Table 7.

Dynamic panel data regression and unbiased test

Proxy of predictor	GDP	GDP	GDP	GDP OLS-RSE	COV	COV	COV	COV
	LSDV-RSE	FD-GMM	SYS-GMM		LSDV -RSE	FD-GMM	SYS-GMM	OLS-RSE
Constant	*** − 295.437	* 208.794	− 76.007	2.42	*** − 292.810	* 207.980	− 80.625	− 1.444
	− 118.375	− 158.821	− 83.786	− 16.98	-s117.716	− 159.421	− 82.704	− 16.536
TC	− 0.446	* 0.027	*** 0.049	*** 0.282	− 0.446	* 0.027	*** 0.049	*** 0.282
	− 0.063	− 0.021	− 0.017	− 0.058	− 0.063	− 0.021	− 0.017	− 0.058
ERM	* 46.056	− 24.308	** − 76.599	* − 78.078	–––––	–––––	–––––	–––––
	-75.16	-43.989	-40.249	-52.182
GS	–––––	–––––	–––––	–––––	− 2.718	1.926	** 5.569	* 6.031
					− 5.369	− 3.155	− 2.898	− 3.584
UB	*** 0.181	*** 0.227	*** 0.233	*** 0.185	*** 0.181	*** 0.227	*** 0.233	*** 0.185
	− 0.032	− 0.021	− 0.016	− 0.023	− 0.032	− 0.021	− 0.016	− 0.023
CRF	3.078	*** 9.812	*** 9.472	2.248	3.073	*** 9.802	*** 9.450	2.246
	− 2.936	− 2.556	− 2.069	− 2.349	− 2.942	− 2.57	− 2.078	− 2.351
WS	** 3.652	− 0.333	− 0.659	*** 4.055	** 3.647	− 0.346	− 0.662	*** 4.059
	− 1.977	− 0.819	− 0.853	− 0.996	− 1.977	− 0.819	− 0.853	− 0.996
EI	** 18.502	** − 21.485	5.673	0.027	** 18.664	** − 21.395	5.847	0.018
	− 8.739	− 12.856	− 5.745	− 1.137	− 8.747	− 12.873	− 5.713	− 1.136
CA	0.578	** 3.289	− 0.274	− 0.061	0.498	** 3.239	− 0.326	− 0.061
	− 1.429	− 1.474	− 0.593	− 0.067	− 1.444	− 1.468	− 0.593	− 0.067
Number of groups	212	212	212	–––––	212	212	212	–––––
Number of instruments	–––––	22	27	–––––	–––––	22	27	–––––
Wald χ2
	–––––	*** 135.940	*** 269.660	–––––	–––––	*** 135.940	*** 269.250	–––––
R2
	0.359	–––––	–––––	0.555	0.361	–––––	–––––	0.555
F-statistics	*** 9.440	–––––	–––––	*** 60.190	*** 9.400	–––––	–––––	*** 58.842

A robust standard error is larger than the standard error. If we use one-tailed statistics, then (*) has a significance level of = 10%, (**) of = 5%, and (***) of = 1%