PHẦN 5 : KẾT LUẬN
5.3. Những hạn chế của nghiên cứu và hƣớng nghiên cứu tiếp theo:
theo:
Tuy đã thực hiện đƣợc những mục tiêu cơ bản đặt ra từ ban đầu, bài viết này khơng tránh khỏi thiếu sót và hạn chế về dữ liệu, chủ yếu liên quan đến số lƣợng biến trong mơ hình có thể chƣa đầy đủ hết cũng nhƣ giữa các nƣớc nghiên cứu mức độ phát triển chƣa đồng bộ nhiều nên vẫn chƣa khái quát đƣợc kết quả chính xác nhất về tác động các dịng vốn tƣ nhân nƣớc ngồi và tăng trƣởng kinh tế: vai trị của thị trƣờng tài chính trong nƣớc ở một số quốc gia đang phát triển.
Hy vọng rằng mơ hình nghiên cứu này sẽ đƣợc sử dụng rộng rãi hơn cho nhiều nghiên cứu tiếp theo và thực hiện với quy mô rộng lớn hơn. Trong tƣơng lai, bài nghiên cứu định hƣớng mở rộng phạm vi quan sát ở nhiều quốc gia hơn cũng nhƣ thêm thời gian của bộ dữ liệu, bên cạnh việc thêm các biến vào mơ hình.
TÀI LIỆU THAM KHẢO
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Ake Boubakari và Dehuan Jin (2010), “The Role of Stock Market Development in Economic Growth: Evidence from Some Euronext Countries”, International Journal of Financial Research Vol. 1, No. 1, December 2010 14 ISSN.
Akinlo, E.A., (2004), “Foreign direct investment and growth in Nigeria: an empirical investigation”, Journal of Policy Modelling 26 (5), 627–639.
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Allen và Ndikuma, (2000), “Financial intermediation and economic growth in southern Africa”, Journal of African Economies 9 (2), 132–160.
Bailliu, J.N., (2000), “Private Capital Flows, Financial Development, and Economic Growth in Developing Countries”, Bank of Canada Working Paper 15.
Balasubramanyam và cộng sự, (1996), “FDI and growth in EP and IS countries”, Economic Journal 106, 92–105.
Barry Eichengreen, David Leblang (2003), “Capital Account Liberalization and Growth: Was Mr. Mahathir Right?”, NBER Working Paper No. 9427.
Baum, C.F., (2009), “Instrumental Variables and Panel Data Methods in Economics and Finance”, Boston College.
Beck và cộng sự, (2000) “Finance and the sources of growth”, Journal of Financial Economics 58, 261–300.
Bekaert và cộng sự, (2000), “Foreign Speculators and Emerging Equity Markets”, Journal of Finance 55, 565–613.
Blomstrom và cộng sự, (1992), “What Explains Developing Country Growth?”, Working Paper Series No. 4132, National Bureau for Economic Research.
Borensztein và cộng sự, (1998) “How does foreign direct investment affect economic growth?”, Journal of International Economics 45, 115–135.
Brambila-Macias, J., Massa, I., (2010), “The global financial crises and sub-Saharan Africa: the effect of slowing capital flows on growth”, African Development Review 22, 366–377.
Caporale và cộng sự (2005), “Testing for contagion: a conditional correlation analysis”, Journal of Empirical Finance.
Chinn, M.D., Ito, H., (2008), “A new measure of financial openness”, Journal of Comparative Policy Analysis 10 (3), 309–322.
Choong và cộng sự, (2010), “Private capital flows, stock market and economic growth in developed and developing countries: a comparative analysis”, Japan and the World Economy 22 (2), 107–117.
Demetriades và Hussein (1996), “Does financial development cause economic growth? Time-series evidence from 16 countries”.
Durham, J.B., (2004), “Absorptive capacity and the effects of foreign direct investment and foreign equity portfolio investment on economic growth”, European Economic Review 48, 285–306.
Froot, K., Stein, J.C., (1991), “Exchange rates and foreign direct investment: an imperfect capital markets approach”, Quarterly Journal of Economics 106, 1191–1217. Hasan, Koetter, Lensink và Meesters (2009), “Bank Efficiency, Financial Depth and Economic Growth”.
