1

2

3

4

5

6

7

8

9

10

BC

−2.01e−13***

−2.48e−12

−6.70e−12***

−2.77e−11***

−7.33e−12**

−1.53e−11***

−6.93e−14

−1.53e−11***

−1.60e−14

−9.49e−12

(2.63e−14)

(3.67e−12)

(2.52e−12)

(4.94e−12)

(4.21e−12)

(5.09e−12)

(4.22e−12)

(5.45e−12)

(4.69e−12)

(8.52e−12)

MM

−6.22e−14***

−4.37e−12**

−3.56e−12**

−4.67e−12*

−4.62e−12**

3.50e−12

−6.84e−12***

2.85e−12

−8.14e−12***

−5.77e−12

(1.22e−14)

(1.76e−12)

(1.18e−12)

(2.40e−12)

(2.19e−12)

(2.51e−12)

(2.16e−12)

(2.74e−12)

(2.29e−12)

(4.20e−12)

DB

−5.12e−18***

−6.50e−16***

−2.23e−16***

−5.63e−16***

3.28e−17

−1.05e−15***

−5.85e−17

−9.57e−16***

−9.93e−17

−3.87e−16*

(6.61e−19)

(9.38e−17)

(6.63e−17)

(1.24e−16)

(1.19e−16)

(1.36e−16)

(1.28e−16)

(1.43e−16)

(1.13e−16)

(2.04e−16)

Y

−2.06e−12***

−5.16e−12***

−3.16e−12*

−3.28e−12***

−7.10e−13

−4.10e−12***

−1.26e−12

−3.73e−12***

−6.06e−12**

(7.52e−13)

(6.78e−13)

(1.40e−12)

(1.10e−12)

(1.32e−12)

(1.07e−12)

(1.37e−12)

(1.14e−12)

(2.17e−12)

GE

−8.27e−13***

−2.35e−12***

−1.75e−12**

2.69e−12***

−1.04e−12

−2.30e−12***

−6.27e−13

−8.50e−13

(2.84e−13)

(7.99e−13)

(7.59e−13)

(9.15e−13)

(9.31e−13)

(9.69e−13)

(7.52e−13)

(1.39e−12)

RI

−2.79e−12

−1.46e−12

−2.05e−12

5.47e−13

−4.16e−12**

1.20e−12

−4.61e−13

(1.65e−12)

(1.24e−12)

(1.55e−12)

(1.20e−12)

(1.61e−12)

(1.27e−12)

(2.38e−12)

POP

1.35e−11***

−1.53e−11***

6.02e−12***

−1.33e−11***

5.67e−12***

2.07e−11***

(1.71e−12)

(2.05e−12)

(1.60e−12)

(2.26e−12)

(1.69e−12)

(3.04e−12)

ET

−1.62e−11

−5.98e−12

−3.04e−12

−4.87e−12

1.33e−11

(1.09e−11)

(6.11e−12)

(8.02e−12)

(6.39e−12)

(1.25e−11)

COR

−2.46e−10***

−2.36e−10***

−2.80e−10***

1.85e−10*

(4.30e−11)

(6.24e−11)

(5.01e−11)

(8.58e−11)

GG

−7.22e−11

2.20e−11

−4.12e−10***

(7.64e−11)

(6.56e−11)

(1.13e−10)

PS

−3.55e−11

−7.71e−11*

(2.13e−11)

(3.77e−11)

HC

−1.37e−11**

(4.23e−12)

Observations

168

154

154

154

168

168

154

168

154

154

AR (1)

−6.47 (0.000)

−4.58 (0.000)

−5.66 (0.000)

−6.30 (0.000)

−4.94 (0.000)

−6.04 (0.000)

−7.73 (0.000)

−5.66 (0.000)

−6.52 (0.000)

−6.69 (0.000)

AR (2)

1.82 (0.069)

1.54 (0.026)

−1.30 (0.194)

1.17 (0.243)

−5.09 (0.000)

−1.72 (0.085)

0.08 (0.933)

−2.04 (0.041)

−0.36 (0.721)

−4.49 (0.000)

Sargan

173.92 (0.169)

174.85 (0.028)

176.68 (0.017)

151.02 (0.179)

177.21 (0.079)

167.39 (0.17)

146.10 (0.157)

155.21 (0.285)

160.97 (0.019)

178.05 (0.001)

Number of instruments

165

154

154

154

168

168

154

168

154

154

Number of group

14

14

14

14

14

14

14

14

14

14