Note(s): *p-value < 0.1; **p-value < 0.05; ***p-value < 0.01. Robust standard errors are in parenthesis. In the two-step system GMM estimations, the variables “SERVCONC”, “PRODCONC”, “FINDEV”, “INFLVOL”, “GRVOL”, “GDPC”, “OPENSW”, “OPEN”, “FINOPEN” and the interaction variables have been considered as endogenous. Time dummies have been included in all regressions. The latter have used a maximum of 5 lags of the dependent variables as instruments and a maximum of 2 lags of endogenous variables as instruments