Variables | Two-step D-GMM | One-step D-GMM | ||||
(1) | (2) | (3) | (1) | (2) | (3) | |
Real GDP per capita (−1) | −0.872*** (0.110) | −0.910*** (0.130) | −0.934*** (0.131) | −0.900*** (0.161) | −0.938*** (0.203) | −0.960*** (0.178) |
Public investment | 64.957*** (17.764) | 63.713*** (20.441) | 54.246*** (17.142) | 55.774** (23.231) | 62.040** (29.405) | 50.068** (22.173) |
Institutional quality | 6.948*** (1.960) | 6.876*** (2.297) | 5.127*** (1.704) | 5.848** (2.549) | 6.429** (3.203) | 4.818** (2.344) |
Public investment* Ins. quality | −1.141*** (0.305) | −1.128*** (0.351) | −0.863*** (0.277) | −0.955** (0.389) | −1.062** (0.493) | −0.806** (0.358) |
Private investment | 0.024 (0.453) | 0.097 (0.612) | −0.673 (0.495) | −0.378 (0.415) | −0.160 (0.563) | −0.755 (0.475) |