27) (-2.91) ) ( -1.12 ,
refer to the 10%, 5% and 1% significance levels, respectively. Columns 2 to 4 present the results of FE-IV by considering NRD as endogenous, while column 5 presents the results of FE-IV by considering the variable NRA as endogenous. NRD and NRA represent natural resource dependence and natural resource abundance variables ,
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