| 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 |