Working Paper Series: Special Edition of 2016 to 2018 Interns

Table 7: The effect of financial innovation on Economic Growth: GLS regression (Dependent variable is logged per capita GDP)

VARIABLES

CTR

lPOST

CTR

0.0143*** (0.00300) 0.0180*** (0.00189) 0.00670*** (0.00203) -0.00878*** (0.00154)

0.0148*** (0.00265) 0.0187*** (0.00112) -0.00140 (0.00179) 0.00298* (0.00164) 0.00880*** (0.000800)

GCF

0.0208*** (0.00132) 2.96e-05 (0.00188) 0.00932*** (0.00180) 0.00879*** (0.00102) 0.240*** (0.0283) 7.276***

0.0218*** (0.00186) 0.00592*** (0.00140) -0.00355*** (0.00137)

TO

GEXP

PSC

lPOST

0.172*** (0.0201) 8.313*** (0.171)

Constant

9.507*** (0.114)

9.007*** (0.0758)

(0.184)

Observations Number of id Wald chi2(4)

91

91

91

91

7

7

7

7

103.20 274.29 Note: The dependent variable is the logged per capita GDP. The Generalized Least Squares (GLS) estimation model. Sample period 2004-2016. Standard Errors are in parentheses. *, **, *** indicate statistical significant 10%, 5% and 1% respectively. 491.80 901.32

80