Table III Dynamic panel data... | Emerald Publishing

Table III

Dynamic panel data analyses-difference GMM

Variables	(1)	(2)	(3)	(4)
Variables	DGMM1	DGMM1-CL-a	DGMM2	DGMM2-CL-a
Regional trade	0.0348***	0.0233***	0.0388***	0.0214*
Regional trade	(0.00818)	(0.00812)	(0.00979)	(0.0123)
Non-regional trade	0.000567	0.000400	0.000360	0.000638
Non-regional trade	(0.000656)	(0.000660)	(0.000746)	(0.00138)
Exchange rate	0.0346***	0.0334***	0.0292***	0.0368**
Exchange rate	(0.00526)	(0.00815)	(0.00846)	(0.0165)
Population growth	−60.09*	−8.038	−409.3	9.300
Population growth	(32.44)	(42.63)	(516.7)	(59.70)
Unemployment rate	−38.70	−38.54	−49.74	−48.17
Unemployment rate	(33.01)	(28.13)	(43.88)	(53.30)
Gross capital formation	3.042	−1.007	−1.427	−0.372
Gross capital formation	(6.665)	(2.422)	(5.448)	(3.402)
Observations	132	132	132	132
No of countries	12	12	12	12
Country effect	YES	YES	YES	YES
Year effect	NO	NO	NO	NO
Hansen_test	3.153	8.768	3.153	8.768
Hansen prob	1	0.119	1	0.119
Sargan_test	146.5	104.3	146.5	104.3
Sargan prob	5.43e–09	0	5.43e–09	0
AR(1)_test	−1.317	−1.464	−1.046	−1.222
AR(1)_p-value	0.188	0.143	0.296	0.222
AR(2)_test	0.801	0.783	1.191	0.802
AR(2)_p-value	0.423	0.434	0.234	0.422
No. of instruments	67	11	67	11

Variables	(1)	(2)	(3)	(4)
Variables	DGMM1	DGMM1-CL-a	DGMM2	DGMM2-CL-a
Regional trade	0.0348***	0.0233***	0.0388***	0.0214*
Regional trade	(0.00818)	(0.00812)	(0.00979)	(0.0123)
Non-regional trade	0.000567	0.000400	0.000360	0.000638
Non-regional trade	(0.000656)	(0.000660)	(0.000746)	(0.00138)
Exchange rate	0.0346***	0.0334***	0.0292***	0.0368**
Exchange rate	(0.00526)	(0.00815)	(0.00846)	(0.0165)
Population growth	−60.09*	−8.038	−409.3	9.300
Population growth	(32.44)	(42.63)	(516.7)	(59.70)
Unemployment rate	−38.70	−38.54	−49.74	−48.17
Unemployment rate	(33.01)	(28.13)	(43.88)	(53.30)
Gross capital formation	3.042	−1.007	−1.427	−0.372
Gross capital formation	(6.665)	(2.422)	(5.448)	(3.402)
Observations	132	132	132	132
No of countries	12	12	12	12
Country effect	YES	YES	YES	YES
Year effect	NO	NO	NO	NO
Hansen_test	3.153	8.768	3.153	8.768
Hansen prob	1	0.119	1	0.119
Sargan_test	146.5	104.3	146.5	104.3
Sargan prob	5.43e–09	0	5.43e–09	0
AR(1)_test	−1.317	−1.464	−1.046	−1.222
AR(1)_p-value	0.188	0.143	0.296	0.222
AR(2)_test	0.801	0.783	1.191	0.802
AR(2)_p-value	0.423	0.434	0.234	0.422
No. of instruments	67	11	67	11

Note(s): Robust standard errors in parentheses *p < 0.1, **p < 0.05, ***p < 0.01; DGMM1 and DGMM2 denote one-step and two-step difference GMM, respectively. Regressions with suffix “CL” follow Roodman (2009b and collapse the instrument matrix. a denotes lag (1 5)

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