\documentclass[preprint,12pt]{elsarticle}

%% Use the option review to obtain double line spacing
%% \documentclass[authoryear,preprint,review,12pt]{elsarticle}

%% Use the options 1p,twocolumn; 3p; 3p,twocolumn; 5p; or 5p,twocolumn
%% for a journal layout:
%% \documentclass[final,1p,times]{elsarticle}
%% \documentclass[final,1p,times,twocolumn]{elsarticle}
%% \documentclass[final,3p,times]{elsarticle}
%% \documentclass[final,3p,times,twocolumn]{elsarticle}
%% \documentclass[final,5p,times]{elsarticle}
%% \documentclass[final,5p,times,twocolumn]{elsarticle}

%% For including figures, graphicx.sty has been loaded in
%% elsarticle.cls. If you prefer to use the old commands
%% please give \usepackage{epsfig}

%% The amssymb package provides various useful mathematical symbols
\usepackage{amssymb}
\usepackage{amsmath}
%% The amsthm package provides extended theorem environments
%% \usepackage{amsthm}

%% The lineno packages adds line numbers. Start line numbering with
%% \begin{linenumbers}, end it with \end{linenumbers}. Or switch it on
%% for the whole article with \linenumbers.
%% \usepackage{lineno}
\usepackage[flushleft]{threeparttable}
\usepackage{float}
\usepackage{booktabs}

\usepackage[font=small,labelfont=bf]{caption}
\usepackage{graphicx}



\begin{document}

\begin{frontmatter}



\title{A revisit to Institutions and Inequality}

\author[inst2]{Pinar Deniz\corref{cor2}\fnref{label2}}
\fntext[label2]{pinar.deniz@marmara.edu.tr}

\affiliation[inst2]{organization={Marmara University, Department of Economics},%Department and Organization
            city={Istanbul},
            postcode={34722},
            country={Turkiye}}
\author[inst1]{Thanasis Stengos\corref{cor1}\fnref{label1}}
\fntext[label1]{tstengos@uoguelph.ca}


\affiliation[inst1]{organization={University of Guelph, Department of Economics},%Department and Organization
           state={Ontario},
           postcode={N1G2W1}, 
           country={Canada}}


\end{frontmatter}




\appendix
\setcounter{section}{2}
\setcounter{figure}{0}
\setcounter{table}{0}







\section{Convergence Club Analysis for 1989-2020}



\begin{table}[H]
    \caption{Club Convergence Analysis}
    \label{table:clubconvergence}
    \scalebox{0.7}{%
    \begin{tabular}{p{3cm} p{11cm} p{1.5cm}p{3cm}}
\hline
\textbf{Tests} & \textbf{Countries} & \textbf{beta} & \textbf{se}\\
\hline
Convergence & overall & -0.340 & 0.029 \\
\hline
&&&\\
 Club Tests &  & & \\
 \hline
\textbf{club1} & NOR, IRL, AUS, USA, SGP, DNK, SWE, CHE, NLD, GBR, AUT, FIN, DEU, KOR, PAN, CHN, BEL, NZL, URY, TUR, RUS, GEO,FRA, JPN, CHL, CRI, MUS, BGR, PER, ITA, ESP, CYP, ARG, MYS, DOM, THA  & -0.006 & 0.053\\
 \textbf{club2} & PRT, GRC, BRB, BRA, COL, IDN, IND,MEX, ZAF, IRN, PHL, NGA,JAM, JOR, EGY, HND, UKR & -0.049 & 0.055 \\
\textbf{club3} & PAK, KGZ, LSO, TZA, SLE & 0.011 & 0.230 \\
\hline
    \end{tabular}}
    \end{table}


\begin{figure}[H]
    \centering
    \includegraphics[width=0.9\columnwidth]{Rplot_mc_1989_2017.jpeg}
       \caption{Merged Convergence Clubs}
    \label{fig:mc89_17}
\end{figure}


\begin{figure}[H]
    \centering
        \includegraphics[width=0.9\columnwidth]{Rplot_map_1989_2017.jpeg}
        \vspace{-0.3cm}
       \caption{Mapping for Merged Convergence Clubs}
    \label{fig:map89_17map}
\end{figure}



