Table 1 Summary of variables used for the estimation

Variables	Obs	Mean	Sth. Dev.	Min	Max
L.ln gdp per Capita	325	1.864	1.263	–3.729	3.972
ln gfcf	325	3.722	.595	.289	5.401
ln tel	325	1.253	1.163	.002	4.555
ln tradeopen	325	4.547	.592	1.624	5.462
ln education	325	1.893	.514	.865	2.724
L. ln ODA	325	2.505	.829	.242	4.143

Note:1)^* p<0.1.
2)ODA, Official Development Assistance.