Table 5.

Results of differential GMM estimation.

Variables	(1)	(2)	(3)	(4)	(5)	(6)
L.coord	0.886***	0.781***	0.785***	0.827***	0.798***	0.849***
	(168.19)	(39.26)	(51.94)	(23.49)	(20.82)	(17.86)
se	− 0.0164***	− 0.0150***	− 0.0141***	− 0.0128***	− 0.0129***	− 0.0151***
	(− 8.04)	(− 12.99)	(− 7.05)	(− 4.63)	(− 4.72)	(− 4.15)
ca		0.471***	0.493***	0.448***	0.501***	0.484***
		(8.41)	(10.08)	(6.24)	(5.46)	(5.40)
gov			− 0.0136**	− 0.0158**	− 0.0169**	− 0.0578
			(− 3.10)	(− 2.78)	(− 2.89)	(− 1.71)
con				0.0214**	0.0208*	0.0235*
				(2.68)	(2.30)	(2.08)
in					− 0.0151***	− 0.0199***
					(− 3.74)	(− 5.09)
ma						− 0.0408***
						(− 4.23)
Constant	0.0400***	0.0194	0.0150	0.00729	0.0111	0.0546
	(21.95)	(1.22)	(1.57)	(0.38)	(0.54)	(1.76)
Sample size	112	112	112	112	112	112
AR (1) test	0.149	0.0134	0.0133	0.0118	0.0153	0.0314
AR(2) test	0.2513	0.2923	0.2757	0.2586	0.3212	0.3005
Sargan test	0.8431	0.8594	0.8769	0.8783	0.8947	0.9909