TWO STEP DIFFERENCE GMM

TWO STEP SYSTEM GMM

PCS_t-1

0.7714^***

(0.115)

[0.000]

0.5459^***

(0.0687) [0.000]

PCB

0.0023^***

(0.0005)

[0.004]

0.0025^***

(0.0003)

[0.000]

LY

1.9301^***

(0.203)

[0.000]

1.621^***

(0.1507)

[0.000]

LTO

5.4322^***

(1.102)

[0.000]

4.2203^***

(0.5491)

[0.000]

LCAO

−8.0283

(5.8971)

[0.201]

−8.9749^**

(4.0329)

[0.002]

LINST

−7.3512^***

(1.0032)

[0.000]

−8.0331^***

(1.0081)

[0.000]

INT

2.2521

(1.1057)

[0.046]

2.0414^***

(0.6530)

[0.004]

AR 2

−2.5461^***

[0.0501]

−1.9861

[0.1079]

SARGAN TEST

9.4548

[0.1023]

16.2450

[0.0884]