Model

(1)

(2)

(3)

(4)

(5)

(6)

Estimation method

SYS-GMM

SYS-GMM

SYS-GMM

SYS-GMM

FE

OLS

QEG (−1)

1.025***

(0.015)

1.005***

(0.024)

0.935***

(0.025)

0.767***

(0.042)

0.711***

(0.031)

0.926***

(0.029)

PS

0.082**

(0.034)

0.081***

(0.029)

0.080**

(0.032)

0.109***

(0.027)

0.165***

(0.048)

0.073

(0.053)

SECH

0.059*

(0.030)

0.084*

(0.043)

0.149***

(0.036)

0.211***

(0.038)

0.119***

(0.038)

0.079**

(0.035)

SS

0.109***

(0.026)

0.125***

(0.026)

0.236***

(0.036)

0.296***

(0.044)

0.298***

(0.037)

0.168***

(0.035)

EP

0.147***

(0.051)

0.297***

(0.075)

0.328***

(0.085)

0.456***

(0.098)

0.478***

(0.102)

0.196**

(0.087)

EC

0.070***

(0.024)

0.085**

(0.036)

0.175***

(0.032)

0.145***

(0.044)

0.095***

(0.029)

0.049

(0.036)

EXP

0.035

(0.023)

0.042

(0.028)

0.099***

(0.025)

0.285***

(0.033)

0.041***

(0.014)

OPEN

0.022***

(0.003)

0.042***

(0.006)

0.016**

(0.008)

0.015***

(0.004)

PGDP

0.009***

(0.002)

0.008***

(0.001)

0.004***

(0.001)

_cons

−0.054***

(0.017)

−0.074***

(0.025)

−0.121***

(0.024)

−0.156***

(0.025)

−0.143***

(0.022)

−0.064**

(0.027)

Obs.

300

300

300

300

300

300

AR (1)

0.002

0.002

0.004

0.003

AR (2)

0.125

0.111

0.111

0.318

Hansen

1.000

1.000

1.000

1.000