Table 1.

Dynamic System GMM Regression Model (Full Sample) Dep: ln PHE_it

VARIABLES	(1)	(2)	(3)	(4)	(5)	(6)
ln PHEit-1	0.650***	0.655***	0.658***	0.630***	0.679***	0.674***
	(0.014)	(0.018)	(0.005)	(0.014)	(0.014)	(0.013)
ln TRit	0.057***				0.040***
	(0.017)				(0.014)
ln DTit		0.025***				0.023***
		(0.004)				(0.008)
ln ITit		−0.037***				−0.061***
		(0.005)				(0.003)
FBit			−0.002***		−0.002***	− 0.003***
			(3.66e-05)		(7.26e-05)	(0.0001)
ln DEBTit				0.0003	0.0002	0.0024
				(0.0020)	(0.0021)	(0.002)
ln PCGDPit	−0.003	0.007*	0.020***	0.012**	0.015*	0.001
	(0.007)	(0.004)	(0.004)	(0.005)	(0.008)	(0.005)
ln AGINGit	0.049***	0.063***	0.104***	0.064***	0.077**	0.065*
	(0.008)	(0.018)	(0.035)	(0.012)	(0.038)	(0.037)
ln IMRit	−0.095***	−0.066***	−0.013	−0.034*	− 0.023	− 0.069***
	(0.020)	(0.017)	(0.019)	(0.017)	(0.027)	(0.020)
Constant	0.458***	0.462***	0.069	0.281***	0.042	0.573***
	(0.123)	(0.099)	(0.154)	(0.106)	(0.203)	(0.156)
AB test AR(2) (p -level)	0.233	0.214	0.541	0.222	0.551	0.609
Sargan test (p -level)	1.000	1.000	1.000	1.000	1.000	1.000
Mean VIF	1.69	1.66	1.67	1.76	1.57	1.58
Observations	893	893	893	893	893	893
No. of Country	85	85	85	85	85	85

Note: Sargan Chi-Square test used for over-identified restriction of the instrument in the model, AB test AR (2) to detect autocorrelation in the level series, and mean VIF for multicollinearity. Standard errors in parentheses; ***, **, * denotes the level of significance at 1, 5, and 10% respectively. ln = natural logarithm

Source: Author’s estimation