| Variables | 3SLS | GS2SLS | GS3SLS | |||
| Rr | Epa | Rr | Epa | Rr | Epa | |
| Rr |
| 0.42861*** |
| 0.36881*** |
| 0.25692*** |
|
| (0.06373) |
| (0.04213) |
| (0.06147) | |
| W · Rr |
|
| 0.54024*** |
| 0.50530*** | 0.61754*** |
|
|
| (0.07071) |
| (0.09654) | (0.09033) | |
| Epa | 0.50103*** |
| 0.31518*** |
| 0.20731*** |
|
| (0.11905) |
| (0.06177) |
| (0.08875) |
| |
| W · Epa |
|
|
| 0.24418** | 0.03519 | −0.37750*** |
|
|
|
| (0.10365) | (0.10499) | (0.09466) | |
| Hc | 0.18178*** |
| 0.13708*** |
| 0.12090*** |
|
| (0.04274) |
| (0.04331) |
| (0.04438) |
| |
| LnGd | 0.03067*** |
| 0.02639*** |
| 0.03201*** |
|
| (0.00624) |
| (0.00386) |
| (0.00450) |
| |
| Pclh | 0.04578*** |
| 0.02097*** |
| 0.03000*** |
|
| (0.01041) |
| (0.00781) |
| (0.00821) |
| |
| LnWl | 0.06923*** |
| 0.03059*** |
| 0.04198*** |
|
| (0.01398) |
| (0.01064) |
| (0.01198) |
| |
| LnPgdp |
| 0.08702*** |
| 0.07229*** |
| 0.07868*** |
|
| (0.01605) |
| (0.01656) |
| (0.01476) | |
| Ur |
| −0.34318*** |
| −0.37291*** |
| −0.31095*** |
|
| (0.05753) |
| (0.05909) |
| (0.05485) | |
| Lfee |
| 0.49771*** |
| 0.46360*** |
| 0.42824*** |
|
| (0.10057) |
| (0.10008) |
| (0.09439) | |
| Edl |
| 0.01298*** |
| 0.01509*** |
| −0.00340 |
|
| (0.00436) |
| (0.00507) |
| (0.00505) | |
| _cons | −0.76834*** | −0.82473*** | −0.42523*** | −0.70117*** | −0.55173*** | −0.61948*** |
| (0.14714) | (0.14628) | (0.10554) | (0.14029) | (0.11852) | (0.12889) | |
| R2 | 0.6784 | 0.6689 | 0.9816 | 0.9755 | 0.9810 | 0.9798 |