Model

System GMM

L.scf

0.49485***

(0.096)

gdp

0.07643

(0.131)

r

0.46685*

(0.243)

e

−0.26352***

(0.100)

usgdp

−0.93589***

(0.357)

usi

0.05852

(0.218)

VIX

−0.18442***

(0.044)

fsd

0.00027

(0.000)

_cons

−0.03980

(1.381)

Abond-Ar (1) (p value)

0.012

Abond-Ar (2) (p value)

0.222

Sargan (p value)

0.186