Variables

Static Panel

System GMM

Constant

CAt−1

CAt−2

Deficitt

Deficiti,t−1

Deficiti,t−2

Govexpt

Govexpi,t−1

Govexpi,t−2

YGt

YGi,t−1

YGi,t−2

Debtt

Debti,t−1

Debti,t−2

Popgt

Popgi,t−1

Popgi,t−2

−2.7037

(2.6471)

0.3879***

(0.0702)

0.0120

(0.0649)

−0.1623**

(0.0662)

0.0176***

(0.0053)

−1.4204*

(0.7375)

−2.6569

(4.4555)

0.2134***

(0.0168)

−0.1175***

(0.0091)

0.3538***

(0.06080)

0.1425***

(0.0209)

0.00126

(0.0248)

−0.1111*

(0.0591)

−0.1205***

(0.0244)

−0.0054

(0.0330)

−0.0100

(0.0259)

−0.1871***

(0.0327)

−0.2761***

(0.0291)

0.0044

(0.0066)

−0.0011

(0.0051)

−0.0238***

(0.0044)

0.6358

(6.8263)

−4.8017

(9.3516)

6.8567

(4.3872)

Wald chi−squared (Prob > chi-squared)

Arellano?Bond (AR (2), Prob > Z)

Sargan test (Prob > Chi-squared)

No. of observation

0.0000

520

0.0000

0.2407

0.6583

520