Table 4 Contemporaneous causality: GDP... | Emerald Publishing

Table 4

Contemporaneous causality: GDP and TFP; IV/GMM

	Andean		Third		Caribbean		Pacific		Others		Total
	clgdp	cltfp	clgdp	cltfp	clgdp	cltfp	clgdp	cltfp	clgdp	cltfp	clgdp	cltfp
clgdp		0.541 (0.797)		0.767 (0.500)		−0.345 (0.751)		0.806 (0.932)		2.814** (1.319)		−0.092 (0.878)
cltfp	0.104** (0.051)		0.144* (0.082)		0.129* (0.083)		0.256 (0.236)		0.119 (0.117)		0.070 (0.277)
cunemp	−0.640** (0.272)	0.735 (0.854)	−1.546** (0.623)	0.402 (0.989)	−0.177 (0.157)	0.301 (0.733)	0.844 (0.871)	−0.673 (3.242)	−1.129 (1.150)	7.623* (4.726)	−0.237 (0.201)	0.172 (0.744)
cunemp_t−1	−0.054 (0.270)	1.616*** (0.575)	−0.844* (0.542)	−0.033 (0.853)	−0.181 (0.149)	0.549 (0.356)	−1.085 (0.915)	4.298* (2.590)	−2.367** (1.022)	13.242*** (4.966)	−0.047 (0.307)	1.005*** (0.361)
Crisis	−0.008** (0.003)	0.038*** (0.006)	0.002 (0.003)	−0.018** (0.007)	0.001 (0.006)	−0.017 (0.015)	−0.009 (0.009)	0.018 (0.017)	0.011 (0.009)	−0.098*** (0.019)	0.001 (0.005)	−0.013* (0.007)
clpop_t−1	2.897** (1.392)	−12.423*** (3.390)	−1.095 (0.943)	4.427** (1.893)	−0.608 (2.361)	−2.048 (7.825)	1.640 (1.712)	−3.522 (6.938)	−0.311 (1.192)	2.525 (6.138)	0.199 (0.709)	2.941 (3.409)
Constant	0.001 (0.001)	−0.003 (0.004)	0.000 (0.001)	0.000 (0.003)	0.001 (0.002)	0.003 (0.006)	0.001 (0.002)	−0.003 (0.005)	−0.002 (0.002)	0.029** (0.011)	0.000 (0.001)	0.000 (0.003)
Obs	25	25	25	25	25	25	25	25	25	25	25	25
GMM/C p-val	0.540	0.918	0.414	0.875	0.288	0.250	0.863	0.647	0.764	0.763	0.929	0.917
Hansen J p-val	0.028	0.170	0.139	0.332	0.554	0.561	0.132	0.121	0.809	0.809	0.041	0.351
Wald p-val	0.008	0.000	0.004	0.009	0.323	0.027	0.010	0.186	0.156	0.000	0.312	0.014
R²	0.391	0.445	0.340	0.308	0.006	0.111	0.643	0.102	0.366	0.443	0.176	0.125

	Andean		Third		Caribbean		Pacific		Others		Total
	clgdp	cltfp	clgdp	cltfp	clgdp	cltfp	clgdp	cltfp	clgdp	cltfp	clgdp	cltfp
clgdp		0.541 (0.797)		0.767 (0.500)		−0.345 (0.751)		0.806 (0.932)		2.814** (1.319)		−0.092 (0.878)
cltfp	0.104** (0.051)		0.144* (0.082)		0.129* (0.083)		0.256 (0.236)		0.119 (0.117)		0.070 (0.277)
cunemp	−0.640** (0.272)	0.735 (0.854)	−1.546** (0.623)	0.402 (0.989)	−0.177 (0.157)	0.301 (0.733)	0.844 (0.871)	−0.673 (3.242)	−1.129 (1.150)	7.623* (4.726)	−0.237 (0.201)	0.172 (0.744)
cunemp_t−1	−0.054 (0.270)	1.616*** (0.575)	−0.844* (0.542)	−0.033 (0.853)	−0.181 (0.149)	0.549 (0.356)	−1.085 (0.915)	4.298* (2.590)	−2.367** (1.022)	13.242*** (4.966)	−0.047 (0.307)	1.005*** (0.361)
Crisis	−0.008** (0.003)	0.038*** (0.006)	0.002 (0.003)	−0.018** (0.007)	0.001 (0.006)	−0.017 (0.015)	−0.009 (0.009)	0.018 (0.017)	0.011 (0.009)	−0.098*** (0.019)	0.001 (0.005)	−0.013* (0.007)
clpop_t−1	2.897** (1.392)	−12.423*** (3.390)	−1.095 (0.943)	4.427** (1.893)	−0.608 (2.361)	−2.048 (7.825)	1.640 (1.712)	−3.522 (6.938)	−0.311 (1.192)	2.525 (6.138)	0.199 (0.709)	2.941 (3.409)
Constant	0.001 (0.001)	−0.003 (0.004)	0.000 (0.001)	0.000 (0.003)	0.001 (0.002)	0.003 (0.006)	0.001 (0.002)	−0.003 (0.005)	−0.002 (0.002)	0.029** (0.011)	0.000 (0.001)	0.000 (0.003)
Obs	25	25	25	25	25	25	25	25	25	25	25	25
GMM/C p-val	0.540	0.918	0.414	0.875	0.288	0.250	0.863	0.647	0.764	0.763	0.929	0.917
Hansen J p-val	0.028	0.170	0.139	0.332	0.554	0.561	0.132	0.121	0.809	0.809	0.041	0.351
Wald p-val	0.008	0.000	0.004	0.009	0.323	0.027	0.010	0.186	0.156	0.000	0.312	0.014
R²	0.391	0.445	0.340	0.308	0.006	0.111	0.643	0.102	0.366	0.443	0.176	0.125

Note(s): All estimates reported are adjusted for small samples. ***, **, * denote level of significance at 1%, 5% and 10 %, respectively

Source(s): Authors’ calculation