Table 4.

Dynamic System GMM Regression Model (Low-Income countries)

VARIABLES	(1)	(2)	(3)	(4)	(5)	(6)
ln PHEit-1	0.649***	0.706***	0.658***	0.644***	0.695***	0.732***
	(0.030)	(0.027)	(0.029)	(0.030)	(0.028)	(0.026)
ln TRit	0.030				0.035
	(0.028)				(0.027)
ln DTit		0.017				−0.0004
		(0.018)				(0.017)
ln ITit		−0.041**				−0.051***
		(0.018)				(0.018)
FBit			−0.002***		−0.002***	− 0.003***
			(0.0009)		(0.0009)	(0.0009)
ln DEBTit				0.015	0.0069	0.014
				(0.010)	(0.010)	(0.010)
ln PCGDPit	−0.006	0.002	0.005	0.002	−0.006	− 0.002
	(0.009)	(0.010)	(0.010)	(0.009)	(0.009)	(0.009)
ln AGINGit	−0.029	−0.009	− 0.008	−0.017	− 0.022	−0.006
	(0.028)	(0.027)	(0.028)	(0.027)	(0.027)	(0.027)
ln IMRit	−0.008	0.001	0.038	−0.012	−0.0007	− 0.026
	(0.031)	(0.031)	(0.030)	(0.027)	(0.027)	(0.026)
Constant	0.321	0.316	0.098	0.326**	0.222	0.492***
	(0.198)	(0.200)	(0.175)	(0.162)	(0.171)	(0.175)
AB test AR(2) (p -level)	0.293	0.237	0.661	0.280	0.652	0.602
Sargan test (p -level)	1.000	1.000	1.000	1.000	1.000	1.000
Observations	488	488	488	488	488	488
No. of Country	48	48	48	48	48	48

Note: Low-income includes the sample of both lower income and lower-middle income countries (Please see Table A1). Standard errors in parentheses; ***, **, * denotes the level of significance at 1, 5, and 10% respectively. ln = natural logarithm

Source: Author’s estimation