Table IV. Estimation results SGMM SGMM...

Table IV.

Estimation results

	SGMM			SGMM (robust)
	(1)	(2)	(3)	(4)	(5)	(6)
lntb_t−1	0.0677564^c	0.0600655	0.046564	0.0677564^a	0.0600655^b	0.046564
	[0.0401638]	[0.0401858]	[0.0401523]	[0.0254134]	[0.0289028]	[0.0282735]
	(1.69)	(1.49)	(1.16)	(2.67)	(2.08)	(1.65)
lngdp^pc	0.1756691^a	0.1678074^a	0.1831446^a	0.1756691^a	0.1678074^a	0.1831446^a
	[0.0179083]	[0.017394]	[0.0178517]	[0.0322552]	[0.026117]	[0.0284713]
	(9.81)	(9.65)	(10.26)	(5.45)	(6.43)	(6.43)
lnexim	0.1121485^a	0.084906 ^a	0.0591265^b	0.1121485^a	0.084906^b	0.0591265^c
	[0.0226224]	[0.023603]	[0.0245105]	[0.0360262]	[0.0328898]	[0.0331957]
	(4.96)	(3.60)	(2.41)	(3.11)	(2.58)	(1.78)
lnlaborforce	0.0535159^a	0.0422367^a	0.0319038^a	0.0535159^a	0.0422367^a	0.0319038^b
	[0.0072782]	[0.0077558]	[0.0082238]	[0.0130279]	[0.012812]	[0.0133228]
	(7.35)	(5.45)	(3.88)	(4.11)	(3.30)	(2.39)
lnunemp	0.063468^a	–	0.0706937^a	0.063468^b	–	0.0706937^a
	[0.020518]	–	[0.0203928]	[0.0253795]	–	[0.0243028]
	(3.09)	–	(3.47)	(2.50)	–	(2.91)
lnfactory	–	0.1699757^a	0.1789296^a	–	0.1699757^a	0.1789296^a
	–	[0.0350508]	[0.0348975]	–	[0.0478293]	[0.0422752]
	–	(4.85)	(5.13)	–	(3.55)	(4.23)
Wald test	141,099.79	141,587.42	143,728.32	56,575.11	72,390.54	83,017.54
Prob > χ²	0.000	0.000	0.000	0.000	0.000	0.000
AR(1) [z]	−3.00 {0.003}	−3.07 {0.002}	−3.05 {0.002}	−5.29 {0.000}	−5.25 {0.000}	−5.28 {0.000}
AR(2) [z]	−0.43 {0.664}	−0.48 {0.633}	−0.52 {0.604}	−1.14 {0.252}	−1.22 {0.222}	−1.36 {0.174}
Sargan test-0	333.03 {0.000}	288.54 {0.000}	289.16 {0.000}	–	–	–
Sargan difference−1	38.55 {0.008}	39.30 {0.006}	35.34 {0.018}	–	–	–
Sargan difference −2	6.27 {0.180}	5.67 {0.225}	8.88 {0.114}	–	–	–
Hansen J test−0	–	–	–	33.17 {1.000}	33.81 {1.000}	33.77 {1.000}
Hansen difference −1	–	–	–	−0.00 {1.000}	−0.00 {1.000}	33.78 {1.000}
Hansen difference −2	–	–	–	33.32 {1.000}	0.55 {0.968}	33.76 {1.000}
Number of instruments	234	234	235	234	234	235

	SGMM			SGMM (robust)
	(1)	(2)	(3)	(4)	(5)	(6)
lntb_t−1	0.0677564^c	0.0600655	0.046564	0.0677564^a	0.0600655^b	0.046564
	[0.0401638]	[0.0401858]	[0.0401523]	[0.0254134]	[0.0289028]	[0.0282735]
	(1.69)	(1.49)	(1.16)	(2.67)	(2.08)	(1.65)
lngdp^pc	0.1756691^a	0.1678074^a	0.1831446^a	0.1756691^a	0.1678074^a	0.1831446^a
	[0.0179083]	[0.017394]	[0.0178517]	[0.0322552]	[0.026117]	[0.0284713]
	(9.81)	(9.65)	(10.26)	(5.45)	(6.43)	(6.43)
lnexim	0.1121485^a	0.084906 ^a	0.0591265^b	0.1121485^a	0.084906^b	0.0591265^c
	[0.0226224]	[0.023603]	[0.0245105]	[0.0360262]	[0.0328898]	[0.0331957]
	(4.96)	(3.60)	(2.41)	(3.11)	(2.58)	(1.78)
lnlaborforce	0.0535159^a	0.0422367^a	0.0319038^a	0.0535159^a	0.0422367^a	0.0319038^b
	[0.0072782]	[0.0077558]	[0.0082238]	[0.0130279]	[0.012812]	[0.0133228]
	(7.35)	(5.45)	(3.88)	(4.11)	(3.30)	(2.39)
lnunemp	0.063468^a	–	0.0706937^a	0.063468^b	–	0.0706937^a
	[0.020518]	–	[0.0203928]	[0.0253795]	–	[0.0243028]
	(3.09)	–	(3.47)	(2.50)	–	(2.91)
lnfactory	–	0.1699757^a	0.1789296^a	–	0.1699757^a	0.1789296^a
	–	[0.0350508]	[0.0348975]	–	[0.0478293]	[0.0422752]
	–	(4.85)	(5.13)	–	(3.55)	(4.23)
Wald test	141,099.79	141,587.42	143,728.32	56,575.11	72,390.54	83,017.54
Prob > χ²	0.000	0.000	0.000	0.000	0.000	0.000
AR(1) [z]	−3.00{0.003}	−3.07{0.002}	−3.05{0.002}	−5.29{0.000}	−5.25{0.000}	−5.28{0.000}
AR(2) [z]	−0.43{0.664}	−0.48{0.633}	−0.52{0.604}	−1.14{0.252}	−1.22{0.222}	−1.36{0.174}
Sargan test-0	333.03{0.000}	288.54 {0.000}	289.16 {0.000}	–	–	–
Sargan difference−1	38.55{0.008}	39.30{0.006}	35.34{0.018}	–	–	–
Sargan difference −2	6.27{0.180}	5.67{0.225}	8.88{0.114}	–	–	–
Hansen J test−0	–	–	–	33.17{1.000}	33.81{1.000}	33.77{1.000}
Hansen difference −1	–	–	–	−0.00{1.000}	−0.00{1.000}	33.78{1.000}
Hansen difference −2	–	–	–	33.32{1.000}	0.55{0.968}	33.76{1.000}
Number of instruments	234	234	235	234	234	235

Notes:

and

indicate levels of significance at “1”, “5” and “10”%, respectively. The standard errors of the coefficient estimates are shown in [], z values in () and p values in {}

Source: Author’s estimation

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