Table 2 Baseline regression

lnGIPC

0.056***

0.052***

(5.12)

(4.77)

lnED

0.003

0.005

0.005

0.005

0.004

0.004

0.005

0.005

(0.29)

(0.41)

(0.47)

(0.39)

(0.38)

(0.38)

(0.45)

(0.48)

lnHC

1.382

1.369

1.232

0.948

1.228

0.949

0.627

1.156

(0.77)

(0.75)

(0.68)

(0.52)

(0.68)

(0.51)

(0.34)

(0.64)

lnIS

0.254***

0.264***

0.262***

0.268***

0.265***

0.267***

0.257***

0.280***

(3.68)

(3.78)

(3.70)

(3.81)

(3.72)

(3.70)

(3.55)

(3.92)

lnPS

0.087*

0.087*

0.088*

0.090*

0.087*

0.088*

0.091*

0.088*

(1.81)

(1.81)

(1.81)

(1.87)

(1.79)

(1.83)

(1.90)

(1.83)

lnCS

− 0.185***

− 0.187***

− 0.175**

− 0.181**

− 0.186***

− 0.181**

− 0.171**

− 0.187***

(− 2.70)

(− 2.72)

(− 2.48)

(− 2.58)

(− 2.65)

(− 2.55)

(− 2.43)

(− 2.66)

lnFC

0.003

0.003

− 0.002

0.000

0.001

0.001

− 0.002

0.001

(0.34)

(0.30)

(− 0.19)

(0.04)

(0.12)

(0.08)

(− 0.20)

(0.07)

lnGIPC1

0.045***

(5.39)

lnGIPC2

0.034***

(3.92)

lnGIPC3

0.036***

(4.08)

lnGIPC4

0.036***

(4.38)

lnGIPC5

0.038***

(3.63)

lnGIPC6

0.048***

(5.03)

lnGIPC7

0.028***

(4.44)

Constant

3.210***

5.323***

5.385***

5.238***

5.321***

5.403***

5.363***

5.173***

5.414***

(94.46)

(5.60)

(5.65)

(5.43)

(5.52)

(5.60)

(5.49)

(5.42)

(5.60)

Observations

3432

3432

3432

3432

3432

3432

3432

3432

3432

R-squared

0.409

0.448

0.449

0.444

0.445

0.445

0.445

0.452

0.443

Number of cities

286

286

286

286

286

286

286

286

286

City FE

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Time FE

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes