Table 3.
β-convergence regression.
| Variables | 2004–2018 | |||
|---|---|---|---|---|
| Model (1) | Model (2) | Model (3) | Model (4) | |
| L1. lnRE | 0.9417 *** | 0.9221 *** | 0.9297 *** | 0.9199 *** |
| (−0.0026) | (−0.0029) | (0.0017) | (0.0041) | |
| PGDP | −0.0001 *** | |||
| (−0.0005) | ||||
| Ur | 0.0112 *** | |||
| (0.0034) | ||||
| FDI | −0.0008 *** | |||
| (−0.0002) | ||||
| Ind | 0.0092 *** | |||
| (0.0018) | ||||
| Constant | −0.3057 *** | −0. 4441 *** | −0.2816 *** | −0.5121 *** |
| (−0.0747) | (0.2121) | (0.0137) | (−0.0394) | |
| Wald chi2 | 178,668.44 *** | 423,028.96 *** | 181,000 *** | 224,568.96 *** |
| Arellano-Bond test | ||||
| AR(1) | −2.2526 ** | −2.2522 ** | −2.2498 ** | −2.2391 ** |
| AR(2) | −1.7349 | −1.7422 | −1.741 | −1.7494 |
| Sargan test | 31.1544 | 31.4869 | 29.82492 | 31.2596 |
| Observations | 385 | 385 | 385 | 385 |
Note: Standard errors are presented in the parentheses. *** indicates p < 0.01. ** indicates p < 0.05. AR(1) represents the test statistic for the first-order difference autocorrelation of residual items. AR(2) represents the test statistic for the second-order difference autocorrelation of residual items. L1. lnRE represents one-period lagged term of lnRE and is regarded as GMM-type instrument variable.