320
Table 11.A.7 (percent)
Fixed-Effects Panel Estimates of FDI Stock to GDP on Service Sector Reforms, 1990–2004
Model number Independent variables Infrastructure reform index
(1) 17.37 (0.99)***
MGB*infrastructure index SEE*infrastructure index
(2)
(3)
(4)
17.38 (1.11)***
18.35 (1.18)*** –9.14 (4.16)*** –4.777 (2.62)***
(5)
(6)
14.64 (1.02)***
15.02 (1.07)*** –6.49 (3.75)* –2.09 (2.50) 0.41 370
19.13 (3.27)*** –10.30 (3.27)*** –6.58 (2.10)***
Finance reform index MGB*finance SEE*finance Investment climate index MGB*investment climate index SEE*investment climate index R2 No. of observations
0.51 370
0.52 370
0.45 370
0.45 370
0.41 370
Source: Authors. Note: Country sample: MGB = Algeria, Morocco, and Tunisia; SEE = Albania, Bosnia and Herzegovina, Bulgaria, Croatia, FYR Macedonia, Romania, and Serbia and Montenegro. Standard errors are in parentheses. R2 values are for within regressions. *** Significant at the 1% level; ** significant at the 5% level; * significant at the 10% level.