Model selection between difference-and-system-GMM
| VAR | POLS | FE | Two-step DGMM |
|---|---|---|---|
| FSL(−1) | 0.96*** (0.009) | 0.65*** (0.02) | 0.402*** (0.03) |
| GDP | 0.03 (0.04) | 0.003* (0.04) | 0.07*** (0.004) |
| GCF | 0.02 (0.04) | 0.01 (0.04) | 0.08*** (0.003) |
| HCE | −0.006 (0.006) | −0.004 (0.01) | 0.003*** (0.001) |
| PG | 0.0002 (0.01) | 0.06 (0.06) | 0.01*** (0.01) |
| SDG17 | 0.0002 (0.02) | 0.03 (0.06) | −0.07*** (0.01) |
| UB | 0.012 (0.12) | 0.01 (0.25) | −0.06*** (0.01) |
| GCF | 0.01 (0.02) | 0.03 (0.02) | 0.02*** (0.003) |
| FM | 3.56 (2.18) | 14.8 (7.25)** | 16.88*** (0.59) |
| C | 1.07 (1.05) | 9.9*** 3.94) | |
| Year dummies | – | – | YES |
| R-squared | 0.933 | 0.944 | |
| Number of countries | 48 | 48 | 48 |
| p-value: AR (1) | 0.067 | ||
| AR (2) | 0.364 | ||
| Sargan | 0.567 | ||
| Hansen | 0.110 |
| VAR | POLS | FE | Two-step DGMM |
|---|---|---|---|
| FSL(−1) | 0.96*** (0.009) | 0.65*** (0.02) | 0.402*** (0.03) |
| GDP | 0.03 (0.04) | 0.003* (0.04) | 0.07*** (0.004) |
| GCF | 0.02 (0.04) | 0.01 (0.04) | 0.08*** (0.003) |
| HCE | −0.006 (0.006) | −0.004 (0.01) | 0.003*** (0.001) |
| PG | 0.0002 (0.01) | 0.06 (0.06) | 0.01*** (0.01) |
| SDG17 | 0.0002 (0.02) | 0.03 (0.06) | −0.07*** (0.01) |
| UB | 0.012 (0.12) | 0.01 (0.25) | −0.06*** (0.01) |
| GCF | 0.01 (0.02) | 0.03 (0.02) | 0.02*** (0.003) |
| FM | 3.56 (2.18) | 14.8 (7.25)** | 16.88*** (0.59) |
| C | 1.07 (1.05) | 9.9*** 3.94) | |
| Year dummies | – | – | YES |
| 0.933 | 0.944 | ||
| Number of countries | 48 | 48 | 48 |
| 0.067 | |||
| AR (2) | 0.364 | ||
| Sargan | 0.567 | ||
| Hansen | 0.110 |
Note(s): Standard errors in parentheses; ***p < 0.01, **p < 0.05, *p < 0.1
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