TWO STEP DIFF GMM

TWO STEP SYSTEM GMM

PCS_t−1

0.3162

(0.1026)

[0.006]

0.2676

(0.1001)

[0.003]

LY

2.3516

(0.3732)

[0.000]

1.0908

(0.1901)

[0.000]

PCB

0.1349

(0.0003)

[0.000]

0.2016

(0.0001)

[0.000]

LTO

0.8301

(1.1606)

[0.51]

−0.1536

(0.4106)

[0.97]

LCAO

−3.9917

(2.0103)

[0.051]

−5.0295

(1.2131)

[0.000]

INT

1.9067

(0.8407)

[0.003]

2.3901

(0.3705)

[0.000]