| 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 |