of post-secondary education rate of adult population. We consider lagged education levels do
affect FDI inflow and economic growth rate, that is, it takes time for human capital to affect
FDI and economic growth. As Barro-Lee Dataset education statistics are for five-year
periods, we did take five-year lagged values of this variable.
Before starting to our analysis, we undertake alternative unit root tests of series in order
to avoid “artificial regression” problem. There are different approaches to unit root tests. Our
results with these alternative approaches are shown in Annex C. Unit root test results prove
that our series are stationary series, i.e., they do not involve unit root problem. The following
table shows the estimation results of our simultaneous equation system which was estimated
by diverse econometric models.
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