\section{BMA Estimation - 1-year Lagged Regressors}

\begin{table}[H]
    \caption{BMA Estimations for Overall and Country Clubs}
    \vspace{-0.7cm}
    \label{tab:club_bmalag5}
    \begin{center}
    \scalebox{0.5}{
    \begin{tabular}{lccccccccccccccccc}
\hline

& \multicolumn{2}{ c }{\textbf{Overall}} &  & \multicolumn{2}{ c }{\textbf{Club 1}} &  &\multicolumn{2}{ c }{\textbf{Club 2}} & & \multicolumn{2}{ c }{\textbf{Club 3}} &  &\multicolumn{2}{ c }{\textbf{Club 4}} & &  \multicolumn{2}{ c }{\textbf{Club 5}} \\
\cmidrule{2-3} \cmidrule{5-6} \cmidrule{8-9} \cmidrule{11-12} \cmidrule{14-15} \cmidrule{17-18} 
 & PIP & Post Mean &  & PIP & Post Mean &  & PIP & Post Mean &  & PIP & Post Mean &  & PIP & Post Mean &  & PIP & Post Mean \\
 \hline
income & 0.98 & 1.7079 &  & 1.00 & 5.1188 &  & 0.98 & -2.5494 &  & 1.00 & -5.0379 &  & 1.00 & 7.0046 &  & 0.80 & 2.9307 \\
 &  & 0.4915 &  &  & 0.6540 &  &  & 1.1759 &  &  & 0.6067 &  &  & 0.9404 &  &  & 2.8546 \\
income2 & 1.00 & -2.5029 &  & 1.00 & -4.3747 &  & 0.82 & 1.9163 &  & 1.00 & 4.7849 &  & 1.00 & -6.7397 &  & 0.75 & -3.1444 \\
 &  & 0.4830 &  &  & 0.5845 &  &  & 1.2166 &  &  & 0.5880 &  &  & 0.9061 &  &  & 2.9130 \\
crebank & 1.00 & 0.1342 &  & 0.07 & 0.0026 &  & 0.56 & -0.0486 &  & 1.00 & 0.1130 &  & 0.35 & -0.0423 &  & 0.14 & -0.0035 \\
 &  & 0.0235 &  &  & 0.0115 &  &  & 0.0492 &  &  & 0.0310 &  &  & 0.0710 &  &  & 0.0285 \\
defla & 0.75 & 0.0375 &  & 0.42 & 0.0229 &  & 0.12 & 0.0033 &  & 0.86 & -0.0613 &  & 0.21 & -0.0067 &  & 0.09 & 0.0001 \\
 &  & 0.0261 &  &  & 0.0309 &  &  & 0.0107 &  &  & 0.0326 &  &  & 0.0231 &  &  & 0.0154 \\
govgdp & 0.17 & -0.0081 &  & 1.00 & -0.2437 &  & 0.43 & -0.0273 &  & 0.06 & 0.0005 &  & 0.19 & -0.0131 &  & 0.14 & 0.0050 \\
 &  & 0.0203 &  &  & 0.0337 &  &  & 0.0360 &  &  & 0.0057 &  &  & 0.0331 &  &  & 0.0261 \\
heagdp & 0.07 & -0.0041 &  & 1.00 & -0.2318 &  & 1.00 & -0.2439 &  & 0.16 & -0.0056 &  & 0.23 & -0.0207 &  & 0.16 & 0.0007 \\
 &  & 0.0173 &  &  & 0.0492 &  &  & 0.0530 &  &  & 0.0176 &  &  & 0.0531 &  &  & 0.0202 \\
