|
| Estimates with outliers | Estimates without outliers | ||||||||
| Dependent variable: GDP per person employed | ||||||||||
| Variables | PCSE | Random effects | Fixed effects DKSE | Pooled OLS | GMM | PCSE | Random effects | Fixed effects DKSE | Pooled OLS | GMM |
|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) |
| GDP per person employed (−1) |
|
|
|
| 0.891*** |
|
|
|
| 0.968*** |
|
|
|
|
|
| (0.043) |
|
|
|
| (0.018) |
| Ease of Doing Business | 0.592*** | 0.385*** | 0.368*** | 1.691*** | 0.152** | 0.577*** | 0.259*** | 0.242*** | 1.405*** | 0.111*** |
|
| (0.190) | (0.065) | (0.083) | (0.207) | (0.076) | (0.184) | (0.069) | (0.056) | (0.223) | (0.038) |
| Investment | 0.019* | 0.025** | 0.025* | −0.236*** | 0.015 | 0.028 | 0.023 | 0.023** | −0.347*** | 0.013 |
|
| (0.011) | (0.011) | (0.013) | (0.068) | (0.029) | (0.032) | (0.019) | (0.008) | (0.096) | (0.029) |
| Industry value added | 0.439*** | 0.166*** | 0.153*** | 1.100*** | 0.237** | 0.348*** | 0.085*** | 0.074* | 0.973*** | 0.002 |
|
| (0.089) | (0.025) | (0.019) | (0.093) | (0.121) | (0.068) | (0.027) | (0.035) | (0.097) | (0.042) |
| Life expectancy at birth | 2.139*** | 0.770*** | 0.736*** | 1.934*** | 0.374 | 2.168*** | 0.863*** | 0.831*** | 2.284*** | −0.046 |
|
| (0.370) | (0.133) | (0.105) | (0.334) | (0.243) | (0.356) | (0.140) | (0.076) | (0.364) | (0.089) |
| Inflation | −0.000 | −0.001 | −0.001 | −0.021*** | 0.001 | 0.001 | −0.001 | −0.001 | −0.009 | 0.002 |
|
| (0.002) | (0.001) | (0.001) | (0.006) | (0.001) | (0.002) | (0.001) | (0.002) | (0.008) | (0.002) |
| Constant | −3.309** | 3.960*** | 4.207*** | −7.924*** | −1.911** | −3.164** | 4.265*** | 4.499*** | −7.590*** | −0.001 |
|
| (1.678) | (0.533) | (0.150) | (1.152) | (0.965) | (1.522) | (0.548) | (0.156) | (1.291) | (0.311) |
| Observations | 414 | 414 | 414 | 414 | 368 | 333 | 333 | 333 | 333 | 296 |
| R-squared | 0.979 |
|
| 0.523 |
| 0.982 |
|
| 0.502 |
|
| Number of countries | 46 | 46 | 46 |
| 46 | 37 | 37 | 37 |
| 37 |
| Number of instruments |
|
|
|
| 14 |
|
|
|
| 31 |
| AR(1) p value |
|
|
|
| 0.267 |
|
|
|
| 0.107 |
| AR(2) p value |
|
|
|
| 0.222 |
|
|
|
| 0.123 |
| Sargan OIR p value |
|
|
|
| 0.034 |
|
|
|
| 0.476 |
| Hansen OIR p value |
|
|
|
| 0.666 |
|
|
|
| 0.686 |
| DHT for instruments |
|
|
|
|
|
|
|
|
|
|
| (a) Instruments in levels |
|
|
|
|
|
|
|
|
|
|
| H excluding group p value |
|
|
|
| 0.202 |
|
|
|
| 0.905 |
| Dif (null, H = exogenous) p value |
|
|
|
| 0.767 |
|
|
|
| 0.375 |
| (b) IV (Year, eq (diff)) |
|
|
|
|
|
|
|
|
|
|
| H excluding group p value |
|
|
|
| 0.556 |
|
|
|
| 0.636 |
| Dif (null, H = exogenous) p value |
|
|
|
| 0.831 |
|
|
|
| 0.755 |
| Wald test statistic |
|
|
|
| 3301.55*** |
|
|
|
| 10010.80*** |