| TWO STEP DIFF GMM | TWO STEP SYSTEM GMM |
PCSt−1 | 0.6198 (0.1091) [0.004] | 0.4291 (0.0537) [0.000] |
LY | 1.9797 (0.3027) [0.000] | 1.4516 (0.1134) [0.000] |
PCB | 0.0027 (0.0003) [0.000] | 0.0019 (0.0002) [0.000] |
LTO | 0.1528 (1.0721) [0.978] | 0.1997 (0.4039) [0.625] |
LCAO | −5.0056 (2.372) [0.034] | −4.2913 (1.3078) [0.000] |
INT | 2.0636 (0.7655) [0.002] | 1.9816 (0.3610) [0.000] |
LVA | −1.4388 (0.4539) [0.000] | −1.4212 (0.3137) [0.000] |
SARGAN TEST | 20.2317 [0.045] | 22.5459 [0.269] |
AR 2 | −1.4068 [0.4733] | −1.1509 [0.6670] |