Table 3 Globalization, inclusive...

Table 3

Globalization, inclusive secondary school education (SSE) and structural transformation

	Dependent variable: manufacturing value added (MVA)
	Globalization (kofgi)	Economic globalization (kofecgi)	Social globalization (kofsogi)	Political globalization (kofpogi)
MVA (−1)	0.896***	0.866***	0.928***	0.934***
MVA (−1)	(0.036)	(0.025)	(0.033)	(0.042)
SSE	2.206	3.163	1.729	0.567
SSE	(1.781)	(2.116)	(1.444)	(1.562)
Global	0.037
Global	(0.055)
Global × SSE	−0.026
Global × SSE	(0.053)
Econ global		0.109
Econ global		(0.070)
Econ global × SSE		−0.102
Econ global × SSE		(0.068)
Social global			0.153
Social global			(0.119)
Social global × SSE			−0.089
Social global × SSE			(0.086)
Polit global				−0.026
Polit global				(0.039)
Polit global × SSE				0.029
Polit global × SSE				(0.043)
Population growth	−0.013	0.123	−0.243	0.128
Population growth	(0.305)	(0.336)	(0.247)	(0.219)
Log (GDP per capita)	0.188	0.374**	−0.359	0.284*
Log (GDP per capita)	(0.189)	(0.165)	(0.524)	(0.166)
Time effects	Yes	Yes	Yes	Yes
Constant	−2.960	−5.254*	−0.621	−2.190
Constant	(2.624)	(2.875)	(2.591)	(2.125)
Net effects	na	na	na	na
Thresholds	na	na	na	na
AR (1)	(0.010)	(0.013)	(0.009)	(0.009)
AR (2)	(0.628)	(0.724)	(0.594)	(0.608)
Sargan OIR	(0.733)	(0.503)	(0.582)	(0.409)
Hansen OIR	(0.326)	(0.268)	(0.336)	(0.220)
DHT for instruments
(1) Instruments in levels
H excluding group	(0.233)	(0.193)	(0.153)	(0.078)
Dif(null, H = exogenous)	(0.433)	(0.393)	(0.554)	(0.521)
(2) IV(years, eq(diff))
H excluding group	(0.853)	(0.011)	(0.935)	(0.266)
Dif(null, H = exogenous)	(0.267)	(0.634)	(0.274)	(0.224)
Fisher	67867.28***	16242.99***	21787.82***	17370.45***
Instruments	38	38	38	38
Countries	40	40	40	40
Observations	367	367	367	367

	Dependent variable: manufacturing value added (MVA)
	Globalization (kofgi)	Economic globalization (kofecgi)	Social globalization (kofsogi)	Political globalization (kofpogi)
MVA (−1)	0.896***	0.866***	0.928***	0.934***
MVA (−1)	(0.036)	(0.025)	(0.033)	(0.042)
SSE	2.206	3.163	1.729	0.567
SSE	(1.781)	(2.116)	(1.444)	(1.562)
Global	0.037
Global	(0.055)
Global × SSE	−0.026
Global × SSE	(0.053)
Econ global		0.109
Econ global		(0.070)
Econ global × SSE		−0.102
Econ global × SSE		(0.068)
Social global			0.153
Social global			(0.119)
Social global × SSE			−0.089
Social global × SSE			(0.086)
Polit global				−0.026
Polit global				(0.039)
Polit global × SSE				0.029
Polit global × SSE				(0.043)
Population growth	−0.013	0.123	−0.243	0.128
Population growth	(0.305)	(0.336)	(0.247)	(0.219)
Log (GDP per capita)	0.188	0.374**	−0.359	0.284*
Log (GDP per capita)	(0.189)	(0.165)	(0.524)	(0.166)
Time effects	Yes	Yes	Yes	Yes
Constant	−2.960	−5.254*	−0.621	−2.190
Constant	(2.624)	(2.875)	(2.591)	(2.125)
Net effects	na	na	na	na
Thresholds	na	na	na	na
AR (1)	(0.010)	(0.013)	(0.009)	(0.009)
AR (2)	(0.628)	(0.724)	(0.594)	(0.608)
Sargan OIR	(0.733)	(0.503)	(0.582)	(0.409)
Hansen OIR	(0.326)	(0.268)	(0.336)	(0.220)
DHT for instruments
(1) Instruments in levels
H excluding group	(0.233)	(0.193)	(0.153)	(0.078)
Dif(null, H = exogenous)	(0.433)	(0.393)	(0.554)	(0.521)
(2) IV(years, eq(diff))
H excluding group	(0.853)	(0.011)	(0.935)	(0.266)
Dif(null, H = exogenous)	(0.267)	(0.634)	(0.274)	(0.224)
Fisher	67867.28***	16242.99***	21787.82***	17370.45***
Instruments	38	38	38	38
Countries	40	40	40	40
Observations	367	367	367	367

Note(s): “***, ** and *, respectively, denote the 1%, 5% and 10% levels of significance. DHT shows the Difference in Hansen Test used to assess the exogeneity of instruments subsets. OIR: Over-identifying Restrictions Test. Dif: Difference. Italic values have two principal significances: on the one hand, the significance of the Fisher statistics and estimated coefficients; on the other hand, the non-rejection of the null hypotheses of (1) autocorrelation absence in the AR(1) & AR(2) tests and (2) the instruments that are valid based on the Sargan and Hansen OIR tests. na: not applicable given that at least one estimated coefficient that is indispensable for the computation of net effects does not reflect significance. The mean of secondary school enrollment is 0.872. The range of secondary school enrollment is 0.332–1.215. For the estimated coefficients, values in parentheses reflect standard errors, while for the information criteria (i.e. AR, Sargan, Hansen, DHT and IV tests), p-values are disclosed

[ViewLarge]

Sharing Unavailable