Table 2.

Dynamic System GMM Regression Model (Pre-Global Financial Crisis)

VARIABLES	(1)	(2)	(3)	(4)	(5)	(6)
ln PHEit-1	0.620***	0.647***	0.623***	0.603***	0.635***	0.624***
	(0.010)	(0.010)	(0.004)	(0.011)	(0.011)	(0.014)
ln TRit	0.106***				0.084***
	(0.013)				(0.015)
ln DTit		0.011***				0.027***
		(0.002)				(0.007)
ln ITit		−0.053***				−0.041***
		(0.004)				(0.008)
FBit			−0.001***		− 0.001***	− 0.002***
			(4.83e-05)		(6.32e-05)	(0.0002)
ln DEBTit				0.022***	0.017***	0.016***
				(0.002)	(0.001)	(0.001)
ln PCGDPit	0.009***	0.018***	0.032***	0.026***	0.010***	0.006*
	(0.0006)	(0.001)	(0.001)	(0.002)	(0.003)	(0.003)
ln AGINGit	0.037***	0.020	0.041**	0.043***	0.049***	0.024
	(0.006)	(0.014)	(0.017)	(0.005)	(0.011)	(0.020)
ln IMRit	−0.038***	−0.042***	−0.001	−0.013*	−0.034***	−0.073***
	(0.009)	(0.011)	(0.008)	(0.007)	(0.011)	(0.012)
Constant	0.080	0.459***	0.063	0.137***	0.063	0.552***
	(0.055)	(0.062)	(0.066)	(0.033)	(0.055)	(0.071)
AB test AR(2) (p -level)	0.749	0.840	0.661	0.808	0.664	0.662
Sargan test (p -level)	1.000	1.000	1.000	1.000	1.000	1.000
Observations	491	491	491	491	491	491
Number of id	76	76	76	76	76	76

Note: Pre-Global Financial Crisis includes the sample of countries of the period of 2000–2008. Standard errors in parentheses; ***, **, * denotes the level of significance at 1, 5, and 10% respectively; ln = natural logarithm

Source: Author’s estimation