Académique Documents
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Fabienne Fortanier*
1. Introduction
3.2 Estimation
The data were analysed in several steps. As explained
above, the analysis started with a basic growth model that
included the rate of investment, the initial GDP per capita, FDI
(denoted as FDI), regional dummies, and indicators for human
capital, trade openness, and institutional quality:
4. Results
The descriptive statistics of the continuous variables and
their correlation coefficients are presented in table 3. The main
independent variables are significantly correlated with the
dependent variable, gGDP, with the exception of institutions.
Table 3 also indicates that substantial correlations exist between
the independent variables, notably between schooling,
institutions and initial GDP. In order to test for potential
multicollinearity, VIF statistics (for model 1) were calculated,
which resulted in an average VIF of 2.38 and a maximum value
55
of 3.28. Although there are no formal criteria for assessing the
value of VIFs, most authors suggest that multicollinearity
becomes a problem with VIFs over 10 (Stevens, 2002; Myers,
1990; Dewberry, 2004), far above the values found in our
analyses.
1 2 3 4 5 6
GDPC0(log) -0.92 ** -0.88 * -0.91 * -0.86 * -1.71 *** -0.64
(-1.97) (-1.84) (-1.92) (-1.80) (-3.07) (-1.39)
GCF 0.22 *** 0.24 *** 0.22 *** 0.23 *** 0.30 *** 0.25 ***
(9.83) (10.84) (9.89) (10.53) (10.40) (10.49)
FDI -0.06 *** -0.39 *** -0.12 *** -0.42 ***
(-3.70) (-8.41) (-3.18) (-6.52)
School 0.00 0.00 0.00 0.00 0.02 0.00
(0.47) (-0.62) (0.52) (0.20) (1.53) (0.50)
Tradeop 0.01 * 0.00 0.01 0.01 0.00 0.01 *
(1.67) (1.34) (1.51) (1.56) (0.45) (1.94)
Institut 0.06 0.00 0.04 -0.08 0.27 -0.17
(0.26) (-0.02) (0.18) (-0.38) (1.03) (-0.81)
FDI x School 3.94x10 -3 ***
(7.13)
FDI x Tradeop 0.00 *
(1.71)
FDI x Institut 0.07 ***
(5.55)
R1 (Developed) -0.64 -0.32 -0.60 -0.43 -0.46 -0.49
(-0.92) (-0.46) (-0.87) (-0.61) (-0.53) (-0.71)
R2 (Africa) -0.10 0.09 -0.07 0.04 0.98 0.09
(-0.23) (0.21) (-0.17) (0.08) (1.46) (0.22)
R3 (Asia) 0.21 0.26 0.18 0.21 -0.49 -0.05
(0.37) (0.47) (0.32) (0.37) (-0.64) (-0.09)
R4 (Eastern Europe) -3.95 *** -3.64 *** -3.94 *** -3.79 *** -2.82 *** -2.52 ***
(-4.92) (-4.54) (-4.93) (-4.74) (-3.28) (-3.44)
USFDI -0.10 -0.09 *
(-1.15) (-1.72)
JPFDI -1.81 *** -1.50 ***
(-6.37) (-6.41)
GEFDI -0.40 ** -0.18
(-2.35) (-1.14)
UKFDI 0.08 **
(2.16)
FRFDI -0.03
(-0.24)
NLFDI -0.07
(-0.28)
GLS AR(1) regressions, dependent is gGDP. Region and time dummies R1-R4 are included,
not reported.
T-values based on heteroskedasticity-corrected s.e. in parentheses below coefficients.
*** p<0.01
** p<0.05
* p<0.10
Source: OECD.
Note: Bold figures represent the highest relative share in a particular
industry (and hence a relative specialization or advantage of a
particular country in that sector). Italics represent the lowest relative
share (and hence a relative disadvantage of a particular country in
that sector.
6. Conclusion
References