Explanatory Variable	Explained Variable		Explained Variable
Explanatory Variable	(1)	(2)	(1)	(2)
L.	0.8267***	0.959***	0.8662	0.800***
	(74.39)	(44.68)	(359.63)	(38.09)
agg	−0.0019***	−0.00177**	−0.0351***	−0.0462***
	(−4.97)	(−3.17)	(−2.86)	(−3.08)
Agg2	0.0013***	0.000393***	0.0096***	0.0151***
	(7.50)	(4.37)	(3.21)	(3.94)
market		−0.00278***		−0.00302
		(−3.38)		(−0.03)
fdi		0.0432**		0.0100
		(2.48)		(0.90)
edu		−0.0800***		−0.0120***
		(−3.62)		(−2.94)
third		0.0173		−0.00182***
		(0.23)		(−3.06)
gov		0.09825		0.0924**
		(1.62)		(2.16)
pop		0.00275		0.0285**
		(1.07)		(2.00)
pgdp		−0.0770***		0.00115***
		(−4.41)		(3.77)
wage		0.0113		−0.00150***
		(0.13)		(−5.11)
Gov*agg		0.00148**		0.0251**
		(2.59)		(1.96)
cons	−0.1678	−0.0612	0.1337***	−0.200***
	(−15.40)	(−1.63)	(57.39)	(−9.62)
AR(1)	0.0113	0.0684	0.0011	0.0017
AR(2)	0.6512	0.5386	0.2859	0.2692
Sargan	1.0000	1.0000	1.0000	1.0000
N	510	510	510	510