System GMM estimates
| Variables | 1 within | 2 within | 3 within | GMM | GMM | GMM |
|---|---|---|---|---|---|---|
| yit−1 | 0.726 (0.059) | 0.723 (0.070) | 0.605 (0.110) | 0.923 (0.014) | 0.950 (0.001) | 0.950 (0.005) |
| nit | 0.0163 (0.021) | −0.0129 (0.0268) | 0.0375 (0.0206) | 0.0186 (0.0112) | ||
| nit yit−1 | −0.0021 (0.0020) | 0.0032 (0.0051) | −0.0062 (0.0020) | −0.0010 (0.0013) | ||
| Investment | 0.0687 (0.00701) | 0.102 (0.0412) | ||||
| Openness | 0.115 (0.0542) | 0.015 (0.0196) | ||||
| Literacy | 0.025 (0.020) | 0.010 (0.010) | ||||
| Constant | 0.756 (0.359) | 0.748 (0.375) | 0.144 (0.675) | 0.204 (0.153) | ||
| R2 | 0.801 | 0.812 | 0.840 | |||
| F test | 4.52 (0.0000) | 5.02 (0.0000) | 5.05 (0.0000) | |||
| AR(2) | 0.41 (0.007) | 0.39 (0.005) | 0.43 (0.008) | |||
| Hansen J test | (0.009) | (0.007) | (0.001) | |||
| C test | (0.005) | (0.004) | (0.006) | |||
| Sargan test | 0.43 (0.000) | 0.81 (0.000) | 0.95 (0.001) |
| Variables | 1 within | 2 within | 3 within | GMM | GMM | GMM |
|---|---|---|---|---|---|---|
| 0.726 (0.059) | 0.723 (0.070) | 0.605 (0.110) | 0.923 (0.014) | 0.950 (0.001) | 0.950 (0.005) | |
| 0.0163 (0.021) | −0.0129 (0.0268) | 0.0375 (0.0206) | 0.0186 (0.0112) | |||
| −0.0021 (0.0020) | 0.0032 (0.0051) | −0.0062 (0.0020) | −0.0010 (0.0013) | |||
| Investment | 0.0687 (0.00701) | 0.102 (0.0412) | ||||
| Openness | 0.115 (0.0542) | 0.015 (0.0196) | ||||
| Literacy | 0.025 (0.020) | 0.010 (0.010) | ||||
| Constant | 0.756 (0.359) | 0.748 (0.375) | 0.144 (0.675) | 0.204 (0.153) | ||
| 0.801 | 0.812 | 0.840 | ||||
| 4.52 (0.0000) | 5.02 (0.0000) | 5.05 (0.0000) | ||||
| AR(2) | 0.41 (0.007) | 0.39 (0.005) | 0.43 (0.008) | |||
| Hansen | (0.009) | (0.007) | (0.001) | |||
| (0.005) | (0.004) | (0.006) | ||||
| Sargan test | 0.43 (0.000) | 0.81 (0.000) | 0.95 (0.001) |
Note(s): Robust Standard Errors in parenthesis