TWO STEP DIFF GMM

TWO STEP SYSTEM GMM

PCS_t−1

0.6198

(0.1091)

[0.004]

0.4291

(0.0537)

[0.000]

LY

1.9797

(0.3027)

[0.000]

1.4516

(0.1134)

[0.000]

PCB

0.0027

(0.0003)

[0.000]

0.0019

(0.0002)

[0.000]

LTO

0.1528

(1.0721)

[0.978]

0.1997

(0.4039)

[0.625]

LCAO

−5.0056

(2.372)

[0.034]

−4.2913

(1.3078)

[0.000]

INT

2.0636

(0.7655)

[0.002]

1.9816

(0.3610)

[0.000]

LVA

−1.4388

(0.4539)

[0.000]

−1.4212

(0.3137)

[0.000]

SARGAN TEST

20.2317

[0.045]

22.5459

[0.269]

AR 2

−1.4068

[0.4733]

−1.1509

[0.6670]