Juma, Mary-Ann--Thesis

and lagged FDI. Accordingly, regression results using the sub-sample generated by the
exclusion of outliers are presented in Table 4 below.
Table 4: FDI and growth (excluding 2.5 standard deviation outliers)
Dependent Variable: Real GDP growth
(2.1) (2.2) (2.3) (2.4) (2.5) (2.6)
Lagged FDI/GDP 0.491 0.474 0.310 0.255 0.313 0.192
(0.096)*** (0.089)*** (0.101)*** (0.156) (0.146)** (0.098)*
FDI * Mineral-rich 0.334 0.255 0.194
(0.197)* (0.207) (0.208)
Lagged Gross fixed capital formation/GDP 0.027 0.011 0.035 0.028 0.012 0.036
(0.034) (0.036) (0.031) (0.033) (0.035) (0.030)
Adult population growth 1.167 1.085 1.028 1.189 1.101 1.042
(0.213)*** (0.173)*** (0.169)*** (0.212)*** (0.174)*** (0.176)***
Lagged GDP -0.061 -0.637 -3.025 0.153 -0.467 -2.831
(1.220) (0.899) (1.909) (1.212) (0.921) (2.006)
Government Expenditure/GDP -0.080 -0.035 -0.077 -0.034
(0.049) (0.058) (0.050) (0.058)
Trade/GDP 0.029 0.013 0.027 0.012
(0.018) (0.018) (0.019) (0.018)
Terms of Trade 1.911 2.167 1.714 2.002
(0.869)** (0.784)*** (0.888)* (0.761)**
1989-1991 0.400 0.394
(0.484) (0.485)
1992-1994 -1.117 -1.160
(0.628)* (0.643)*
1995-1997 1.094 1.042
(0.691) (0.718)
1998-2000 1.016 0.960
(0.780) (0.812)
2001-2003 1.554 1.517
(0.991) (1.007)
2004-2006 2.805 2.715
(1.249)** (1.299)**
2007-2009 2.926 2.831
(1.243)** (1.284)**
Constant -0.573 4.857 26.182 -2.567 3.336 24.462
(11.295) (8.009) (17.345) (11.196) (8.176) (18.171)
Observations 328 321 321 328 321 321
R-squared 0.26 0.29 0.39 0.27 0.30 0.39
F statistic 14.86 11.58 10.22 11.20 10.06 9.50
p(>F)
Notes:
0.00 0.00 0.00 0.00 0.00 0.00
All regressions are ordinary least square regressions with country fixed effects. White heteroskedasticity-consistent
standard errors in parentheses, and *, **, and *** denote significance at the 10%, 5% and 1% levels respectively.
Constant term not reported; time dummy for 1986-1988 dropped from all regressions due to multi-collinearity
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