1: FDI and Economic Growth
Appendix 2.1: FDI and Economic Growth
A. Common Effect Model
Dependent Variable: INC? Method: Pooled Least Squares Date: 08/10/11 Time: 13:44 Sample: 2006 2009 Included observations: 4 Cross-sections included: 120 Total pool (unbalanced) observations: 474
Variable Coefficient Std. Error t-Statistic Prob.
R-squared 0.856687 Mean dependent var 9.13E+10 Adjusted R-squared
3.56E+11 S.E. of regression
0.856384 S.D. dependent var
54.09714 Sum squared resid
1.35E+11 Akaike info criterion
54.11470 Log likelihood
8.58E+24 Schwarz criterion
2821.495 Durbin-Watson stat
-12819.02 F-statistic
1.402751 Prob(F-statistic)
B. Fixed Effect Model
Dependent Variable: INC? Method: Pooled Least Squares Date: 08/18/11 Time: 13:20 Sample: 2006 2009 Included observations: 4 Cross-sections included: 120 Total pool (unbalanced) observations: 474
Variable
Coefficient
Std. Error
t-Statistic Prob.
C 8.16E+10 9.74E+09 8.378096 0.0000 FDI?
-0.005344 0.9957 Fixed Effects (Cross) _AFGAN--C
1.17E+08
-7.36E+10
_ALBANIA--C
-7.37E+10
_ALGERIA--C
1.48E+09
_ANGOLA--C
-5.92E+10
_ARGENT--C 1.17E+11 _ARMEN--C
-7.53E+10 _AZERBA--C
-6.41E+10 _BANGLAD--C
-1.14E+10 _BELARUS--C
-4.45E+10 _BELIZE--C
-8.10E+10 _BENIN--C
-7.67E+10 _BHUTAN--C
-8.06E+10 _BOLIVIA--C
-7.25E+10 _BOTSWN--C
-7.36E+10 _BRAZIL--C
1.01E+12 _BURKIN--C
-7.56E+10 _BURUN--C
-8.07E+10 _CAMBO--C
-7.59E+10 _CAMER--C
-6.42E+10 _CAPE--C
-8.07E+10 _CAFRICAN--C
-8.01E+10 _CHAD--C
-7.89E+10 _CHILE--C
-8.05E+09 _CHINA--C
2.98E+12 _COLOM--C
5.84E+10 _COMO--C
-8.12E+10 _CONGOD--C
-7.73E+10 _CONGOR--C
-8.62E+10 _COSTA--C
-6.23E+10 _COTEDI--C
-6.54E+10 _CROAT--C
-4.40E+10 _DJIBOU--C
-8.11E+10 _DOMINIC--C
-5.17E+10 _ECUADOR--C
-4.78E+10 _EGYPT--C
1.01E+10 _ELSALVA--C
-6.60E+10 _EQUATOR--C
-8.39E+10 _ERITREA--C
-8.02E+10 _ETHIOPIA--C
-6.28E+10 _FIJI--C
-7.96E+10 _GABON--C
-7.71E+10 _GAMBIA--C
-8.12E+10 _GEORGIA--C
-7.59E+10 _GHANA--C
-6.69E+10 _GUATEM--C
-5.29E+10 _GUINEA--C
-8.01E+10 _GUINEAB--C
-8.09E+10 _GUYANA--C
-8.03E+10 _HONDUR--C
-7.26E+10 _INDIA--C
8.49E+11 _INDON--C
2.24E+11
_IRAN--C
9.57E+10
_IRAQ--C -6.34E+10 _JAMAICA--C
-7.34E+10 _JORDAN--C
-7.14E+10 _KAZAKH--C
-6.16E+10 _KENYA--C
-5.74E+10 _KYRGYZ--C
-7.87E+10 _LAO--C
-7.81E+10 _LEBANON--C
-6.71E+10 _LESOTHO--C
-8.01E+10 _LIBERIA--C
-8.16E+10 _LIBYA--C
-5.39E+10 _MACEDO--C
-7.57E+10 _MADAG--C
-7.65E+10 _MALAWI--C
-7.83E+10 _MALAYSIA--C
4.44E+10
_MALDIVES--C -8.07E+10 _MALI--C
-7.49E+10 _MAURIT--C
-7.98E+10 _MAURIT--C
-7.98E+10 _MEXICO--C
6.39E+11
_MOLDOVA--C -7.79E+10 _MONGOLIA--C
-8.00E+10 _MOROCCO--C
-1.92E+10 _MOZAM--C
-7.59E+10 _NAMIBIA--C
-7.48E+10 _NEPAL--C
-7.15E+10 _NICARAGUA--C
-7.77E+10 _NIGER--C
-7.81E+10 _NIGERIA--C
2.21E+10
_OMAN--C -6.63E+10 _PAKISTAN--C
3.88E+10
_PANAMA--C -6.96E+10 _PAPUANG--C
-7.76E+10 _PARAGUAY--C
-7.05E+10 _PERU--C
-1.03E+10 _PHILIPPI--C
5.67E+10
_RWANDA--C -7.80E+10 _SAMOA--C
-8.10E+10 _SAOTOME--C
-8.14E+10 _SAUDI--C
4.83E+10
_SENEGAL--C -7.20E+10 _SIERRA--C
-8.02E+10 _SOLOMON--C
-8.12E+10 _SOUTHAF--C
1.22E+11
_SRILANKA--C -5.04E+10 _VINCENT--C
-8.13E+10
Effects Specification
Cross-section fixed (dummy variables)
R-squared 0.957583 Mean dependent var 9.13E+10 Adjusted R-squared
0.943003 S.D. dependent var 3.56E+11 S.E. of regression
8.50E+10 Akaike info criterion 53.38598 Sum squared resid
2.54E+24 Schwarz criterion 54.45701 Log likelihood
65.67471 Durbin-Watson stat
-12530.48 F-statistic
0.861173 Prob(F-statistic) 0.000000
C. Random Effect Model
Dependent Variable: INC? Method: Pooled EGLS (Cross-section random effects) Date: 08/18/11 Time: 13:19 Sample: 2006 2009 Included observations: 4 Cross-sections included: 120 Total pool (unbalanced) observations: 474 Swamy and Arora estimator of component variances
Variable Coefficient Std. Error t-Statistic Prob.
