Estimated coefficients (two step SGMM)
| Variable | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 |
|---|---|---|---|---|---|---|
| L.HD | 0.8434*** (0.1196) | 0.8112*** (0.0962) | 0.9313*** (0.0524) | 0.9596*** (0.0422) | 0.8556*** (0.0795) | 0.8762*** (0.0994) |
| H | −1.1844 (0.9796) | −0.5257 (0.6279) | −0.6199 (1.2171) | −0.7564 (0.9694) | −1.1520 (1.4943) | −0.1179 (1.0201) |
| DCB | 0.1035** (0.0510) | 0.1292** (0.0537) | 0.0528** (0.0259) | 0.0293 (0.0233) | 0.0921** (0.0389) | 0.0800** (0.0593) |
| HDCB | 0.1133* (0.0599) | 0.1140** (0.0450) | 0.0275 (0.0379) | 0.0029 (0.0177) | 0.1465** (0.0637) | 0.0859** (0.0053) |
| INF | −0.0981 ** (0.0462) | −0.1297** (0.0503) | −0.0965*** (0.0321) | −0.0624** (0.0304) | −0.0881** (0.0406) | −0.0934* (0.0504) |
| UN | −0.0419 (0.0702) | −0.0401 (0.0256) | −0.0583* (0.0347) | −0.0262 (0.0666) | −0.0249 (0.0897) | −0.0376 (0.0469) |
| GDP | −0.1464** (0.0613) | −0.1362*** (0.0434) | −0.2192*** (0.0352) | −0.2066*** (0.0369) | −0.1540** (0.0613) | −0.167*** (0.0410) |
| H Sq | −1.3036*** (0.3509) | −0.7982** (0.3251) | −0.8516** (0.5791) | |||
| DCB Sq | −0.0002 (0.0002) | 0.0001 (0.0002) | −0.0001 (0.0003) | |||
| Sargan | 0.768 | 0.237 | 0.023 | 0.001 | 0.986 | 0.110 |
| Hansen | 0.685 | 0.755 | 0.527 | 0.938 | 0.911 | 0.748 |
| AR (2) | 0.605 | 0.491 | 0.686 | 0.638 | 0.455 | 0.683 |
| Instru. | 17 | 23 | 17 | 23 | 17 | 23 |
| Groups | 34 | 34 | 18 | 18 | 27 | 27 |
| Observ. | 204 | 204 | 108 | 108 | 162 | 162 |
| Variable | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 |
|---|---|---|---|---|---|---|
| L.HD | 0.8434*** (0.1196) | 0.8112*** (0.0962) | 0.9313*** (0.0524) | 0.9596*** (0.0422) | 0.8556*** (0.0795) | 0.8762*** (0.0994) |
| H | −1.1844 (0.9796) | −0.5257 (0.6279) | −0.6199 (1.2171) | −0.7564 (0.9694) | −1.1520 (1.4943) | −0.1179 (1.0201) |
| 0.1035** (0.0510) | 0.1292** (0.0537) | 0.0528** (0.0259) | 0.0293 (0.0233) | 0.0921** (0.0389) | 0.0800** (0.0593) | |
| 0.1133* (0.0599) | 0.1140** (0.0450) | 0.0275 (0.0379) | 0.0029 (0.0177) | 0.1465** (0.0637) | 0.0859** (0.0053) | |
| −0.0981 ** (0.0462) | −0.1297** (0.0503) | −0.0965*** (0.0321) | −0.0624** (0.0304) | −0.0881** (0.0406) | −0.0934* (0.0504) | |
| −0.0419 (0.0702) | −0.0401 (0.0256) | −0.0583* (0.0347) | −0.0262 (0.0666) | −0.0249 (0.0897) | −0.0376 (0.0469) | |
| GDP | −0.1464** (0.0613) | −0.1362*** (0.0434) | −0.2192*** (0.0352) | −0.2066*** (0.0369) | −0.1540** (0.0613) | −0.167*** (0.0410) |
| H Sq | −1.3036*** (0.3509) | −0.7982** (0.3251) | −0.8516** (0.5791) | |||
| −0.0002 (0.0002) | 0.0001 (0.0002) | −0.0001 (0.0003) | ||||
| Sargan | 0.768 | 0.237 | 0.023 | 0.001 | 0.986 | 0.110 |
| Hansen | 0.685 | 0.755 | 0.527 | 0.938 | 0.911 | 0.748 |
| 0.605 | 0.491 | 0.686 | 0.638 | 0.455 | 0.683 | |
| Instru. | 17 | 23 | 17 | 23 | 17 | 23 |
| Groups | 34 | 34 | 18 | 18 | 27 | 27 |
| Observ. | 204 | 204 | 108 | 108 | 162 | 162 |
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