Variables

Static Panel

System GMM

Constant

CA_t−1

CA_t−2

Deficit_t

Deficit_i,t−1

Deficit_i,t−2

Govexp_t

Govexp_i,t−1

Govexp_i,t−2

YG_t

YG_i,t−1

YG_i,t−2

Debt_t

Debt_i,t−1

Debt_i,t−2

Popg_t

Popg_i,t−1

Popg_i,t−2

−2.7037

(2.6471)

0.3879^***

(0.0702)

0.0120

(0.0649)

−0.1623^**

(0.0662)

0.0176^***

(0.0053)

−1.4204^*

(0.7375)

−2.6569

(4.4555)

0.2134^***

(0.0168)

−0.1175^***

(0.0091)

0.3538^***

(0.06080)

0.1425^***

(0.0209)

0.00126

(0.0248)

−0.1111^*

(0.0591)

−0.1205^***

(0.0244)

−0.0054

(0.0330)

−0.0100

(0.0259)

−0.1871^***

(0.0327)

−0.2761^***

(0.0291)

0.0044

(0.0066)

−0.0011

(0.0051)

−0.0238^***

(0.0044)

0.6358

(6.8263)

−4.8017

(9.3516)

6.8567

(4.3872)

Wald chi−squared (Prob > chi-squared)

Arellano?Bond (AR (2), Prob > Z)

Sargan test (Prob > Chi-squared)

No. of observation

0.0000

520

0.0000

0.2407

0.6583

520