To have a panel data analysis, generally studies follow the country classification given by the World Bank. However, the classification of countries according to development level changes every year. How can we decide whether to declare a country as developing or not. Particularly, if the time period of study is long such as spanning over 1980-2020.
It is based on several developmental or decay thresholds within certain interval of time domain, see e.g., the studies : https://files.stlouisfed.org/files/htdocs/wp/2007/2007-023.pdfResearch Proposal THE DETERMINANTS OF ECONOMIC GROWTH IN SELECTED DEVELOPING C...
You could do it 1) using the classification of where they started off or 2) or where they ended up, or 3) use the time-varying values, and see if it makes a difference, that would strengthen the validity of you work.
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