Table 3 Sargan’s difference tests for heterogeneous error cross section dependence proposed by Sarafidis et al. (2009) using the system GMM estimator (all sample countries).
From: National culture, public health spending and life insurance consumption: an international comparison
System GMM estimator | ||||
|---|---|---|---|---|
Based on Zi+ (Full instruments) | Based on Zxi+ (Partial instruments) | |||
Statistics | p-values | Statistics | p-values | |
Sargan/Hansen | 20.66 (73) | 1.000 | 22.77 (49) | 1.000 |
Arellano-Bond test for AR(1) | −4.30 | 0.000 | −4.31 | 0.000 |
Arellano-Bond test for AR(2) | −1.40 | 0.160 | −1.38 | 0.167 |
Sargan’s difference tests for heterogeneous error cross section dependence (DSYS2) | −2.118 (24) | 0.00001 | – | – |
