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 |