1.792186 0.0737 FDI?
C 1.45E+10
-1.564518 0.1184 Random Effects (Cross)
-1.03E+08
_AFGAN--C 1.08E+09 _ALBANIA--C
-7.21E+09 _ALGERIA--C
1.25E+10 _ANGOLA--C
-4.21E+09 _ARGENT--C
2.69E+10 _ARMEN--C
-7.59E+09 _AZERBA--C
1.99E+10 _BANGLAD--C
2.46E+10 _BELARUS--C
-6.47E+09 _BELIZE--C
-6.11E+09 _BENIN--C
-3.81E+09 _BHUTAN--C
5.09E+08 _BOLIVIA--C
-4.25E+09 _BOTSWN--C
-2.05E+09 _BRAZIL--C
2.40E+11 _BURKIN--C
-3.74E+09 _BURUN--C
-4.46E+09 _CAMBO--C
-1.16E+10 _CAMER--C
4.22E+09 _CAPE--C
1.23E+10 _CAFRICAN--C
-5.90E+09 _CHAD--C
-6.02E+09 _CHILE--C
-1.25E+11 _CHINA--C
3.78E+11 _COLOM--C
-3.49E+10 _COMO--C
-4.69E+09 _CONGOD--C
-2.04E+10 _CONGOR--C
-3.61E+10 _COSTA--C
-1.91E+10 _COTEDI--C
-1.68E+09 _CROAT--C
-4.19E+10 _DJIBOU--C
-1.18E+09 _DOMINIC--C
-1.58E+10 _ECUADOR--C
6.86E+09 _EGYPT--C
-7.97E+10 _ELSALVA--C
-7.34E+09 _EQUATOR--C
-1.60E+10 _ERITREA--C
-6.16E+09 _ETHIOPIA--C
1.27E+09 _FIJI--C
-7.25E+09 _GABON--C
-6.39E+09 _GAMBIA--C
-6.02E+09
_GEORGIA--C -1.36E+10 _GHANA--C
-1.45E+10 _GUATEM--C
1.83E+09
_GUINEA--C -1.26E+10 _GUINEAB--C
-3.78E+09 _GUYANA--C
3.18E+09
_HONDUR--C -8.97E+09 _INDIA--C
_JAMAICA--C -1.47E+10 _JORDAN--C
-3.40E+10 _KAZAKH--C
-1.54E+11 _KENYA--C
4.78E+09
_KYRGYZ--C -6.57E+09 _LAO--C
-6.03E+09 _LEBANON--C
-3.86E+10 _LESOTHO--C
-5.65E+09 _LIBERIA--C
-4.09E+08 _LIBYA--C
-3.40E+10 _MACEDO--C
-5.70E+09 _MADAG--C
-1.26E+10 _MALAWI--C
-4.86E+09 _MALAYSIA--C
-9.77E+09 _MALDIVES--C
-8.67E+08 _MALI--C
-1.51E+09 _MAURIT--C
-3.91E+09 _MAURIT--C
-3.91E+09 _MEXICO--C
1.34E+11
_MOLDOVA--C -7.62E+09 _MONGOLIA--C
-8.95E+09 _MOROCCO--C
-9.59E+08 _MOZAM--C
-7.10E+09 _NAMIBIA--C
-1.48E+09 _NEPAL--C
-1.35E+09 _NICARAGUA--C
-3.73E+09 _NIGER--C
-8.64E+09 _NIGERIA--C
-3.18E+10 _OMAN--C
-2.85E+10 _PAKISTAN--C
6.15E+09
_PANAMA--C -2.97E+10 _PAPUANG--C
-4.98E+09 _PARAGUAY--C
-3.87E+09 _PERU--C
-3.40E+10 _PHILIPPI--C
4.49E+10
_RWANDA--C -2.54E+09
Effects Specification
Cross-section random S.D. / Rho 5.37E+10 0.2855 Idiosyncratic random S.D. / Rho
8.50E+10 0.7145
Weighted Statistics
R-squared 0.723655 Mean dependent var 5.67E+10 Adjusted R-squared
0.722482 S.D. dependent var 2.28E+11 S.E. of regression
1.20E+11 Sum squared resid 6.81E+24 F-statistic
616.6965 Durbin-Watson stat 1.439694 Prob(F-statistic)
Unweighted Statistics
R-squared 0.846127 Mean dependent var 9.13E+10
Sum squared resid 9.22E+24 Durbin-Watson stat 1.063983