Table 5.

Dynamic System GMM Regression Model (Middle Income countries)

VARIABLES	(1)	(2)	(3)	(4)	(5)	(6)
ln PHEit-1	0.705***	0.722***	0.669***	0.733***	0.725***	0.746***
	(0.032)	(0.032)	(0.034)	(0.031)	(0.030)	(0.030)
ln TRit	0.112***				0.141***
	(0.034)				(0.032)
ln DTit		0.025*				0.017
		(0.013)				(0.013)
ln ITit		−0.012				0.012
		(0.018)				(0.018)
FBit			−0.005***		−0.005***	−0.004***
			(0.001)		(0.001)	(0.001)
ln DEBTit				−0.020*	−0.032***	−0.025**
				(0.010)	(0.009)	(0.010)
ln PCGDPit	−0.003	0.0005	0.030*	−9.37e-05	−0.025	−0.010
	(0.016)	(0.016)	(0.015)	(0.017)	(0.016)	(0.016)
ln AGINGit	0.021	0.026	0.092**	0.043	0.049	0.036
	(0.043)	(0.042)	(0.046)	(0.044)	(0.037)	(0.040)
ln IMRit	−0.094***	−0.097***	−0.015	−0.067*	− 0.082***	−0.065**
	(0.035)	(0.034)	(0.035)	(0.035)	(0.030)	(0.030)
Constant	0.307	0.540**	0.022	0.482*	0.341	0.468**
	(0.250)	(0.257)	(0.265)	(0.274)	(0.231)	(0.235)
AB test AR(2) (p -level)	0.576	0.549	0.699	0.575	0.659	0.729
Sargan test (p -level)	1.000	1.000	1.000	1.000	1.000	1.000
Observations	37	37	37	37	37	37
No. of Country	405	405	405	405	405	405

Note: Middle income includes the sample of Upper 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