GMM estimation
| Variable | Low FI level group | High FI level group |
|---|---|---|
| IR | ||
| IR | ||
| L1. | 1.049*** | 1.006*** |
| L2. | −0.140*** | −0.044 |
| INF | ||
| L1. | 0.028 | 0.081*** |
| L2. | −0.004 | −0.108*** |
| Ygap | ||
| L1. | −0.196 | 0.557 |
| L2. | 0.215 | −0.552 |
| INF | ||
| IR | ||
| L1. | 0.214** | 0.094 |
| L2. | −0.025 | 0.070 |
| INF | ||
| L1. | 1.185*** | 1.412*** |
| L2. | −0.481*** | −0.598*** |
| Ygap | ||
| L1. | −0.693 | 0.492 |
| L2. | 0.654 | −0.536 |
| Ygap | ||
| IR | ||
| L1. | 0.000 | −0.003* |
| L2. | 0.004* | 0.003** |
| INF | ||
| L1. | −0.001 | −0.001 |
| L2. | 0.000 | 0.002*** |
| Ygap | ||
| L1. | 1.831*** | 1.896*** |
| L2. | −0.832*** | −0.900*** |
| Variable | Low FI level group | High FI level group |
|---|---|---|
| IR | ||
| L1. | 1.049*** | 1.006*** |
| L2. | −0.140*** | −0.044 |
| INF | ||
| L1. | 0.028 | 0.081*** |
| L2. | −0.004 | −0.108*** |
| Ygap | ||
| L1. | −0.196 | 0.557 |
| L2. | 0.215 | −0.552 |
| IR | ||
| L1. | 0.214** | 0.094 |
| L2. | −0.025 | 0.070 |
| INF | ||
| L1. | 1.185*** | 1.412*** |
| L2. | −0.481*** | −0.598*** |
| Ygap | ||
| L1. | −0.693 | 0.492 |
| L2. | 0.654 | −0.536 |
| IR | ||
| L1. | 0.000 | −0.003* |
| L2. | 0.004* | 0.003** |
| INF | ||
| L1. | −0.001 | −0.001 |
| L2. | 0.000 | 0.002*** |
| Ygap | ||
| L1. | 1.831*** | 1.896*** |
| L2. | −0.832*** | −0.900*** |
Notes: *p<0.1; **p<0.05; ***p<0.01