Table 8 Results of IV GMM and FGLS test... | Emerald Publishing

Table 8

Results of IV GMM and FGLS test for endogeneity and robustness

Variables	IV-GMM				FGLS
Variables	Model −1	p-value	Model-2	p-value	Model −1	p-value	Model-2	p-value
AT	−0.008	0.557	−0.007	0.560	−0.002	0.247	−0.002	0.286
LGDP	4.672^***	0.006	1.687	0.311	2.008^***	0.000	2.079^***	0.000
CPI	0.006^***	0.000	0.036^***	0.000	0.000^*	0.553	0.001	0.776
CPI2	–	–	−0.000^***	0.000	–	–	−2.40e−07	0.944
ER	−0.001^***	0.000	−0.001^***	0.000	−0.000^***	0.000	−0.000^***	0.000
LEXP	−2.596^**	0.031	−3.621^***	0.004	−1.075^***	0.001	−1.220^***	0.000
LIMP	5.025^***	0.000	5.718^***	0.000	0.707^*	0.060	0.760^*	0.051
LGFCF	−5.073^***	0.000	−4.304^***	0.000	−0.324^*	0.082	−0.326^*	0.086

Variables	IV-GMM				FGLS
Variables	Model −1	p-value	Model-2	p-value	Model −1	p-value	Model-2	p-value
AT	−0.008	0.557	−0.007	0.560	−0.002	0.247	−0.002	0.286
LGDP	4.672^***	0.006	1.687	0.311	2.008^***	0.000	2.079^***	0.000
CPI	0.006^***	0.000	0.036^***	0.000	0.000^*	0.553	0.001	0.776
CPI2	–	–	−0.000^***	0.000	–	–	−2.40e−07	0.944
ER	−0.001^***	0.000	−0.001^***	0.000	−0.000^***	0.000	−0.000^***	0.000
LEXP	−2.596^**	0.031	−3.621^***	0.004	−1.075^***	0.001	−1.220^***	0.000
LIMP	5.025^***	0.000	5.718^***	0.000	0.707^*	0.060	0.760^*	0.051
LGFCF	−5.073^***	0.000	−4.304^***	0.000	−0.324^*	0.082	−0.326^*	0.086

Note(s): ^*, ^** and ^*** Significant at level of 10%, 5% and 1%, respectively

Source(s): Authors’ own compilation