| TWO STEP DIFFERENCE GMM | TWO STEP SYSTEM GMM |
PCSt-1 | 0.7714*** (0.115) [0.000] | 0.5459*** (0.0687) [0.000] |
PCB | 0.0023*** (0.0005) [0.004] | 0.0025*** (0.0003) [0.000] |
LY | 1.9301*** (0.203) [0.000] | 1.621*** (0.1507) [0.000] |
LTO | 5.4322*** (1.102) [0.000] | 4.2203*** (0.5491) [0.000] |
LCAO | −8.0283 (5.8971) [0.201] | −8.9749** (4.0329) [0.002] |
LINST | −7.3512*** (1.0032) [0.000] | −8.0331*** (1.0081) [0.000] |
INT | 2.2521 (1.1057) [0.046] | 2.0414*** (0.6530) [0.004] |
AR 2 | −2.5461*** [0.0501] | −1.9861 [0.1079] |
SARGAN TEST | 9.4548 [0.1023] | 16.2450 [0.0884] |