| TWO STEP DIFF GMM | TWO STEP SYSTEM GMM |
PCSt−1 | 0.3980 (0.1142) [0.004] | 0.3671 (0.1009) [0.001] |
LY | 2.5752 (0.4304) [0.000] | 1.9871 (0.3445) [0.000] |
PCB | 0.1932 (0.0002) [0.000] | 0.1084 (0.0002) [0.000] |
LTO | −0.5976 (1.0005) [0.535] | −0.5232 (0.3652) [0.251] |
LCAO | −8.5009 (2.7632) [0.000] | −9.2253 (2.2466) [0.000] |
INT | 2.6156 (0.5522) [0.000] | 2.7318 (0.6013) [0.000] |
LINST | −1.6001 (0.3219) [0.000] | −1.5307 (0.2102) [0.000] |
D2CAO | −6.9879 (1.0319) [0.000] | −1.2146 (0.3408) [0.002] |
SARGAN TEST | 20.9101 [0.0305] | 22.8437 [0.5301] |
AR 2 | −1.2472 [0.4632] | −1.8315 [0.3071] |