Table 3. Estimations using two-step... | Emerald Publishing

Table 3.

Estimations using two-step system GMM

	Model 1	Model 2	Model 3	Model 4
Constant	0.1448 0.0151^***	0.0549 0.0256^**	0.2708 0.0244^***	0.1018 0.0247^***
Lag.1 (GDP per capita)	−1.0036 (0.0022)^***	−0.9981 (0.0017)^***	−1.0065 (0.0139)^***	−1.0007 (0.0019)^***
Labor force	0.0013 (0.0021)	−0.0018 (0.0031)	0.0246 (0.0035)^***	0.0103 (0.0025)^***
Fixed capital formation	0.0110 (0.0018)^***	0.0181 (0.0014)^***	0.0084 (0.0011)^***	0.0071 (0.0008)^***
Trade openness	−0.0019 (0.0014)^*	−0.0020 (0.0011)^*	−0.0046 (0.0008)^***	0.0028 (0.0009)^***
Inflation	−0.0001 (0.0000)^***	−0.0001 (0.0000)^**	−0.0005 (0.0003)^***	−0.0002 (0.0000)^***
Government expenditure	−0.0265 (0.0012)^***	−0.0297 (0.0011)^***	−0.0278 (0.0119)^***	−0.0144 (0.0013)^***
Secondary school enrolment	0.0205 (0.0020)^***	0.0127 (0.0023)^***	–	–
Primary pupil teacher ratio	–	–	−0.1114 (0.0507)^***	−0.0245 (0.0719)^***
Domestic credit	0.0395 (0.0036)^***	–	0.1153 (0.0576)^***	–
Private credit	–	0.0227 (0.0013)^***	–	0.0470 (0.0256)^***
Enrolment^* private credit	–	0.0793 (0.0267)^***	–	–
PPTR^* private credit	–	–	–	0.0101 (0.0051)^***
Enrolment^* domestic credit	0.0140 (0.0009)^***	–	–	–
PPTR^* domestic credit	–	–	0.0330 (0.0164)^***	–
Wald χ²	0.0000	0.0000	0.0000	0.0000
AR(2) z-value (p-value)	−0.55 (0.583)	−1.39 (0.165)	−0.92 (0.359)	−1.44 (0.151)
Hansen (p-value)	75.38 (0.989)	76.66 (0.986)	79.06 (0.977)	80.30 (0.97)

	Model 1	Model 2	Model 3	Model 4
Constant	0.1448 0.0151^***	0.0549 0.0256^**	0.2708 0.0244^***	0.1018 0.0247^***
Lag.1 (GDP per capita)	−1.0036 (0.0022)^***	−0.9981 (0.0017)^***	−1.0065 (0.0139)^***	−1.0007 (0.0019)^***
Labor force	0.0013 (0.0021)	−0.0018 (0.0031)	0.0246 (0.0035)^***	0.0103 (0.0025)^***
Fixed capital formation	0.0110 (0.0018)^***	0.0181 (0.0014)^***	0.0084 (0.0011)^***	0.0071 (0.0008)^***
Trade openness	−0.0019 (0.0014)^*	−0.0020 (0.0011)^*	−0.0046 (0.0008)^***	0.0028 (0.0009)^***
Inflation	−0.0001 (0.0000)^***	−0.0001 (0.0000)^**	−0.0005 (0.0003)^***	−0.0002 (0.0000)^***
Government expenditure	−0.0265 (0.0012)^***	−0.0297 (0.0011)^***	−0.0278 (0.0119)^***	−0.0144 (0.0013)^***
Secondary school enrolment	0.0205 (0.0020)^***	0.0127 (0.0023)^***	–	–
Primary pupil teacher ratio	–	–	−0.1114 (0.0507)^***	−0.0245 (0.0719)^***
Domestic credit	0.0395 (0.0036)^***	–	0.1153 (0.0576)^***	–
Private credit	–	0.0227 (0.0013)^***	–	0.0470 (0.0256)^***
Enrolment^* private credit	–	0.0793 (0.0267)^***	–	–
PPTR^* private credit	–	–	–	0.0101 (0.0051)^***
Enrolment^* domestic credit	0.0140 (0.0009)^***	–	–	–
PPTR^* domestic credit	–	–	0.0330 (0.0164)^***	–
Wald χ²	0.0000	0.0000	0.0000	0.0000
AR(2) z-value (p-value)	−0.55 (0.583)	−1.39 (0.165)	−0.92 (0.359)	−1.44 (0.151)
Hansen (p-value)	75.38 (0.989)	76.66 (0.986)	79.06 (0.977)	80.30 (0.97)

Note:

***

Shows significance level at 1%,

**

at 5% and

*

at 10%