Hermes, N., Lensink, R., (2003), „Foreign direct investment, financial development and economic growth”, Journal of Development Studies 41, 142–163.
Imbs, J., Ranciere, R., (2007), “The Overhang Hangover”, Mimeo.
Kendall, J., (2012), “Local financial development and growth‟, Journal of Banking and Finance 36, 1548–1562.
King, R.G., Levine, R., (1993), “Finance and growth: Schumpeter might be right”, Quarterly Journal of Economics 108 (3), 717–737.
Kumar, M.S., Woo, J., (2010), “Public Debt and Growth‟, IMF Working Paper No 174 (Washington: International Monetary Fund).
Loayza và Ranciere (2006), “Financial Development, Financial Fragility, and Growth”. Mankiw và cộng sự, (1992), “A contribution to the empirics of economic growth”, The Quarterly Journal of Economics 107 (2), 407–437.
Manu và cộng sự, (2011), “Financial stability and economic growth: a cross-country study”, International Journal of Financial Services Management 5 (2), 121–138.
Okey O. Ovat (2012), “Stock Market Development and Economic Growth in Nigeria: Market Size Versus Liquidity”, Department of Economics, University of Calabar, Calabar, Nigeria.
Omran, M., Bolbol, A., (2003), “Foreign direct investment, financial development and economic growth: evidence from the Arab countries”, Review of Middle East Economics and Finance 1 (3), 231–249.
Romero-Avila, D., (2007), “Finance and growth in the EU: new evidence from the harmonization of the banking industry”, Journal of Banking and Finance 31, 1937– 1954.
Ross Levine (2004), “Finance and Growth: Theory and Evidence”, NBER Working Paper No. 10766
Ross Levine và Sara Zervo (1998), “Stock Markets, Banks, and Economic Growth‟, The American Economic Review, Vol. 88, No. 3. (Jun., 1998), pp. 537-558.
Rousseau và Wachtel (2007), “What is happening to the impact of financial deepening on economic growth?”
Schumpeter, J.A., (1912), “The theory of economic development”, Brookings Papers on Economic Activity, Harvard University Press, Cambridge, MA, pp. 141–195.
Seetanah và cộng sự (2012), “Stock market development and economic growth: Evidence from least developed countries”, Berlin Working Papers on Money, Finance, Trade and Development, July 2012.
Solow, R.M., (1956), “A contribution to the theory of economic growth”, Quarterly Journal of Economics 70, 65–94.
Soto, M., (2000), “Capital Flows and Growth in Developing Countries: Recent Empirical Evidence”, OECD Development Centre, Working Paper No. 160.
Torsten Persson, Guido Tabellini (2006), “Democratic Capital: The Nexus of Political and Economic Change”, NBER Working Paper No. 12175.
