Table 4 Benchmark regression result of SYS-GMM.
Model L1 | Model L2 | Model L3 | |
---|---|---|---|
Variables | lnEF | lnCE | lnETR |
L.Y | 0.8904*** | 0.8084*** | 0.9245*** |
(0.0061) | (0.0110) | (0.0022) | |
lnAI | −0.0018*** | −0.0013*** | 0.0025*** |
(0.0002) | (0.0002) | (0.0002) | |
lnFFE | 0.0032* | 0.0191*** | −0.0543*** |
(0.0018) | (0.0013) | (0.0027) | |
lnEUSE | 0.1673*** | −0.0698*** | −0.0634 |
(0.0235) | (−0.0218) | (0.0484) | |
lnNRR | −0.1578*** | −0.1383*** | 0.1205*** |
(0.0120) | (0.0097) | (0.0076) | |
lnURB | 0.0094 | 0.0760*** | −0.1843*** |
(0.0066) | (0.0068) | (0.0126) | |
lnGOV | −0.0060 | 0.2680*** | −0.5796*** |
(0.0121) | (0.0137) | (0.0318) | |
lnED | 0.0594*** | 0.0698*** | −0.0011 |
(0.0044) | (0.0028) | (0.0027) | |
Constant | −0.4678*** | −1.1917*** | 4.3109*** |
(0.0934) | (0.1161) | (0.2274) | |
Observations | 1,742 | 1,742 | 1,742 |
Number of instruments | 105 | 105 | 105 |
Sargan test p | 0.9945 | 0.9943 | 0.9977 |
AR(2) | 0.7021 | 0.6015 | 0.4515 |