Variable

Sample

Overall sample 1

Richer states 2

Middle-income states 3

Poorer states 4

Northern states 5

Central states 6

Southern states 7

0.489^***

0.609^***

0.418^***

0.541^***

0.582^***

0.303^***

0.730^**

(0.063)

(0.111)

(0.065)

(0.185)

(0.137)

(0.102)

(0.302)

ln (Innovation)

0.036^***

0.067^*

0.049^**

−0.010

0.062^*

0.049^**

0.038

(0.013)

(0.039)

(0.021)

(0.018)

(0.034)

(0.024)

(0.043)

ln (Education expenditure)

0.031^*

0.019

0.026^***

0.106^***

-0.011

0.102^***

−0.042

(0.017)

(0.027)

(0.003)

(0.038)

(0.057)

(0.029)

(0.034)

ln (Scholarly attainment)

0.623^***

0.841^**

1.150^***

−0.023

0.729^*

0.594^***

1.111^**

(0.202)

(0.431)

(0.293)

(0.302)

(0.439)

(0.175)

(0.460)

J-statistic

28.04

9.32

2.97

3.32

5.19

12.06

5.88

Instrument rank

31

11

10

10

11

12

10

p-value

0.41

0.23

0.81

0.77

0.64

0.15

0.44

Elasticities of long-term (only significance coefficients):

Innovation

0.071

0.171

0.084

0.148

0.070

Education Expenditure

0.061

0.045

0.231

0.146

Scholarly attainment

1.219

2.151

1.976

1.744

0.852

4.115

Median lag

0.968

1.398

0.795

1.128

1.281

0.581

2.202

Mean lag

0.957

1.557

0.718

1.179

1.392

0.435

2.703