PHỤ LỤC
Bảng 6. Kết quả kiểm tra nhân tố phóng đại phƣơng sai
SQRT
Variable VIF VIF R-Squared
gdp 11.47 3.39 0.9128 fdi 2.04 1.43 0.5091 efpi 1.29 1.13 0.2227 marketcap 10.37 3.22 0.9036 marketturn 3.24 1.8 0.6915 bankcredit 29.59 5.44 0.9662 privatecredit 33.07 5.75 0.9698 m2 23.61 4.86 0.9576 population 18.71 4.33 0.9465 saving 2.35 1.53 0.574 financeopen 3.92 1.98 0.7447 institutions 2.88 1.7 0.6524 Mean VIF 11.88 Nguồn: Tự tổng hợp từ STATA
Bảng 7. Hồi quy GMM mối tƣơng quan giữa FDI và tăng trƣởng kinh tế
Mơ hình 1:
Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] fdi -0.33365 0.063704 -5.24 0 -0.45851 -0.20879 marketcap -0.0019 0.000428 -4.46 0 -0.00274 -0.00107 population 2.432973 0.092736 26.24 0 2.251213 2.614733 saving -0.00027 3.56E-05 -7.68 0 -0.00034 -0.0002 financeopen 0.32107 0.083522 3.84 0 0.157369 0.484771 institutions -0.18233 0.063671 -2.86 0.004 -0.30712 -0.05753 _cons 7.400316 0.726154 10.19 0 5.977081 8.823552 Nguồn: Tự tổng hợp từ STATA Mơ hình 2:
Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] fdi -0.38992 0.080781 -4.83 0 -0.54825 -0.23159 marketcap 0.000281 0.000395 0.71 0.478 -0.00049 0.001055 FDICAP 0.000541 0.00014 3.87 0 0.000267 0.000815 population 2.415089 0.094624 25.52 0 2.229629 2.600548 saving -0.00029 4.01E-05 -7.19 0 -0.00037 -0.00021 financeopen 0.314202 0.091807 3.42 0.001 0.134264 0.494139 institutions -0.17414 0.064798 -2.69 0.007 -0.30114 -0.04713 _cons 7.337613 0.734703 9.99 0 5.897621 8.777605 Nguồn: Tự tổng hợp từ STATA Mơ hình 3: Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] fdi -0.05747 0.090073 -0.64 0.523 -0.23401 0.119066 marketturn 0.005568 0.003277 1.7 0.089 -0.00086 0.011991 population 2.350121 0.121209 19.39 0 2.112556 2.587686 saving -0.00015 5.29E-05 -2.92 0.004 -0.00026 -5.1E-05 financeopen 0.612489 0.073194 8.37 0 0.469032 0.755946 institutions -0.05586 0.055154 -1.01 0.311 -0.16396 0.052239 _cons 8.071792 1.029223 7.84 0 6.054553 10.08903 Nguồn: Tự tổng hợp từ STATA Mơ hình 4: Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] fdi -0.072 0.1158 -0.62 0.535 -0.299 0.155039 marketturn 0.0065 0.0082 0.8 0.424 -0.009 0.0225232 FDITURN 0.0004 0.0025 0.14 0.887 -0.005 0.0052131 population 2.3527 0.1195 19.69 0 2.1185 2.586831 saving -2E-04 6E-05 -2.73 0.006 -3E-04 -0.0000451 financeopen 0.6057 0.0774 7.82 0 0.454 0.7573745 institutions -0.056 0.055 -1.01 0.311 -0.164 0.0521196 _cons 8.0178 1.0423 7.69 0 5.9749 10.06064
Nguồn: Tự tổng hợp từ STATA Mơ hình 5:
Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] fdi 0.386 0.2881 1.34 0.18 -0.179 0.9507613 bankcredit 0.0183 0.011 1.67 0.095 -0.003 0.0399007 population 2.573 0.1649 15.6 0 2.2497 2.89619 saving -3E-05 0.0001 -0.23 0.815 -2E-04 0.0001901 financeopen 0.9737 0.2699 3.61 0 0.4446 1.50273 institutions -0.059 0.0734 -0.81 0.42 -0.203 0.0846679 _cons 6.2241 1.6782 3.71 0 2.9349 9.513304 Nguồn: Tự tổng hợp từ STATA Mơ hình 