Table 5 Globalization, inclusive...

Table 5

Globalization, inclusive tertiary school education (TSE) and structural transformation

	Dependent variable: manufacturing value added (MVA)
	Globalization (kofgi)	Economic globalization (kofecgi)	Social globalization (kofsogi)	Political globalization (kofpogi)
MVA (−1)	0.994***	0.951***	1.045***	0.897***
MVA (−1)	(0.067)	(0.059)	(0.088)	(0.088)
TSE	0.016	−0.797	−0.375	−0.674
TSE	(1.029)	(0.978)	(1.303)	(0.893)
Global	0.140***
Global	(0.049)
Global × TSE	−0.106***
Global × TSE	(0.037)
Econ global		0.071
Econ global		(0.061)
Econ global × TSE		−0.092
Econ global × TSE		(0.061)
Social global			0.152**
Social global			(0.063)
Social global × TSE			−0.136**
Social global × TSE			(0.051)
Polit global				0.060*
Polit global				(0.035)
Polit global × TSE				−0.073**
Polit global × TSE				(0.030)
Population growth	−1.199***	−0.807**	−0.874***	−0.790**
Population growth	(0.283)	(0.322)	(0.293)	(0.297)
Time effects	Yes	Yes	Yes	Yes
Constant	1.119	3.696***	1.003	3.882**
Constant	(1.751)	(1.160)	(1.216)	(1.636)
Net effects	0.064	na	0.055	0.008
Thresholds	1.320	na	1.117	0.821
AR (1)	(0.034)	(0.033)	(0.027)	(0.033)
AR (2)	(0.654)	(0.927)	(0.791)	(0.735)
Sargan OIR	(0.877)	(0.365)	(0.775)	(0.446)
Hansen OIR	(0.880)	(0.537)	(0.933)	(0.767)
DHT for instruments
(1) Instruments in levels
H excluding group	(0.709)	(0.287)	(0.484)	(0.222)
Dif(null, H = exogenous)	(0.812)	(0.649)	(0.969)	(0.948)
(2) IV(years, eq(diff))
H excluding group
Dif(null, H = exogenous)
Fisher	136051.34***	31282.02***	16488.57***	45880.90***
Instruments	34	34	34	34
Countries	36	36	36	36
Observations	263	263	263	263

	Dependent variable: manufacturing value added (MVA)
	Globalization (kofgi)	Economic globalization (kofecgi)	Social globalization (kofsogi)	Political globalization (kofpogi)
MVA (−1)	0.994***	0.951***	1.045***	0.897***
MVA (−1)	(0.067)	(0.059)	(0.088)	(0.088)
TSE	0.016	−0.797	−0.375	−0.674
TSE	(1.029)	(0.978)	(1.303)	(0.893)
Global	0.140***
Global	(0.049)
Global × TSE	−0.106***
Global × TSE	(0.037)
Econ global		0.071
Econ global		(0.061)
Econ global × TSE		−0.092
Econ global × TSE		(0.061)
Social global			0.152**
Social global			(0.063)
Social global × TSE			−0.136**
Social global × TSE			(0.051)
Polit global				0.060*
Polit global				(0.035)
Polit global × TSE				−0.073**
Polit global × TSE				(0.030)
Population growth	−1.199***	−0.807**	−0.874***	−0.790**
Population growth	(0.283)	(0.322)	(0.293)	(0.297)
Time effects	Yes	Yes	Yes	Yes
Constant	1.119	3.696***	1.003	3.882**
Constant	(1.751)	(1.160)	(1.216)	(1.636)
Net effects	0.064	na	0.055	0.008
Thresholds	1.320	na	1.117	0.821
AR (1)	(0.034)	(0.033)	(0.027)	(0.033)
AR (2)	(0.654)	(0.927)	(0.791)	(0.735)
Sargan OIR	(0.877)	(0.365)	(0.775)	(0.446)
Hansen OIR	(0.880)	(0.537)	(0.933)	(0.767)
DHT for instruments
(1) Instruments in levels
H excluding group	(0.709)	(0.287)	(0.484)	(0.222)
Dif(null, H = exogenous)	(0.812)	(0.649)	(0.969)	(0.948)
(2) IV(years, eq(diff))
H excluding group
Dif(null, H = exogenous)
Fisher	136051.34***	31282.02***	16488.57***	45880.90***
Instruments	34	34	34	34
Countries	36	36	36	36
Observations	263	263	263	263

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 tertiary school enrollment is 0.712. The range of tertiary school enrollment is 0.064–1.494. 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

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