Table 6.
The results of panel Generalized Method of Moments (GMM)
| Dependent variable | LIF | DEA | MOR | |||
|---|---|---|---|---|---|---|
| C | 3.3306 (149.24)a |
3.3777 (84.62)a |
3.4273 (35.88)a |
3.8843 (19.85)a |
10.1249 (68.28)a |
11.3396 (25.50)a |
| LNTHE | 0.0011 (0.27) |
0.0861 (4.32)a |
−0.2683 (−6.69)a |
|||
| LNPUB | −0.0015 (− 0.43) |
0.0645 (3.86)a |
−0.0833 (−2.88)a |
|||
| LNPRI | −0.0093 (−1.45) |
−0.1065 (−3.66)a |
− 0.2383 (− 2.85)a |
|||
| LNGDP | 0.0740 (13.54)a |
0.0750 (14.41)*** |
−0.0063 (− 0.31) |
0.0111 (0.51) |
− 0.7840 (− 19.65)a |
−0.8579 (−19.35)a |
| LNSAN | 0.0911 (23.36)a |
0.0890 22.05 |
−0.4098 (−27.80)a |
− 0.4385 (− 27.61)a |
−0.2124 (−4.86)a |
−0.1709 (− 4.11)a |
| R-squared | 0.9804 | 0.9805 | 0.7866 | 0.9646 | 0.9893 | 0.9879 |
| Observations | 294 | 294 | 294 | 294 | 294 | 294 |
| Cross-section included | 15 | 15 | 15 | 15 | 15 | 15 |
Notes: a, **, and * denote significance level at 1, 5 and 10%, respectively. Figures in the parentheses are t-statistics