| 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 |