It seems to me as though the different races affect the HP/MP gained per level. Dwarves get the most HP, but the fewest MP, per level (around a 2:1 ratio of HP:MP), followed by humans, then dark elves. High elves get the fewest HP per level, but the most MP (around a ratio of 3:4 of HP:MP). Race also seems to determine number of SP gained per level: dwarves almost exclusively gain 2 SP, humans gain 2-3, and both types of elves gain 2-3 (but frequently 3, and occasionally 4) SP.
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