Dynamic panel-data estimation, one-step system GMM
| Model -1 | Model -2 | Model -3 | |
|---|---|---|---|
| Variables | SC | ST | TE |
| RQ | 0.474 | 1.51* | −0.860 |
| (0.487) | (0.880) | (0.881) | |
| RL | 0.907* | 1.14 | −0.180 |
| (0.530) | (0.837) | (1.19) | |
| GE | 1.14* | 1.70*** | 0.985* |
| (0.435) | (0.593) | (1.20) | |
| GDP | −0.040*** | −0.002 | −0.029 |
| (0.047) | (0.086) | (0.086) | |
| HDI | 5.09*** | 1.14* | 8.17* |
| (0.081) | (1.71) | (5.19) | |
| CPI | −0.022 | −0.072* | 0.009 |
| (0.036) | (0.043) | (0.055) | |
| Constant | −128.8 | −197.0 | −101.4*** |
| (287.01) | (202.4) | (185.1) | |
| Observations | 100 | 100 | 100 |
| Number of ID | 20 | 20 | 20 |
| AR (1) | 0.110 | 0.221 | 0.107 |
| AR (2) | 0.800 | 0.829 | 0.804 |
| Sargan test | 0.115 | 0.129 | 0.899 |
| Hansen test | 0.253 | 0.148 | 0.965 |
| Model -1 | Model -2 | Model -3 | |
|---|---|---|---|
| Variables | |||
| 0.474 | 1.51* | −0.860 | |
| (0.487) | (0.880) | (0.881) | |
| 0.907* | 1.14 | −0.180 | |
| (0.530) | (0.837) | (1.19) | |
| 1.14* | 1.70*** | 0.985* | |
| (0.435) | (0.593) | (1.20) | |
| −0.040*** | −0.002 | −0.029 | |
| (0.047) | (0.086) | (0.086) | |
| 5.09*** | 1.14* | 8.17* | |
| (0.081) | (1.71) | (5.19) | |
| −0.022 | −0.072* | 0.009 | |
| (0.036) | (0.043) | (0.055) | |
| Constant | −128.8 | −197.0 | −101.4*** |
| (287.01) | (202.4) | (185.1) | |
| Observations | 100 | 100 | 100 |
| Number of | 20 | 20 | 20 |
| 0.110 | 0.221 | 0.107 | |
| 0.800 | 0.829 | 0.804 | |
| Sargan test | 0.115 | 0.129 | 0.899 |
| Hansen test | 0.253 | 0.148 | 0.965 |
Note(s): The significance levels refer to p < 0.01 (**), p < 0.05 (**) and p < 0.1 (*)
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