Table B2.
Open in new tab

OLS regressions—five years average—low- and middle-income countries

(1)(2)(3)(4)(5)(6)(7)(8)(9)
Dependent variable: GDP per capita growth (2019–1980)
Foreign Capital Stock−0.78*−0.81*−0.94*−0.74*−0.76*−0.58*−0.73**−0.58**−1.06*
(0.32)(0.23)(0.16)(0.23)(0.31)(0.22)(0.37)(0.32)(0.17)
Initial GDP per capita−14.53−31.06*
(11.06)(14.71)
Human Capital24.03
(24.32)
Rule of Law41.57*76.13*
(11.00)(17.39)
Latitude87.61
(64.27)
Price of Investment−61.80**
(31.33)
Share Commodities X−1.07*0.84
(0.43)(0.74)
Income Inequality−226.83*−85.11
(100.52)(100.03)
Share low-tech X1.39*0.65
(0.56)(0.87)
(1)(2)(3)(4)(5)(6)(7)(8)(9)
Dependent variable: GDP per capita growth (2019–1980)
Foreign Capital Stock−0.78*−0.81*−0.94*−0.74*−0.76*−0.58*−0.73**−0.58**−1.06*
(0.32)(0.23)(0.16)(0.23)(0.31)(0.22)(0.37)(0.32)(0.17)
Initial GDP per capita−14.53−31.06*
(11.06)(14.71)
Human Capital24.03
(24.32)
Rule of Law41.57*76.13*
(11.00)(17.39)
Latitude87.61
(64.27)
Price of Investment−61.80**
(31.33)
Share Commodities X−1.07*0.84
(0.43)(0.74)
Income Inequality−226.83*−85.11
(100.52)(100.03)
Share low-tech X1.39*0.65
(0.56)(0.87)

Notes: All variables are their average levels from 1980 to 1985, except for the rule of law variable, which continues to be a five-year average of the index from 2010 to 2015. The latitude is given by an index from 0 to 1. Share Commodities X is the share of commodities in the export basket. Income inequality is measured as the pre-tax Gini index. Robust standard errors are in parentheses.

**indicates statistical significance at 10%,

*

at 5%.

Source: Author’s elaboration based on data as presented in Section 3.

Table B2.
Open in new tab

OLS regressions—five years average—low- and middle-income countries

(1)(2)(3)(4)(5)(6)(7)(8)(9)
Dependent variable: GDP per capita growth (2019–1980)
Foreign Capital Stock−0.78*−0.81*−0.94*−0.74*−0.76*−0.58*−0.73**−0.58**−1.06*
(0.32)(0.23)(0.16)(0.23)(0.31)(0.22)(0.37)(0.32)(0.17)
Initial GDP per capita−14.53−31.06*
(11.06)(14.71)
Human Capital24.03
(24.32)
Rule of Law41.57*76.13*
(11.00)(17.39)
Latitude87.61
(64.27)
Price of Investment−61.80**
(31.33)
Share Commodities X−1.07*0.84
(0.43)(0.74)
Income Inequality−226.83*−85.11
(100.52)(100.03)
Share low-tech X1.39*0.65
(0.56)(0.87)
(1)(2)(3)(4)(5)(6)(7)(8)(9)
Dependent variable: GDP per capita growth (2019–1980)
Foreign Capital Stock−0.78*−0.81*−0.94*−0.74*−0.76*−0.58*−0.73**−0.58**−1.06*
(0.32)(0.23)(0.16)(0.23)(0.31)(0.22)(0.37)(0.32)(0.17)
Initial GDP per capita−14.53−31.06*
(11.06)(14.71)
Human Capital24.03
(24.32)
Rule of Law41.57*76.13*
(11.00)(17.39)
Latitude87.61
(64.27)
Price of Investment−61.80**
(31.33)
Share Commodities X−1.07*0.84
(0.43)(0.74)
Income Inequality−226.83*−85.11
(100.52)(100.03)
Share low-tech X1.39*0.65
(0.56)(0.87)

Notes: All variables are their average levels from 1980 to 1985, except for the rule of law variable, which continues to be a five-year average of the index from 2010 to 2015. The latitude is given by an index from 0 to 1. Share Commodities X is the share of commodities in the export basket. Income inequality is measured as the pre-tax Gini index. Robust standard errors are in parentheses.

**indicates statistical significance at 10%,

*

at 5%.

Source: Author’s elaboration based on data as presented in Section 3.

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