| TWO STEP DIFF GMM | TWO STEP SYSTEM GMM |
PCSt−1 | 0.298 (0.105) [0.0024] | 0.2699 (0.1006) [0.008] |
LY | 2.254 (0.3412) [0.000] | 1.7567 (0.3301) [0.000] |
PCB | 0.0197 (0.0004) [0.000] | 0.0215 (0.000) [0.000] |
LTO | −0.5746 (1.0074) [0.446] | −1.3397 (0.7116) [0.069] |
LCAO | −15.3796 (3.789) [0.000] | −10.8811 (1.9028) [0.000] |
INT | 2.9098 (0.7417) [0.000] | 2.0021 (0.5236) [0.000] |
LINST | −1.6143 (0.4910) [0.000] | −1.6552 (0.3392) [0.000] |
D1CAO | 7.4897 (1.1245) [0.000] | 2.0679 (0.4996) [0.000] |
SARGAN TEST | 19.9897 [0.0295] | 23.5695 [0.5717] |
AR 2 | −0.8907 [0.4825] | −0.9904 [0.4433] |