TWO STEP DIFF GMM

TWO STEP SYSTEM GMM

PCS_t−1

0.298

(0.105)

[0.0024]

0.2699

(0.1006)

[0.008]

LY

2.254

(0.3412)

[0.000]

1.7567

(0.3301)

[0.000]

PCB

0.0197

(0.0004)

[0.000]

0.0215

(0.000)

[0.000]

LTO

−0.5746

(1.0074)

[0.446]

−1.3397

(0.7116)

[0.069]

LCAO

−15.3796

(3.789)

[0.000]

−10.8811

(1.9028)

[0.000]

INT

2.9098

(0.7417)

[0.000]

2.0021

(0.5236)

[0.000]

LINST

−1.6143

(0.4910)

[0.000]

−1.6552

(0.3392)

[0.000]

D1CAO

7.4897

(1.1245)

[0.000]

2.0679

(0.4996)

[0.000]

SARGAN TEST

19.9897

[0.0295]

23.5695

[0.5717]

AR 2

−0.8907

[0.4825]

−0.9904

[0.4433]