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Table 1 Determinants of UK student visa applications

From: The determinants of United Kingdom student visa demand from developing countries

Variables (1) (2) (3)
Log of GDP per capita 0.7030 0.7810* 1.0033
  (0.4515) (0.4446) (0.6726)
Log of exchange rate −0.7665** −0.7516** −1.4193***
  (0.3030) (0.3053) (0.4053)
Log of real visa cost −0.2041 −0.0729 0.1180
  (0.3822) (0.3481) (0.3980)
Import share (%) 1.9717** 1.9109** 1.7573*
  (0.9944) (0.9863) (1.0147)
Export share (%) −1.0324*** −1.1115*** −1.0807***
  (0.2496) (0.2556) (0.2624)
Post 7/7 Dummy   −0.1789** −0.1179
  (0.0759) (0.0824)
Lagged Refusal Rate (%) −0.0072*
    (0.4138)
Country-specific fixed effects included Yes Yes Yes
Country-specific time trends included Yes Yes Yes
Number of observations 661 661 566
Number of Countries 89 89 89
Serial Correlation Test (F-test) 27.049*** 27.044*** 13.389***
  [0.000] [0.000] [0.000]
Heteroscedasticity Test (Chi-squared) 313.6*** 315.3*** 314.6***
  (0.000) [0.000] [0.000]
R-squared (within) 0.538 0.541 0.511
  1. Notes:
  2. (1) The estimation period is 2001 to 2008 (inclusive).
  3. (2) The fixed effects estimator is used in estimation.
  4. (3) The dependent variable is the log of student visa applications per 100,000 of the country of origin population (see Equation (1) in the text).
  5. (4) ***, ** and * denote statistical significance at the 0.01, 0.05 and 0.10 level respectively using two-tailed tests.
  6. (5) Clustered robust standard errors are reported in parentheses for regression model estimates and prob-values are reported within the squared brackets for the diagnostic tests. See text for a discussion of the serial correlation and heteroscedasticity tests.
  7. (6) The regression model includes 89 country-specific time trends, which are not reported here to conserve space.
  8. (7) † denotes not applicable in estimation.