ibrdida & 1.00 & 0.3396 &  &  &  &  & 0.40 & 0.0460 &  & 1.00 & 0.3278 &  & 0.71 & 0.0769 &  & 0.21 & 0.0079 \\
 &  & 0.0337 &  &  &  &  &  & 0.0672 &  &  & 0.0340 &  &  & 0.0592 &  &  & 0.0250 \\
patent & 1.00 & 0.0874 &  & 1.00 & 0.2727 &  & 0.04 & -0.0007 &  & 1.00 & -0.1680 &  & 0.31 & -0.0212 &  &  &  \\
 &  & 0.0192 &  &  & 0.0285 &  &  & 0.0060 &  &  & 0.0234 &  &  & 0.0413 &  &  &  \\
pop & 1.00 & 0.2641 &  & 1.00 & 0.1781 &  & 0.16 & 0.0059 &  & 1.00 & 0.3357 &  & 1.00 & 0.4754 &  & 0.33 & 0.0273 \\
 &  & 0.0210 &  &  & 0.0304 &  &  & 0.0179 &  &  & 0.0257 &  &  & 0.1109 &  &  & 0.0513 \\
remit & 0.01 & 0.0000 &  & 0.72 & 0.0498 &  & 0.88 & 0.0599 &  & 0.14 & 0.0029 &  & 0.11 & -0.0027 &  & 0.16 & 0.0024 \\
 &  & 0.0022 &  &  & 0.0373 &  &  & 0.0300 &  &  & 0.0110 &  &  & 0.0210 &  &  & 0.0206 \\
schsec & 0.11 & -0.0033 &  & 0.79 & -0.0694 &  & 1.00 & -0.1245 &  & 0.10 & 0.0031 &  & 0.87 & 0.3867 &  & 0.19 & -0.0561 \\
 &  & 0.0128 &  &  & 0.0441 &  &  & 0.0355 &  &  & 0.0126 &  &  & 0.1975 &  &  & 0.1597 \\
trade & 1.00 & -0.1856 &  & 1.00 & -0.1667 &  & 0.27 & -0.0163 &  & 1.00 & -0.1711 &  & 0.30 & 0.0346 &  & 0.08 & 0.0018 \\
 &  & 0.0195 &  &  & 0.0338 &  &  & 0.0320 &  &  & 0.0220 &  &  & 0.0701 &  &  & 0.0173 \\
urban & 1.00 & 0.2109 &  & 0.03 & -0.0010 &  & 1.00 & 0.5506 &  & 0.37 & 0.0258 &  & 1.00 & -1.1418 &  & 1.00 & 0.5771 \\
 &  & 0.0270 &  &  & 0.0099 &  &  & 0.0374 &  &  & 0.0396 &  &  & 0.1551 &  &  & 0.1323 \\
life & 1.00 & -0.2117 &  & 1.00 & 0.2462 &  & 1.00 & 0.3372 &  & 1.00 & -0.4475 &  & 0.74 & -0.1725 &  & 0.13 & -0.0088 \\
 &  & 0.0334 &  &  & 0.0394 &  &  & 0.0520 &  &  & 0.0301 &  &  & 0.1329 &  &  & 0.0877 \\
lfprilo & 0.46 & -0.0284 &  & 0.05 & -0.0024 &  & 1.00 & -0.2553 &  & 0.05 & -0.0001 &  & 1.00 & 0.4336 &  & 0.93 & 0.9454 \\
 &  & 0.0343 &  &  & 0.0141 &  &  & 0.0276 &  &  & 0.0075 &  &  & 0.0831 &  &  & 0.3101 \\
gfcf & 1.00 & -0.1021 &  & 1.00 & -0.2515 &  & 0.06 & -0.0005 &  & 1.00 & -0.1831 &  & 0.88 & 0.1178 &  & 0.14 & -0.0053 \\
