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