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Table 1.

Variables description, and expectations.

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Table 2.

Pairwise correlation analysis and summary statistics.

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Table 3.

IV-GMM results for the full and sub-samples (Dep Var: lnPC).

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Table 3 Expand

Table 4.

Quantile regression results for the full and sub-samples (Dep Var: lnPC).

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Table 4 Expand