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 |