Results of first-step GMM model for each income group
| (1) | (2) | (3) | (4) |
|---|---|---|---|
| Variable name | Low income | Lower-middle income | Upper-middle income |
| Lag Working Poverty | 0.69 (0.00) *** | 0.57 (0.00) *** | 0.76 (0.00) *** |
| Trade Openness (CTS) | 0.04 (0.81) | −0.03 (0.147) | −0.003 (0.02) *** |
| Growth Rate | −0.27 (0.00) *** | −0.21 (0.02) *** | −0.12 (0.00) *** |
| School Enrollment | −0.01 (0.63) | −0.09 (0.57) | −0.06 (0.067) * |
| Labor Productivity | −0.008 (0.02) ** | −4.17 (0.99) | −0.0002 (0.02) ** |
| Age Dependency | −0.02 (0.95) | 1.04 (0.13) | −0.38 (0.02) ** |
| Unemployment Rate | 0.12 (0.84) | 2.00 (0.196) | 0.32 (0.02) ** |
| Inflation | 0.0002 (0.34) | 0.07 (0.57) | −0.005 (0.72) |
| Number of Observations | 360 | 585 | 480 |
| Number of Groups | 24 | 39 | 32 |
| Number of instruments | 90 | 90 | 90 |
| Diagnostic Tests Results | |||
| F-value | 534.06 | 13.77 | 101.51 |
| Prob > F | 0.000 | 0.000 | 0.000 |
| Arellano–Bond test for AR (1), Prob > Z | 0.036 | 0.11 | 0.010 |
| Arellano–Bond test for AR (2), Prob > Z | 0.978 | 0.61 | 0.84 |
| Hansen test of over-identifying restrictions Prob > χ2 | 1.00 | 1.00 | 1.00 |
| (1) | (2) | (3) | (4) |
|---|---|---|---|
| Variable name | Low income | Lower-middle income | Upper-middle income |
| Lag Working Poverty | 0.69 (0.00) *** | 0.57 (0.00) *** | 0.76 (0.00) *** |
| Trade Openness (CTS) | 0.04 (0.81) | −0.03 (0.147) | −0.003 (0.02) *** |
| Growth Rate | −0.27 (0.00) *** | −0.21 (0.02) *** | −0.12 (0.00) *** |
| School Enrollment | −0.01 (0.63) | −0.09 (0.57) | −0.06 (0.067) * |
| Labor Productivity | −0.008 (0.02) ** | −4.17 (0.99) | −0.0002 (0.02) ** |
| Age Dependency | −0.02 (0.95) | 1.04 (0.13) | −0.38 (0.02) ** |
| Unemployment Rate | 0.12 (0.84) | 2.00 (0.196) | 0.32 (0.02) ** |
| Inflation | 0.0002 (0.34) | 0.07 (0.57) | −0.005 (0.72) |
| Number of Observations | 360 | 585 | 480 |
| Number of Groups | 24 | 39 | 32 |
| Number of instruments | 90 | 90 | 90 |
| Diagnostic Tests Results | |||
| 534.06 | 13.77 | 101.51 | |
| Prob > | 0.000 | 0.000 | 0.000 |
| Arellano–Bond test for AR (1), Prob > Z | 0.036 | 0.11 | 0.010 |
| Arellano–Bond test for AR (2), Prob > Z | 0.978 | 0.61 | 0.84 |
| Hansen test of over-identifying restrictions Prob > | 1.00 | 1.00 | 1.00 |
Note(s): p values are shown in the parenthesis. *** indicates significant at 1% level of significance, ** indicates significant at 5% level of significance and finally * indicates significance at 10% level of significance. Time dummies are included in all models
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