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Table 1.

Descriptive statistics.

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Table 2.

Spearman correlation matrix for multicollinearity.

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Table 3.

Spearman correlation matrix for endogeneity.

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Table 4.

Results of cross-sectional dependence tests.

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Table 5.

Results of slope heterogeneity tests.

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Table 6.

Results of panel 2nd generation unit root tests.

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Table 7.

Results of panel 1nd generation unit root tests.

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Table 8.

Estimation of models with Driscoll-Kray estimator.

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