Model

(4)

(7)

(8)

(9)

area

Nationwide

East

Central

West

QEG (−1)

0.767***

(0.042)

0.707***

(0.207)

0.797***

(0.103)

0.487**

(0.182)

PS

0.109***

(0.027)

−0.227**

(0.101)

0.221***

(0.072)

0.471**

(0.194)

SECH

0.211***

(0.038)

0.564***

(0.153)

0.236

(0.176)

0.150

(0.118)

SS

0.296***

(0.044)

0.782**

(0.287)

0.348**

(0.138)

0.386***

(0.135)

EC

0.456***

(0.098)

0.150

(0.439)

0.595**

(0.273)

1.382***

(0.367)

EP

0.145***

(0.044)

0.091

(0.064)

0.222*

(0.116)

0.179*

(0.094)

OPEN

0.042***

(0.006)

0.227*

(0.112)

0.050***

(0.016)

0.058***

(0.015)

EXP

0.099***

(0.025)

0.344**

(0.153)

0.172**

(0.076)

0.418*

(0.207)

PGDP

0.009***

(0.002)

−0.004

(0.018)

0.009*

(0.004)

0.019***

(0.006)

area

−0.271*

(0.137)

−0.123

(0.318)

0.128

(0.136)

area*QEG (−1)

−0.309

(0.323)

−0.036

(0.446)

−0.096

(0.263)

area* PS

1.575***

(0.486)

−0.542

(0.372)

−0.853**

(0.315)

area*SECH

−0.244

(0.206)

0.486

(0.465)

0.441

(0.262)

area*SS

−0.744

(0.539)

0.255

(0.426)

−0.036

(0.249)

area*EC

2.504***

(0.902)

1.784

(1.599)

−2.203**

(1.042)

area*EP

0.368*

(0.186)

-0.018

(0.457)

0.033

(0.152)

area*EXP

0.583**

(0.274)

0.201

(0.368)

−0.279

(0.238)

area*PGDP

0.026

(0.021)

-0.031

(0.032)

−0.011

(0.016)

area*OPEN

−0.114

(0.101)

0.278

(0.367)

0.038

(0.083)

_cons

−0.156***

(0.025)

−0.288**

(0.107)

−0.234**

(0.098)

−0.253***

(0.083)

Obs.

300

300

300

300

AR (1)

0.003

0.004

0.014

0.069

AR (2)

0.318

0.611

0.302

0.391

Hansen

1.000

1.000

1.000

1.000