Two-stage least squares (2SLS)
| Instrument: one-year lags | Instrument: one- and two-year lags | |||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| Justtran | Justtran | Justtran | Justtran | |
| cps | 5.5633*** | 4.9364*** | 5.6041*** | 5.0893*** |
| (0.654) | (0.609) | (0.701) | (0.647) | |
| iqi | 1.4868*** | 2.1291*** | 1.6822*** | 2.2110*** |
| (0.370) | (0.397) | (0.411) | (0.427) | |
| cps_iqi | 1.0599*** | 1.1317*** | ||
| (0.153) | (0.170) | |||
| climvar | 40.3542*** | 31.3200*** | 35.4867*** | 28.0965*** |
| (9.706) | (9.417) | (10.280) | (9.903) | |
| hdi | −54.1221*** | −58.6511*** | −64.7752*** | −71.4233*** |
| (12.114) | (10.959) | (12.990) | (11.740) | |
| gdppcap | −0.0002*** | −0.0002*** | −0.0002*** | −0.0002*** |
| (0.000) | (0.000) | (0.000) | (0.000) | |
| fmdev | −0.0640*** | −0.0635*** | −0.0679*** | −0.0703*** |
| (0.012) | (0.010) | (0.013) | (0.011) | |
| fossil | −0.0030 | 0.0093 | 0.0069 | 0.0190 |
| (0.023) | (0.021) | (0.025) | (0.021) | |
| Constant | 118.5771*** | 124.1649*** | 130.7671*** | 137.8116*** |
| (11.723) | (10.790) | (12.610) | (11.493) | |
| Year effect | Yes | Yes | Yes | Yes |
| Income group effect | Yes | Yes | Yes | Yes |
| R-squared | 0.4071 | 0.4582 | 0.4229 | 0.4802 |
| Observations | 552 | 552 | 460.0000 | 460.0000 |
| Prob > F-statistic | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| Kleibergen–Paap rk LM Stats | 170.05 | 168.33 | 144.118 | 142.311 |
| Kleibergen–Paap rk LM p-value | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| Kleibergen–Paap rk Wald F-statistic | 3680.347 | 2176.107 | 1597.945 | 888.946 |
| Hansen J statistic | Equation exactly identified | 1.538 | 3.443 | |
| Hansen J p-Value | Equation exactly identified | 0.4634 | 0.3283 | |
| Instrument: one-year lags | Instrument: one- and two-year lags | |||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| Justtran | Justtran | Justtran | Justtran | |
| cps | 5.5633*** | 4.9364*** | 5.6041*** | 5.0893*** |
| (0.654) | (0.609) | (0.701) | (0.647) | |
| iqi | 1.4868*** | 2.1291*** | 1.6822*** | 2.2110*** |
| (0.370) | (0.397) | (0.411) | (0.427) | |
| cps_iqi | 1.0599*** | 1.1317*** | ||
| (0.153) | (0.170) | |||
| climvar | 40.3542*** | 31.3200*** | 35.4867*** | 28.0965*** |
| (9.706) | (9.417) | (10.280) | (9.903) | |
| hdi | −54.1221*** | −58.6511*** | −64.7752*** | −71.4233*** |
| (12.114) | (10.959) | (12.990) | (11.740) | |
| gdppcap | −0.0002*** | −0.0002*** | −0.0002*** | −0.0002*** |
| (0.000) | (0.000) | (0.000) | (0.000) | |
| fmdev | −0.0640*** | −0.0635*** | −0.0679*** | −0.0703*** |
| (0.012) | (0.010) | (0.013) | (0.011) | |
| fossil | −0.0030 | 0.0093 | 0.0069 | 0.0190 |
| (0.023) | (0.021) | (0.025) | (0.021) | |
| Constant | 118.5771*** | 124.1649*** | 130.7671*** | 137.8116*** |
| (11.723) | (10.790) | (12.610) | (11.493) | |
| Year effect | Yes | Yes | Yes | Yes |
| Income group effect | Yes | Yes | Yes | Yes |
| 0.4071 | 0.4582 | 0.4229 | 0.4802 | |
| Observations | 552 | 552 | 460.0000 | 460.0000 |
| Prob > F-statistic | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| Kleibergen–Paap rk LM Stats | 170.05 | 168.33 | 144.118 | 142.311 |
| Kleibergen–Paap rk LM | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| Kleibergen–Paap rk Wald F-statistic | 3680.347 | 2176.107 | 1597.945 | 888.946 |
| Hansen J statistic | Equation exactly identified | 1.538 | 3.443 | |
| Hansen J | Equation exactly identified | 0.4634 | 0.3283 | |
Note(s): Standard errors in parentheses
*p < 0.10, **p < 0.05, ***p < 0.01
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