Table 8.
Factors | Static assessment (OLS) |
Dynamic assessment (SYS-GMM) |
||||||
---|---|---|---|---|---|---|---|---|
AES | AEE | CEC | CEM | AES | AEE | CEC | CEM | |
L.EP | 2.065*** | 0.865*** | 0.938*** | 0.868*** | ||||
(0.084) | (0.096) | (0.048) | (0.038) | |||||
DE | −0.024 | −0.398*** | −0.288*** | 0.428*** | −0.028 | −0.403*** | −0.208*** | 0.083*** |
(0.049) | (0.038) | (0.065) | (0.045) | (0.032) | (0.082) | (0.026) | (0.023) | |
URB | −0.663*** | 0.090 | 0.333⁎ | 0.098 | 0.497** | 2.685*** | 0.597*** | −0.059 |
(0.096) | (0.068) | (0.228) | (0.086) | (0.290) | (0.373) | (0.044) | (0.055) | |
EDU | 0.007 | −0.008 | 0.250*** | 0.028* | −0.048** | −0.327*** | 0.022*** | 0.033*** |
(0.023) | (0.009) | (0.028) | (0.022) | (0.028) | (0.054) | (0.003) | (0.004) | |
FDI | 0.042*** | −0.047*** | −0.022 | 0.046*** | −0.026*** | 0.043 | −0.046*** | −0.002 |
(0.022) | (0.009) | (0.027) | (0.020) | (0.006) | (0.030) | (0.007) | (0.005) | |
IND | −0.044*** | −0.004 | −0.228*** | −0.037*** | −0.028** | −0.242** | −0.059*** | −0.022*** |
(0.020) | (0.008) | (0.025) | (0.008) | (0.009) | (0.069) | (0.020) | (0.004) | |
_Cons | 0.808*** | 0.383*** | −0.623*** | 0.568*** | 0.229*** | 2.454*** | −0.274*** | 0.002 |
(0.080) | (0.058) | (0.089) | (0.073) | (0.050) | (0.380) | (0.039) | (0.035) | |
AR(3) | −0.808 | −2.395 | 0.228 | 0.085 | ||||
[0.474] | [0.288] | [0.808] | [0.852] | |||||
Hansen | 28.750 | 27.558 | 39.733 | 39.789 | ||||
[0.528] | [0.799] | [0.649] | [0.645] | |||||
R2 | 0.488 | 0.437 | 0.525 | 0.488 | ||||
N | 480 | 480 | 480 | 480 | 470 | 470 | 470 | 470 |
Note: ***, ** and * represents the significance level at 1 %, 5 % and 10 % respectively.