 &  & 0.0221 &  &  & 0.0368 &  &  & 0.0061 &  &  & 0.0205 &  &  & 0.0585 &  &  & 0.0255 \\
growth & 1.00 & 0.0864 &  & 1.00 & 0.1074 &  & 0.07 & 0.0013 &  & 0.70 & 0.0401 &  & 0.06 & 0.0006 &  & 0.79 & 0.0639 \\
 &  & 0.0199 &  &  & 0.0256 &  &  & 0.0071 &  &  & 0.0319 &  &  & 0.0075 &  &  & 0.0421 \\
agrva & 1.00 & -0.3038 &  & 1.00 & 0.3460 &  & 0.12 & 0.0032 &  & 1.00 & -0.3224 &  & 0.31 & -0.0403 &  & 0.24 & -0.0272 \\
 &  & 0.0436 &  &  & 0.0671 &  &  & 0.0136 &  &  & 0.0494 &  &  & 0.0750 &  &  & 0.0732 \\
inva & 0.65 & -0.0435 &  & 1.00 & -0.1622 &  & 1.00 & -0.2092 &  & 0.03 & 0.0001 &  & 0.08 & 0.0036 &  & 0.17 & 0.0029 \\
 &  & 0.0366 &  &  & 0.0462 &  &  & 0.0408 &  &  & 0.0043 &  &  & 0.0211 &  &  & 0.0235 \\
sav & 0.27 & -0.0143 &  & 0.96 & -0.1383 &  & 1.00 & 0.2319 &  & 0.05 & 0.0004 &  & 0.18 & -0.0030 &  & 0.07 & 0.0002 \\
 &  & 0.0270 &  &  & 0.0470 &  &  & 0.0285 &  &  & 0.0063 &  &  & 0.0307 &  &  & 0.0129 \\
kaopen & 1.00 & 0.1007 &  & 1.00 & 0.1409 &  & 1.00 & 0.1999 &  & 0.11 & 0.0009 &  & 0.10 & 0.0002 &  & 0.91 & -0.5501 \\
 &  & 0.0234 &  &  & 0.0345 &  &  & 0.0251 &  &  & 0.0080 &  &  & 0.0063 &  &  & 0.2627 \\
exec & 0.37 & 0.0144 &  & 0.11 & -0.0028 &  & 0.09 & 0.0009 &  & 0.11 & 0.0013 &  & 0.15 & 0.0024 &  & 0.15 & -0.0025 \\
 &  & 0.0211 &  &  & 0.0103 &  &  & 0.0060 &  &  & 0.0068 &  &  & 0.0135 &  &  & 0.0188 \\
sq240 & 1.00 & 0.0950 &  & 0.92 & -0.0944 &  & 0.08 & -0.0020 &  & 1.00 & 0.0781 &  & 0.37 & 0.0255 &  & 0.21 & 0.0075 \\
 &  & 0.0175 &  &  & 0.0406 &  &  & 0.0093 &  &  & 0.0197 &  &  & 0.0447 &  &  & 0.1192 \\
ge & 1.00 & 0.2389 &  & 1.00 & -0.6321 &  & 0.84 & -0.1287 &  & 0.08 & 0.0029 &  & 0.15 & 0.0035 &  & 0.16 & -0.0024 \\
 &  & 0.0454 &  &  & 0.0534 &  &  & 0.0690 &  &  & 0.0148 &  &  & 0.0253 &  &  & 0.0173 \\
dem & 0.07 & 0.0028 &  & 1.00 & -0.4581 &  & 0.43 & -0.0346 &  & 0.65 & 0.0351 &  & 0.21 & -0.0205 &  & 0.40 & -0.0673 \\
 &  & 0.0111 &  &  & 0.0696 &  &  & 0.0452 &  &  & 0.0307 &  &  & 0.0730 &  &  & 0.1661 \\
\hline
    \end{tabular}}  
    \end{center}
\end{table}



\end{document}
