Table 3.

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

VARIABLES	(1)	(2)	(3)	(4)	(5)	(6)
ln PHEit-1	0.621***	0.575***	0.568***	0.553***	0.610***	0.610***
	(0.007)	(0.011)	(0.006)	(0.016)	(0.015)	(0.013)
ln TRit	−0.035				0.016
	(0.025)				(0.012)
ln DTit		0.020***				0.004
		(0.007)				(0.009)
ln ITit		− 0.024*				−0.069***
		(0.013)				(0.007)
FBit			−0.011***		−0.011***	− 0.011***
			(0.0001)		(0.0001)	(0.0002)
ln DEBTit				−0.008**	−0.015***	− 0.010***
				(0.003)	(0.001)	(0.002)
ln PCGDPit	−0.013***	− 0.016***	0.010***	−0.009***	0.005	−0.009
	(0.0007)	(0.002)	(0.003)	(0.002)	(0.006)	(0.008)
ln AGINGit	0.065	0.267***	0.091***	0.248***	0.012	0.214***
	(0.063)	(0.032)	(0.033)	(0.048)	(0.026)	(0.038)
ln IMRit	−0.150***	−0.027**	−0.011	−0.010	− 0.111***	−0.044*
	(0.013)	(0.011)	(0.014)	(0.022)	(0.011)	(0.024)
Constant	0.973***	0.249***	0.229**	0.178	0.641***	0.476***
	(0.140)	(0.067)	(0.101)	(0.156)	(0.100)	(0.167)
AB test AR(2) (p -level)	0.103	0.086	0.086	0.086	0.104	0.089
Sargan test (p -level)	1.000	1.000	1.000	1.000	1.000	1.000
Observations	303	303	303	303	303	303
No. of Country	77	77	77	77	77	77

Note: Post-Global Financial Crisis includes the sample of countries of period 2009–2013. Standard errors in parentheses; ***, **, * denotes the level of significance at 1, 5, and 10% respectively; ln = natural logarithm

Source: Author’s estimation