Skip to main content

Advertisement

Table 3 Panel data results

From: Skills versus Luck: Bolivia and its recent Bonanza

ParameterEstimate
\(\delta _1\)1.1008 (0.0285)
\(\delta _2\)− 0.2635 (0.0273)
\(\beta\)
\(\gamma\)− 0.0028 (0.0008)
\(\phi\)0.0006 (0.0002)
\(\theta\)0.0018 (0.0004)
Countries175
Years11 (2005–2016)
Observations1815
R20.9989
SER0.0414
DW1.7894
WE (x)[0.059]
WE (p)[0.252]
  1. Unbalanced panel with country fixed effects. External factor proxied by (the log of) terms of trade. Labor Market Freedom Index used as the internal factor
  2. Countries, number of countries included; years, years included (2005–2016); observations, total number of observations included; R2, adjusted R squared; SER, standard error of the regression; DW, Durbin Watson; WE (x), Hausman test of weak exogeneity for the external factor (Bolivia); WE (p), Hausman test of weak exogeneity for the internal factor (Bolivia). Standard errors in parenthesis. P-values in brackets