GMM dynamic panel model

Fixed−effect panel model

Model (4 - 1)

Model (4 - 2)

Model (4 - 3)

Model (4 - 4)

Model (4 - 1)

Model (4 - 2)

Model (4 - 3)

Model (4 - 4)

L1.Gap

0.9346***

0.9263***

0.9237***

0.8255***

0.7534***

0.7656***

0.7541***

0.7553***

(51.70)

(49.77)

(44.24)

(34.66)

(32.27)

(29.73)

(28.44)

(23.95)

Urban

0.1187***

0.2244***

0.1536***

0.4120***

−0.0021

0.0298

−0.0006

0.0102

(3.92)

(8.55)

(4.59)

(10.39)

(−0.11)

(1.56)

(−0.03)

(0.25)

Fin

0.7768***

0.4869***

(7.27)

(4.76)

Fin × Urban

−0.1905***

−0.1136***

(−6.37)

(−4.02)

Fe

0.8180***

0.2209**

(5.47)

(2.17)

Fe × Urban

−0.2289***

−0.0723**

(−5.74)

(−2.59)

Saving

0.1379**

0.1072***

(2.25)

(2.80)

Saving × Urban

−0.0175

−0.0113

(−0.87)

(−0.95)

Corporate

−0.7283***

0.0546

(−5.87)

(0.48)

Corporate × Urban

0.1820***

−0.0279

(5.31)

(−0.88)

PerGDP

−0.0427**

−0.0692***

−0.0594***

−0.1454***

−0.0418**

−0.0359**

−0.0381**

−0.0332**

(−2.54)

(−4.31)

(−3.48)

(−7.15)

(−2.45)

(−2.26)

(−2.38)

(−2.20)

Nonsoe

0.1852***

0.2713***

0.1615***

0.4078***

0.2336***

0.2076***

0.1517***

0.1717***

(3.37)

(5.35)

(2.94)

(7.47)

(4.82)

(5.21)

(3.70)

(4.07)

G

0.0124

0.0569***

−0.0015

0.0873***

0.0155

0.0291***

−0.0009

0.0266**

(0.55)

(2.69)

(−0.07)

(4.10)

(1.46)

(2.76)

(−0.09)

(2.42)

S

−0.0143

0.0395**

−0.0017

0.1780***

0.0286*

0.0336**

0.0017

0.0457***

(−0.73)

(2.16)

(−0.08)

(6.51)

(1.80)

(2.00)

(0.11)

(3.18)

Open

−0.0204***

−0.0071

−0.0307***

0.0076

0.0175*

0.0358***

0.0135*

0.0364***

(−3.82)

(−1.34)

(−5.00)

(1.26)

(1.95)

(4.50)

(1.87)

(4.47)

Human

0.0070

0.0067

0.0114

0.0286**

0.0265**

0.0293**

0.0298**

0.0181