Table 3.
(I) Indicators only | (II)Static | (III) Dynamic | |||||||
ID | POLS | FE | FGLS | POLS | FE | FGLS | FE | FGLS | |
Intercept | −0.014 | −0.014 | 0.001 | −0.004 | −0.006 | −0.003 | 0.009 | 0.012** | |
Postslope | 0.005 | 0.005** | 0.006** | 0.004*** | 0.005*** | 0.005** | 0.004** | 0.001 | |
Time | −0.001 | −0.001 | −0.001 | 0.002** | −0.008 | 0.002** | −0.007*** | −0.000 | |
−0.020 | −0.020** | − 0.020*** |
−0.009 | −0.039 | −0.013*** | −0.015* | 0.010** | ||
−0.014 | −0.014** | − 0.014*** |
−0.010 | −0.029 | −0.011*** | 0.001 | 0.030*** | ||
0.035* | 0.035*** | 0.035*** | 0.029*** | 0.019 | 0.032*** | 0.047*** | 0.072*** | ||
ANC | 0.050*** | 0.048*** | 0.038*** | 0.015 | 0.013 | ||||
DA | 0.156*** | 0.182*** | 0.067** | 0.143*** | 0.039** | ||||
CC | −0.002 | −0.002 | 0.000 | −0.002** | 0.000 | ||||
TBAs | −0.096 | −0.077 | −0.048* | −0.003 | −0.035* | ||||
POP | −0.048 | 1.149 | −0.152*** | 0.797*** | −0.022* | ||||
FBD-lag | 0.470*** | 0.848*** | |||||||
Constant | 0.354*** | 0.354*** | 0.342*** | 0.711 | −13.062 | 1.940*** | −9.088*** | 0.224 | |
F-test (Pr>F) |
0.017 | 0.000 | 0.000 | 0.000 | |||||
Wald test (Pr>Chi2) |
0.000 | 0.000 | 0.000 |
p<0.01,
p<0.05,
p<0.1;
standard errors not reported.