Recurrent expenditure | −9.174*** (2.600) | −8.547*** (3.178) | −11.766*** (3.545) | −8.439** (3.828) | −8.885* (4.739) | −9.138** (4.350) |
Labor force | 8.455*** (2.232) | 10.831*** (3.063) | 11.667*** (2.904) | 9.508*** (2.736) | 12.422*** (4.617) | 12.904*** (3.781) |
Consumer price index | −1.298*** (0.377) | −0.987** (0.465) | −1.546*** (0.528) | −1.370** (0.560) | −1.305* (0.694) | −1.395** (0.642) |
Infrastructure |
| −0.328 (0.230) | −0.131 (0.177) |
| −0.303 (0.329) | −0.020 (0.279) |
Trade openness |
|
| 0.0150 (0.052) |
|
| −0.025 (0.077) |
Instrument | 19 | 19 | 19 | 19 | 19 | 19 |
Province/Observation | 52/260 | 52/260 | 52/260 | 52/260 | 52/260 | 52/260 |
Sargan test | 0.900 | 0.986 | 0.923 | 0.900 | 0.986 | 0.923 |
Hansen test | 0.853 | 0.970 | 0.737 | NA | NA | NA |
AR (2) test | 0.343 | 0.652 | 0.887 | 0.311 | 0.735 | 0.726 |