

[−6.11]

[−7.22]

[−1.75]

[−5.94]

[−6.77]

FDI

−0.3341***

0.0257

0.0195*

−0.3051***

0.03504

0.0322**

[−3.38]

[0.85]

[0.71]

[−3.12]

[1.33]

[2.40]

EXPORTS

−0.0477

0.018558

0.0625**

−0.0606

0.0047

0.0019

[−0.57]

[0.73]

[2.71]

[−0.80]

[0.25]

[0.30]

Constant

35.0054***

0.97447

−0.1071

37.6569***

1.4235*

0.8636***

[13.28]

[1.22]

[−0.15]

[6.45]

[1.84]

[3.59]

R-squared

0.2142

0.4618

0.4935

0.2513

0.4704

0.5025

Number of observations

716

691

718

716

691

718

Number of countries

48

48

48

48

48

48

F-statistic

12.01

9.89

15.09

Prob (F-statistic)

0.0001

0.0000

0.0000

Wald chi 2

27.56

18.13

12.77

Prob > chi 2

0.0001

0.0000

0.0000