Table 3 Testing stylized facts of total NRA

GDP per capita

0.35905***

0.29485***

0.46387***

(0.01536)

(0.01890)

(0.01333)

Inflation

0.00025***

0.00019***

0.00021***

(0.00001)

(0.00001)

(0.00001)

Public debt

− 0.00208***

− 0.00225***

− 0.00180***

(0.00014)

(0.00017)

(0.00012)

Public debt squared

0.00001***

0.00001***

0.00001***

(0.00000)

(0.00000)

(0.00000)

Polity2

0.00232***

− 0.00227***

− 0.00055

(0.00044)

(0.00057)

(0.00037)

% of Rural population

0.01342***

0.00108

0.00635***

(0.00094)

(0.00115)

(0.00084)

Land per capita

0.10445***

− 0.01826

0.11279***

(0.01971)

(0.02453)

(0.01624)

Mobile phone usage

0.00326***

0.00314***

(0.00012)

(0.00015)

Internet connectivity

0.00538***

− 0.01526***

(0.00028)

(0.00045)

Mobile*Internet

0.00019***

(0.00000)

Coffee

− 0.02974***

− 0.02908***

− 0.02908***

(0.00353)

(0.00432)

(0.00281)

South America

− 0.21856***

− 0.60544***

− 0.91917***

(0.06378)

(0.08683)

(0.05787)

Asia

− 0.10058***

− 0.22260***

− 0.25916***

(0.01622)

(0.02023)

(0.01336)

Constant

− 3.20019***

− 1.73459***

− 3.18583***

(0.14681)

(0.17570)

(0.13077)

Total effect of mob. use

0.0041***

(0.0001)

Observations

407

347

347

R-squared

0.36657

0.45797

0.49190

Year FE

Yes

Yes

Yes

Country FE

Yes

Yes

Yes

Adjusted R-squared

0.288

0.377

0.412

Long run SE

0.0222

0.0248

0.0162

Bandwidth (neweywest)

556.5

276.6

539.6