Dependent variable

mpsh

dpsh

Estimations method

OLS

LSDV

System GMM

OLS

LSDV

System GMM

One step

Two step

One step

Two step

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

gdppc

−0.0018

−0.0107

−0.0035

−0.0036

0.0015

0.0085

0.0023

0.0027

2.98***

3.50***

3.21***

2.94***

4.14***

3.98***

2.70**

2.93***

exsh

−0.0650

−0.0571

−0.1147

−0.1190

0.0132

0.0444

0.0195

0.0162

5.51***

1.28

5.06***

4.78***

1.45

1.77*

1.19

1.01

d_GATT

−0.0511

−0.0472

−0.0882

−0.0871

0.0197

0.0273

0.0309

0.0274

4.03***

2.46**

4.15***

4.00***

3.16***

2.42**

4.14***

3.48***

Lagged_mpsh(dpsh)

0.6608

0.4582

0.3950

0.4050

0.8038

0.5671

0.6930

0.6860

13.99***

8.29***

4.83***

4.72***

19.01***

8.82***

7.58***

7.62***

Fixed effects

NO

YES

-

-

NO

YES

-

-

Observations

517

517

517

517

517

517

517

517

Countries

28

28

28

28

28

28

28

28

Number of instruments

-

-

27

27

-

-

27

27

F-statistics

82.4

78.7

-

-

152.6

197.8

-

-

Adjusted R2

0.58

0.64

-

-

0.75

0.80

-

-

Test for AR(1): Pr > z

-

-

0.000

0.002

-

-

0.003

0.015

Test for AR(2): Pr > z

-

-

0.245

0.334

-

-

0.246

0.241

Hansen overid: Pr > chi2

-

-

0.315

0.215

-

-

0.417

0.464