TWO STEP DIFF GMM

TWO STEP SYSTEM GMM

PCS_t−1

0.3980

(0.1142)

[0.004]

0.3671

(0.1009)

[0.001]

LY

2.5752

(0.4304)

[0.000]

1.9871

(0.3445)

[0.000]

PCB

0.1932

(0.0002)

[0.000]

0.1084

(0.0002)

[0.000]

LTO

−0.5976

(1.0005)

[0.535]

−0.5232

(0.3652)

[0.251]

LCAO

−8.5009

(2.7632)

[0.000]

−9.2253

(2.2466)

[0.000]

INT

2.6156

(0.5522)

[0.000]

2.7318

(0.6013)

[0.000]

LINST

−1.6001

(0.3219)

[0.000]

−1.5307

(0.2102)

[0.000]

D2CAO

−6.9879

(1.0319)

[0.000]

−1.2146

(0.3408)

[0.002]

SARGAN TEST

20.9101

[0.0305]

22.8437

[0.5301]

AR 2

−1.2472

[0.4632]

−1.8315

[0.3071]