Table 4. GMM regression with AB in n-Step.
| Dependent variables | |||||
|---|---|---|---|---|---|
| IDV | CESFC (1) |
CEGFC (2) |
CELFC (3) |
CE (4) |
CEMIC (5) |
| GDP | 13.417*** | 16.319*** | 2.557*** | -0.429*** | 6.731*** |
| GDPSQ | -7.539*** | -1.868* | -1.266* | -0.535* | -4.481*** |
| ME | -1.565* | 0.238* | -0.468* | 0.115* | -3.367*** |
| AET | 45.327*** | 15.195*** | 2.804*** | 0.446* | 11.343*** |
| MI | 2.772*** | -0.602* | -0.123* | -0.286* | 0.017* |
| AIT | 12.944*** | 2.188*** | 1.809** | -0.857* | 3.257*** |
| CSE | -5.080*** | 2.945*** | -4.878*** | -0.436* | -1.963*** |
| IGD | -0.739* | 0.368* | -0.776* | -0.532* | 0.274* |
| CR | 27.038*** | -0.809* | -0.276* | 1.053* | 3.970*** |
| IF | 16.766*** | -6.582*** | 2.311*** | -0.833* | 0.291* |
| MIE | -3.117*** | -3.044*** | -1.069* | -0.854* | -1.099* |
| AL | 0.652* | 0.465* | -0.756* | -0.429* | -1.755** |
| Sargan statistic | 0.384 | 0.102 | 0.827 | 0.212 | 0.185 |
| J-statistic | 8.520 | 17.220 | 5.080 | 12.021 | 17.319 |
| Obs | 480 | 480 | 480 | 480 | 480 |
| N Countries | 29 | 29 | 29 | 29 | 29 |
Sources: Computation by authors. Note: Please see, Table 2 for the variable’s definition.
*** specifies the statistically significant at 1% levels.
** specifies the statistically significant at 5% levels.
* specifies the statistically significant at 10% levels.