	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
				first stage	first stage	first stage	second stage	second stage	second stage
VARIABLES	Ino	Cer	Loc	Inohat	Cerhat	Lochat	Pul	Pul	Pul
									
Gov				-0.0671***	0.0273***	-0.0197***	0.1353***	0.1869***	0.1466***
				(0.0082)	(0.0016)	(0.0073)	(0.0357)	(0.0369)	(0.0354)
Pgdp				0.1409***	0.0192***	0.0453***	0.1675***	0.1470***	0.1365***
				(0.0063)	(0.0012)	(0.0055)	(0.0305)	(0.0279)	(0.0271)
Ind				0.3621***	-0.0382***	-0.0548**	0.3188**	0.0963	0.1590
				(0.0282)	(0.0052)	(0.0239)	(0.1320)	(0.1163)	(0.1164)
Fdi				0.2136**	-0.2645***	-0.3150***	0.2545	-0.3355	-0.0478
				(0.0866)	(0.0168)	(0.0769)	(0.3737)	(0.4074)	(0.3787)
Market				0.0039	-0.0062***	-0.0138***	0.0173	-0.0030	0.0042
				(0.0029)	(0.0006)	(0.0026)	(0.0125)	(0.0136)	(0.0128)
Pop				0.4401***	0.0074	3.5894***	-0.1165	-0.1867	1.3545**
				(0.1087)	(0.0208)	(0.0964)	(0.4716)	(0.4697)	(0.5736)
Ftd				0.0502***	-0.0026**	-0.0886***	0.1133***	0.0889***	0.0393
				(0.0067)	(0.0013)	(0.0061)	(0.0295)	(0.0293)	(0.0316)
lag_Inohat				0.7040***					
				(0.0115)					
did	0.5013***	0.0984***	0.4408***						
	(0.0272)	(0.0152)	(0.0531)						
lag_Cerhat					0.7674***				
					(0.0120)				
lag_Lochat						0.6797***			
						(0.0113)			
Inohat							-0.2279***		
							(0.0708)		
Cerhat								-1.2818***	
								(0.3523)	
Lochat									-0.3971***
									(0.0809)
Constant	1.7877***	9.5645***	3.2948***	-0.2864***	2.1327***	0.8836***	4.9645***	16.8282***	5.9246***
	(0.5238)	(0.1866)	(0.4360)	(0.0954)	(0.1185)	(0.0892)	(0.4037)	(3.4232)	(0.4771)
									
Observations	3,990	3,823	3,696	3,705	3,705	3,705	3,705	3,705	3,705
R-squared	0.956	0.323	0.981	0.934	0.871	0.907	0.625	0.625	0.625
Robust standard errors in parentheses									
*** p<0.01, ** p<0.05, * p<0.1									
