Robustness test
| Variable | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 |
|---|---|---|---|---|---|---|
| L.HD | 0.8469*** (0.1134) | 0.8251*** (0.1102) | 0.9233*** (0.0823) | 0.9795*** (0.1112) | 0.9368*** (0.1032) | 0.8943*** (0.0712) |
| HPI | −0.0251 (0.0838) | −0.0470 (0.1080) | −0.1829 (0.8883) | −0.1918 (0.1307) | −0.1610 (0.1073) | −0.1205 (0.1630) |
| DCB | 0.0789** (0.0346) | 0.0988*** (0.0296) | 0.0417** (0.0324) | 0.0106 (0.0721) | 0.0442** (0.0239) | 0.0783*** (0.0264) |
| HPIDCB | 0.0034** (0.0014) | 0.0090** (0.0026) | 0.0027 (0.0030) | 0.0047 (0.0053) | 0.0069* (0.0037) | 0.0075** (0.0021) |
| INF | −0.124*** (0.0429) | −0.132*** (0.0301) | −0.1383** (0.0550) | −0.1087 (0.0945) | −0.0934** (0.0453) | −0.114*** (0.0322) |
| UN | 0.0168 (0.0907) | −0.0403 (0.1037) | −0.0956 (0.0848) | −0.1358 (0.1282) | −0.0975 (0.1139) | −0.0894* (0.0498) |
| GDP | −0.216*** (0.0618) | −0.1708*** (0.0467) | −0.2478*** (0.0408) | −0.2771*** (0.0652) | −0.250*** (0.0599) | −0.194*** (0.0452) |
| HPI Sq | −0.0018** (0.0005) | −0.0052** (0.0010) | −0.0041** (0.0004) | |||
| DCB Sq | −0.0001 (0.0003) | −0.0001 (0.0003) | −0.0002 (0.0002) | |||
| Sargan | 0.127 | 0.119 | 0.471 | 0.366 | 0.610 | 0.390 |
| Hansen | 0.191 | 0.224 | 0.608 | 0.791 | 0.458 | 0.401 |
| AR (2) | 0.504 | 0.375 | 0.520 | 0.453 | 0.308 | 0.334 |
| 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 | 0.8469*** (0.1134) | 0.8251*** (0.1102) | 0.9233*** (0.0823) | 0.9795*** (0.1112) | 0.9368*** (0.1032) | 0.8943*** (0.0712) |
| −0.0251 (0.0838) | −0.0470 (0.1080) | −0.1829 (0.8883) | −0.1918 (0.1307) | −0.1610 (0.1073) | −0.1205 (0.1630) | |
| 0.0789** (0.0346) | 0.0988*** (0.0296) | 0.0417** (0.0324) | 0.0106 (0.0721) | 0.0442** (0.0239) | 0.0783*** (0.0264) | |
| 0.0034** (0.0014) | 0.0090** (0.0026) | 0.0027 (0.0030) | 0.0047 (0.0053) | 0.0069* (0.0037) | 0.0075** (0.0021) | |
| −0.124*** (0.0429) | −0.132*** (0.0301) | −0.1383** (0.0550) | −0.1087 (0.0945) | −0.0934** (0.0453) | −0.114*** (0.0322) | |
| 0.0168 (0.0907) | −0.0403 (0.1037) | −0.0956 (0.0848) | −0.1358 (0.1282) | −0.0975 (0.1139) | −0.0894* (0.0498) | |
| GDP | −0.216*** (0.0618) | −0.1708*** (0.0467) | −0.2478*** (0.0408) | −0.2771*** (0.0652) | −0.250*** (0.0599) | −0.194*** (0.0452) |
| −0.0018** (0.0005) | −0.0052** (0.0010) | −0.0041** (0.0004) | ||||
| −0.0001 (0.0003) | −0.0001 (0.0003) | −0.0002 (0.0002) | ||||
| Sargan | 0.127 | 0.119 | 0.471 | 0.366 | 0.610 | 0.390 |
| Hansen | 0.191 | 0.224 | 0.608 | 0.791 | 0.458 | 0.401 |
| 0.504 | 0.375 | 0.520 | 0.453 | 0.308 | 0.334 | |
| 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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