Table 4.
The system GMM model empirical results.
| Explanatory variable | RR | TI | EL | CV | EG | PP |
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| L.RR | 0.1632* (1.73) | −0.0227* (−1.76) | 0.0274*** (3.10) | 0.0308** (1.98) | 0.0872 (0.91) | 0.0216*** (7.66) |
| AI | 0.1633*** (2.74) | 0.0152** (2.31) | 0.0209*** (2.78) | 0.0025 (0.71) | 0.1164** (2.20) | 0.0090** (2.37) |
| PD | 0.0782*** (3.06) | −0.0028 (−0.61) | 0.0104*** (2.78) | 0.0084*** (4.36) | 0.0510** (2.50) | −0.0060 (−1.53) |
| MF | −0.0115** (−2.08) | −0.0002 (−0.32) | −0.0011** (−2.58) | −0.0004 (−0.80) | −0.0115** (−2.09) | 0.0014*** (3.52) |
| TP | 0.0078 (0.59) | −0.0010 (−0.66) | 0.0043*** (3.46) | −0.0003 (−0.29) | 0.0061 (0.51) | 0.0051*** (4.45) |
| RE | 0.0001 (0.02) | −0.0003 (−0.97) | 0.0017*** (4.67) | 0.0000 (−0.05) | −0.0004 (−0.09) | 0.0005 (1.10) |
| AF | −0.0074 (−0.47) | 0.0038** (2.34) | 0.0005 (0.51) | −0.0003 (−0.39) | −0.0104 (−0.72) | 0.0004 (0.45) |
| GS | 0.0093 (1.41) | −0.0021** (−2.08) | −0.0023** (−2.43) | 0.0008 (1.17) | 0.0129** (2.20) | −0.0060*** (−4.61) |
| AR (2) | 0.326 | 0.444 | 0.501 | 0.018 | 0.077 | 0.022 |
| Sargan’s test | 0.466 | 0.004 | 0.751 | 0.000 | 0.476 | 0.320 |
*, **, *** represent that it is significant on 0.1, 0.05, 0.001, and the value in parentheses is the t statistic, the same below.