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)