6: Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] fdi -0.63 0.3204 -1.97 0.049 -1.258 -0.0016727 bankcredit 0.0129 0.0046 2.78 0.005 0.0038 0.0219411 FDIBANK 0.0046 0.0024 1.91 0.056 -1E-04 0.0093049 population 2.409 0.0917 26.26 0 2.2292 2.588778 saving -2E-04 4E-05 -6.12 0 -3E-04 -0.0001499 financeopen 0.4181 0.1307 3.2 0.001 0.1619 0.6743719 institutions -0.071 0.053 -1.34 0.181 -0.175 0.0329121 _cons 6.3771 0.7928 8.04 0 4.8233 7.930983 Nguồn: Tự tổng hợp từ STATA Mơ hình 7: Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] fdi -0.061 0.0876 -0.69 0.488 -0.232 0.1109907 privatecredit 0.0049 0.0026 1.94 0.053 -6E-05 0.0099531 population 2.4866 0.0967 25.71 0 2.297 2.676182
saving -2E-04 4E-05 -4.98 0 -3E-04 -0.0001154 financeopen 0.5891 0.0649 9.08 0 0.4619 0.7162075 institutions -0.083 0.0577 -1.44 0.149 -0.196 0.0298404 _cons 6.9708 0.7327 9.51 0 5.5348 8.406844 Nguồn: Tự tổng hợp từ STATA Mơ hình 8: Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] fdi -0.398 0.1687 -2.36 0.018 -0.728 -0.067064 privatecredit 0.0171 0.0051 3.37 0.001 0.0071 0.0270525 FDIPRIVATE 0.0049 0.0021 2.34 0.019 0.0008 0.0089563 population 2.4285 0.0945 25.71 0 2.2433 2.613608 saving -2E-04 2E-05 -6.89 0 -2E-04 -0.0001138 financeopen 0.5553 0.0651 8.53 0 0.4277 0.6827864 institutions -0.019 0.0606 -0.31 0.757 -0.138 0.1000036 _cons 6.4612 0.7383 8.75 0 5.0141 7.908348 Nguồn: Tự tổng hợp từ STATA Mơ hình 9: Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] fdi -0.085 0.0766 -1.11 0.268 -0.235 0.0652782 m2 0.0036 0.0019 1.87 0.061 -2E-04 0.0072926 population 2.4431 0.0973 25.11 0 2.2523 2.633767 saving -2E-04 4E-05 -5.2 0 -3E-04 -0.0001185 financeopen 0.5836 0.0651 8.96 0 0.456 0.7112844 institutions -0.082 0.0568 -1.44 0.149 -0.193 0.0293383
_cons 7.2573 0.766 9.47 0 5.756 8.758621
Mơ hình 10:
Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] fdi -0.409 0.4125 -0.99 0.322 -1.217 0.399989 m2 0.0346 0.0207 1.67 0.094 -0.006 0.0751209 FDIM2 0.0075 0.006 1.25 0.212 -0.004 0.0191918 population 2.3388 0.1372 17.04 0 2.0699 2.607743 saving -2E-05 9E-05 -0.28 0.78 -2E-04 0.0001495 financeopen 0.6571 0.1051 6.25 0 0.4511 0.8631934 institutions -0.125 0.0943 -1.33 0.184 -0.31 0.0595897
_cons 6.732 1.5335 4.39 0 3.7263 9.737612
Nguồn: Tự tổng hợp từ STATA
Bảng 8. Hồi quy GMM mối tƣơng quan giữa EFPI và tăng trƣởng kinh tế
Mơ hình 1:
Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] efpi 0.007 0.0021 3.28 0.001 0.0028 0.0111015 marketcap -3E-04 0.0003 -0.94 0.348 -8E-04 0.0002986 population 2.3989 0.0807 29.73 0 2.2408 2.557088 saving -1E-04 2E-05 -6.66 0 -2E-04 -0.0001045 financeopen 0.5251 0.0862 6.09 0 0.3561 0.6941591 institutions -0.102 0.0758 -1.35 0.179 -0.251 0.0466022 _cons 8.1583 0.6117 13.34 0 6.9594 9.357178 Nguồn: Tự tổng hợp từ STATA Mơ hình 2: Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] EFPICAP 8E-05 7E-05 1.11 0.265 -6E-05 0.0002074 population 2.3722 0.0775 30.59 0 2.2202 2.524233 saving -1E-04 2E-05 -6.53 0 -2E-04 -0.0001016
