Foreign direct investment in the Indian telecommunications sector



relative to the size of the economy and the variables used to model FDI. In addition, the last year
of available data (2003) was excluded from some models because it appears to reflect only
partial FDI inflows.

Labor supply and debt proved to be largely insignificant in all of the models and was
excluded from further analyses. The models below had the most statistically significant t-values
and provided some interesting results.

Model 1 - Imports and Urban Population (sample size of 9)

Parameter Estimate

T-value

Standard Error

Intercept____________________________

_______-25401_______

-2.85

8910.92571

Urban Population__________________

1097.25958

2.80

391.29683

Imports___________________________

-325.18537

-2.34

139.13828

R-square_________________________

_______0.5911_______

Adjusted R-Square________________

_______0.4743_______

F-Value___________________________

_________5.06_________

Model 2 - Imports, Urban Population and Tax revenue as a percentage of GDP lagged by one

year (sample size of 9)

Parameter Estimate

T-value

Standard Error

Intercept____________________________

-27348________

-3.41

8910.92571

Urban Population__________________

1062.01638

3.04

391.29683

Imports___________________________

-265.90883

-2.07

139.13828

Tax Revenue lagged by one year_____

238.46164

1.68

128.75042

R-square_________________________

_______0.7223_______

Adjusted R-Square________________

_______0.5835_______

F-Value___________________________

_________5.20_________

Model 3 - Urban Population, Tax revenue as a percentage of GDP lagged by one year and the

Literacy rate of the population (sample size of 8)

Parameter Estimate

T-value

Standard Error

16



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