GMM dynamic panel model

Fixed-effect panel model

Model (3 - 1)

Model (3 - 2)

Model (3 - 3)

Model (3 - 4)

Model (3 - 1)

Model (3 - 2)

Model (3 - 3)

Model (3 - 4)

L1.Gap

0.948***

0.989***

0.952***

0.945***

0.7523***

0.7625***

0.7535***

0.7513***

(22.14)

(32.03)

(24.88)

(18.22)

(30.65)

(28.71)

(28.39)

(24.79)

Fin

0.153**

0.0802***

(1.96)

(3.92)

Fe

−0.124**

−0.0237

(−1.96)

(−1.11)

Saving

0.120***

0.0731***

(3.11)

(9.72)

Corporate

−0.108**

−0.0419***

(−2.08)

(−2.93)

PerGDP

0.015

0.057**

0.017

0.056**

−0.0334**

−0.0273**

−0.0345**

−0.0243**

(0.46)

(2.36)

(0.49)

(2.61)

(−2.35)

(−2.14)

(−2.50)

(−2.03)

Nonsoe

−0.238

0.041

−0.148

−0.050

0.0856**

0.1068**

0.1119***

0.1255**

(−0.44)

(0.15)

(−0.63)

(−0.24)

(2.30)

(2.30)

(3.55)

(2.49)

G

0.093

0.151**

0.017

0.134*

0.0349***

0.0377***

0.0015

0.0314***

(0.66)

(2.13)

(0.17)

(1.95)

(2.72)

(3.37)

(0.15)

(3.01)

S

−0.024

−0.020

−0.020

0.039

0.0203

0.0277*

−0.0033

0.0359**

(−0.34)

(−0.21)

(−0.26)

(0.69)

(1.26)

(1.90)

(−0.23)

(2.60)

Open

−0.018

0.001

−0.038

−0.002

0.0273***

0.0394***

0.0144**

0.0400***

(−0.69)

(0.05)

(−1.46)

(−0.11)

(3.31)

(4.75)

(2.11)

(4.97)

Human

−0.010

−0.021

−0.002

−0.043**

0.0323**

0.0304***

0.0310***

0.0237**

(−0.36)

(−0.64)

(−0.06)

(−2.07)

(2.49)

(2.74)

(2.69)

(1.98)

Policy1994

0.136

−0.026

−0.092***

−0.040**

−0.0096

0.0023

−0.0419***

−0.0029

(0.41)

(−1.19)

(−6.58)

(−2.16)

(−0.98)

(0.20)

(−4.53)

(−0.28)

obs

1008

1008

1008

1008

1008

1008

1008

1008

provinces

28

28

28

28

28

28

28

28

Sargan test

551.10

559.83

489.68

557.50

AR(2) test

0.18

0.13

−0.48

−0.34

R−squared

0.8826

0.8797

0.9074

0.8845

F

824.69

890.27

871.13

967.19

p

0.0000

0.0000

0.0000

0.0000