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Table 1.

Data and description.

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Table 2.

Summary statistics.

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Table 3.

Correlation matrix.

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Table 4.

CSD test result.

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Table 5.

Unit root rest result.

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Table 6.

Cointegration test for the panel.

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Table 7.

Long-run estimations using FMOLS.

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Table 8.

Impact on economic growth using DOLS model.

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