Estimation results
| Variables | OLS | 2000-2014 | 2000-2010 | Eastern region | Central region | Western region |
|---|---|---|---|---|---|---|
| L.CE | 0.780 (40.15)*** | 0.724 (14.05)*** | 0.740 (14.63)*** | 0.795 (10.09)*** | 0.672 (12.36)*** | 0.724 (44.30)*** |
| RGDP | −0.001 (−0.23) | 0.001 (0.17) | 0.007 (0.92) | −0.001 (−0.18) | −0.015 (−0.79) | −0.028 (−2.79)*** |
| EI | −0.026 (−6.85)*** | −0.028 (−3.09)*** | −0.025 (−3.31)*** | −0.044 (−1.32) | −0.054 (−4.75)*** | −0.028 (−8.66)*** |
| STR | 0.029 (3.79)*** | 0.036 (2.12)** | 0.026 (1.59) | 0.033 (3.24)*** | 0.019 (0.32) | −0.091 (−4.13)*** |
| dpromote | 5.37e − 17 (0.00) | −0.300 (−1.65)* | −0.156 (−1.86)* | −0.170 (−1.38) | −0.169 (−2.30)** | −0.010 (−4.13) |
| d2007 | −0.039 (−4.26)*** | −0.174 (−1.97)** | −0.100 (−2.78)*** | −0.100 (−1.78)* | −0.113 (−2.45)** | −0.045 (−1.00) |
| d2007* dpromote | −0.003 (−0.25) | 0.264 (1.62)* | 0.127 (1.90)** | 0.140 (1.32) | 0.151 (2.22)** | 0.013 (0.15) |
| c | 0.221 (10.46)*** | 0.405 (3.65)*** | 0.318 (4.91)*** | 0.302 (2.78)*** | 0.457 (5.05)*** | 0.404 (8.51)*** |
| Observations | 840 | 840 | 600 | 336 | 252 | 252 |
| AR (1) | −5.07 (0.000) | −5.02 (0.000) | −3.68 (0.000) | −2.99 (0.003) | −3.16 (0.002) | |
| AR (2) | 1.25 (0.210) | 1.50 (0.134) | 0.06 (0.954) | 1.05 (0.295) | 1.33 (0.184) | |
| Hansen test | 57.67 (1.000) | 58.28 (1.000) | 20.10 (1.000) | 14.39 (1.000) | 11.44 (1.000) |
| Variables | OLS | 2000-2014 | 2000-2010 | Eastern region | Central region | Western region |
|---|---|---|---|---|---|---|
| L.CE | 0.780 (40.15) | 0.724 (14.05) | 0.740 (14.63) | 0.795 (10.09) | 0.672 (12.36) | 0.724 (44.30) |
| RGDP | −0.001 (−0.23) | 0.001 (0.17) | 0.007 (0.92) | −0.001 (−0.18) | −0.015 (−0.79) | −0.028 (−2.79) |
| EI | −0.026 (−6.85) | −0.028 (−3.09) | −0.025 (−3.31) | −0.044 (−1.32) | −0.054 (−4.75) | −0.028 (−8.66) |
| STR | 0.029 (3.79) | 0.036 (2.12) | 0.026 (1.59) | 0.033 (3.24) | 0.019 (0.32) | −0.091 (−4.13) |
| dpromote | 5.37e − 17 (0.00) | −0.300 (−1.65) | −0.156 (−1.86) | −0.170 (−1.38) | −0.169 (−2.30) | −0.010 (−4.13) |
| d2007 | −0.039 (−4.26) | −0.174 (−1.97) | −0.100 (−2.78) | −0.100 (−1.78) | −0.113 (−2.45) | −0.045 (−1.00) |
| d2007* dpromote | −0.003 (−0.25) | 0.264 (1.62) | 0.127 (1.90) | 0.140 (1.32) | 0.151 (2.22) | 0.013 (0.15) |
| c | 0.221 (10.46) | 0.405 (3.65) | 0.318 (4.91) | 0.302 (2.78) | 0.457 (5.05) | 0.404 (8.51) |
| Observations | 840 | 840 | 600 | 336 | 252 | 252 |
| AR (1) | −5.07 (0.000) | −5.02 (0.000) | −3.68 (0.000) | −2.99 (0.003) | −3.16 (0.002) | |
| AR (2) | 1.25 (0.210) | 1.50 (0.134) | 0.06 (0.954) | 1.05 (0.295) | 1.33 (0.184) | |
| Hansen test | 57.67 (1.000) | 58.28 (1.000) | 20.10 (1.000) | 14.39 (1.000) | 11.44 (1.000) |
Notes:
(1) The figures in parentheses close to the parameter estimates are t-statistics;
(2) The figures in parentheses of AR test and Hansen test are probability;
(3) ***, ** and * denote rejection of the null hypothesis at the 1, 5 and 10% levels, respectively