financeopen 0.5196 0.0861 6.04 0 0.3509 0.6882737 institutions -0.1 0.0758 -1.32 0.185 -0.249 0.04817 efpi 0.0013 0.0056 0.23 0.821 -0.01 0.0122023 marketcap 9E-05 0.0005 0.17 0.864 -9E-04 0.001121 _cons 8.3393 0.5939 14.04 0 7.1752 9.503311
Nguồn: Tự tổng hợp từ STATA Mơ hình 3:
Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] efpi 0.0179 0.016 1.12 0.263 -0.013 0.0492208 marketturn 0.0086 0.0025 3.52 0 0.0038 0.0134581 population 2.2099 0.1528 14.46 0 1.9104 2.509446 saving -1E-04 2E-05 -6.22 0 -2E-04 -0.000085 financeopen 0.6605 0.0971 6.8 0 0.4701 0.8508631 institutions -0.078 0.0559 -1.39 0.164 -0.187 0.0317387 _cons 9.3906 1.2099 7.76 0 7.0193 11.76195 Nguồn: Tự tổng hợp từ STATA Mơ hình 4: Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] efpi 0.0156 0.0161 0.97 0.332 -0.016 0.0470474 marketturn 0.009 0.0037 2.45 0.014 0.0018 0.0161246 EFPITURN 0.0002 0.0022 0.1 0.921 -0.004 0.0045282 population 2.1925 0.1479 14.82 0 1.9026 2.482395 saving -1E-04 3E-05 -4.57 0 -2E-04 -0.0000691 financeopen 0.6431 0.1312 4.9 0 0.3859 0.9001618 institutions -0.082 0.1012 -0.81 0.416 -0.281 0.1160436
_cons 9.5296 1.261 7.56 0 7.0582 12.0011
Mơ hình 5:
Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] efpi 0.0206 0.0195 1.05 0.292 -0.018 0.0587678 bankcredit 0.0053 0.0015 3.44 0.001 0.0023 0.0082775 population 2.3975 0.1329 18.04 0 2.1371 2.657981 saving -2E-04 2E-05 -7.03 0 -2E-04 -0.0001197 financeopen 0.7059 0.1139 6.2 0 0.4826 0.9291408 institutions -0.049 0.0543 -0.91 0.364 -0.156 0.0572018 _cons 7.633 1.046 7.3 0 5.5828 9.683186 Nguồn: Tự tổng hợp từ STATA Mơ hình 6: Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] efpi -0.321 0.13 -2.47 0.014 -0.576 -0.0661643 bankcredit 0.0082 0.0017 4.84 0 0.0049 0.0115128 EFPIBANK 0.0032 0.0013 2.53 0.011 0.0007 0.0057084 population 2.3873 0.0957 24.95 0 2.1998 2.57481 saving -1E-04 2E-05 -7.28 0 -2E-04 -0.0001021 financeopen 0.4986 0.0835 5.97 0 0.3349 0.6621919 institutions -0.177 0.07 -2.53 0.011 -0.315 -0.0401448 _cons 7.8707 0.7547 10.43 0 6.3914 9.349954 Nguồn: Tự tổng hợp từ STATA Mô hình 7: Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] efpi 0.0199 0.0212 0.94 0.35 -0.022 0.0614435 privatecredit 0.0075 0.0022 3.41 0.001 0.0032 0.0117997 population 2.3937 0.1416 16.9 0 2.1162 2.67127 saving -2E-04 2E-05 -6.96 0 -2E-04 -0.0001245
institutions -0.121 0.0492 -2.45 0.014 -0.217 -0.0242967
_cons 7.9207 1.1218 7.06 0 5.722 10.11943
Nguồn: Tự tổng hợp từ STATA Mơ hình 8:
Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] efpi -0.151 0.2013 -0.75 0.453 -0.546 0.2435626 privatecredit 0.0079 0.0019 4.12 0 0.0042 0.0117119 EFPIPRIVATE 0.0019 0.0024 0.82 0.414 -0.003 0.0065659 population 2.3763 0.117 20.3 0 2.1469 2.605698 saving -2E-04 2E-05 -7.77 0 -2E-04 -0.0001306 financeopen 0.6486 0.0953 6.8 0 0.4618 0.8354814 institutions -0.091 0.0597 -1.52 0.129 -0.208 0.0263643 _cons 7.9084 0.8268 9.56 0 6.2879 9.529006 Nguồn: Tự tổng hợp từ STATA Mơ hình 9: Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] efpi 0.0181 0.0213 0.85 0.396 -0.024 0.0598496 m2 0.0061 0.0023 2.69 0.007 0.0017 0.0105392 population 2.3301 0.1549 15.05 0 2.0266 2.633655 saving -2E-04 2E-05 -7.27 0 -2E-04 -0.0001137 financeopen 0.5963 0.0985 6.05 0 0.4032 0.7893864 institutions -0.139 0.0532 -2.6 0.009 -0.243 -0.0342945
_cons 8.434 1.2228 6.9 0 6.0373 10.83065
Mơ hình 10:
Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] efpi -0.096 0.3093 -0.31 0.756 -0.702 0.510356 m2 0.0064 0.0037 1.74 0.082 -8E-04 0.0135383 EFPIM2 0.0012 0.0034 0.35 0.726 -0.005 0.0077874 population 2.3329 0.1879 12.42 0 1.9647 2.701175 saving -2E-04 3E-05 -5.5 0 -2E-04 -0.0001019 financeopen 0.6245 0.1971 3.17 0.002 0.2381 1.010917 institutions -0.116 0.0663 -1.75 0.08 -0.246 0.0137265 _cons 8.3072 1.3778 6.03 0 5.6068 11.00753
Nguồn: Tự tổng hợp từ STATA
Bảng 9. Hồi quy GMM mối tƣơng quan giữa tổng dòng vốn tƣ nhân và tăng trƣởng kinh tế
Mơ hình 1:
Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] total -0.004 0.0085 -0.45 0.653 -0.021 0.0128699 marketcap -5E-04 0.0003 -1.45 0.146 -0.001 0.0001596 population 2.4338 0.109 22.32 0 2.2202 2.647505 saving -1E-04 2E-05 -6.44 0 -2E-04 -0.0000975 financeopen 0.4776 0.0897 5.32 0 0.3018 0.6533725 institutions -0.129 0.0742 -1.74 0.082 -0.274 0.0165365 _cons 7.9266 0.8923 8.88 0 6.1777 9.675419 Nguồn: Tự tổng hợp từ STATA Mơ hình 2: Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] total -0.02 0.0155 -1.29 0.198 -0.05 0.0104489 marketcap -5E-04 0.0006 -0.84 0.401 -0.002 0.0006605
TOTALCAP 2E-05 5E-05 0.41 0.685 -8E-05 0.0001286 population 2.5535 0.1442 17.71 0 2.2708 2.836101 saving -1E-04 2E-05 -6.7 0 -2E-04 -0.0000998 financeopen 0.3934 0.0956 4.12 0 0.2062 0.5807031 institutions -0.135 0.0778 -1.73 0.083 -0.287 0.0177728 _cons 6.8788 1.169 5.88 0 4.5875 9.1701 Nguồn: Tự tổng hợp từ STATA Mơ hình 3: Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] total 0.0109 0.0143 0.76 0.447 -0.017 0.0388537 marketturn 0.0087 0.003 2.92 0.003 0.0029 0.0145055 population 2.2214 0.1879 11.82 0 1.8531 2.589733 saving -1E-04 2E-05 -5.49 0 -2E-04 -0.0000752 financeopen 0.6468 0.0995 6.5 0 0.4518 0.8418799 institutions -0.082 0.0573 -1.43 0.154 -0.194 0.0306578 _cons 9.3307 1.5441 6.04 0 6.3044 12.35702 Nguồn: Tự tổng hợp từ STATA Mơ hình 4: Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval] total 0.0019 0.0136 0.14 0.888 -0.025 0.0285741 marketturn 0.0166 0.0053 3.11 0.002 0.0062 0.0271258 TOTALTURN 0.0014 0.0007 2 0.045 3E-05 0.0028317 population 2.1864 0.1918 11.4 0 1.8105 2.562323 saving -1E-04 2E-05 -4.04 0 -1E-04 -0.0000512 financeopen 0.5417 0.1027 5.28 0 0.3404 0.7428996 institutions -0.147 0.0775 -1.89 0.058 -0.299 0.0052256
_cons 9.7467 1.6037 6.08 0 6.6035 12.8899
Mơ hình 5:
Robust
gdp Coef. Std. Err. z P>z [95% Conf.Interval]