Table 6.
Results of FMOLS, GMM, and Quantile Regressions (with 100 bootstraps).
| Variable | FMOLS | GMM | Quantile Regressions | ||||
|---|---|---|---|---|---|---|---|
| 0.10 | 0.25 | 0.50 | 0.75 | 0.90 | |||
| Model A, Dep. Var.: LPI | |||||||
| HDI | 1.308 (1.594) | 1.331*** (0.514) | 0.900 (1.643) | 1.356*** (0.404) | 1.738*** (0.548) | 1.371* (0.801) | 0.133 (0.770) |
| LGCF | −0.044 (0.300) | −0.069*** (0.013) | −0.092*** (0.017) | −0.089*** (0.010) | −0.071*** (0.015) | −0.060*** (0.023) | −0.047 (0.034) |
| LLF | −0.187 (0.828) | −0.056 (0.041) | −0.213** (0.106) | −0.100* (0.051) | −0.057 (0.047) | −0.114* (0.062) | −0.082* (0.048) |
| LP | 0.168 (0.195) | 0.227*** (0.033) | 0.450*** (0.152) | 0.302*** (0.055) | 0.226*** (0.043) | 0.263*** (0.051) | 0.206*** (0.040) |
| LUP | 0.005 (0.017) | 0.004*** (0.001) | 0.005 (0.003) | 0.005*** (0.002) | 0.004** (0.002) | 0.003 (0.002) | −0.000 (0.002) |
| LTO | 0.003** (0.001) | 0.001*** (0.000) | 0.001 (0.001) | 0.001 (0.498) | 0.001*** (0.000) | 0.001*** (0.000) | 0.001*** (0.000) |
| Model B, Dep. Var.: LGDP | |||||||
| HDI | 0.244** (0.100) | −2.406 (2.095) | 1.020 (2.272) | 3.619** (1.800) | −0.456 (0.961) | 2.113 (2.237) | 13.870*** (4.883) |
| LPI | −0.018** (0.007) | 0.002 (0.265) | −0.618*** (0.216) | 0.327 (0.272) | 0.122 (0.230) | −0.488* (0.280) | −0.431 (0.601) |
| LUP | 0.050*** (0.003) | 0.035*** (0.006) | 0.002 (0.004) | 0.012*** (0.003) | 0.026*** (0.004) | 0.038*** (0.006) | 0.078*** (0.005) |
| LTO | −0.001*** (0.000) | −0.005*** (0.001) | −0.003*** (0.001) | −0.004*** (0.000) | −0.004*** (0.001) | −0.003*** (0.001) | −0.007*** (0.001) |
| Model B, Dep. Var.: LCEM | |||||||
| HDI | −0.406 (0.397) | −5.211*** (1.184) | −2.233* (1.214) | −7.043*** (1.000) | −3.155** (1.567) | 0.250 (1.496) | 1.389 (1.433) |
| LPI | 0.037* (0.021) | 0.588*** (0.150) | 0.354** (0.146) | 0.816*** (0.206) | 0.220 (0.181) | 0.195 (0.135) | 0.367*** (0.110) |
| LUP | 0.009* (0.005) | 0.016*** (0.004) | −0.002 (0.612) | 0.013*** (0.003) | 0.021*** (0.003) | 0.020*** (0.005) | 0.025*** (0.010) |
| LTO | −0.000 (0.000) | −0.004*** (0.000) | −0.002***(0.000) | −0.003*** (0.001) | −0.005*** (0.000) | −0.005*** (0.000) | −0.005*** (0.001) |
| Diagnostic | Model A | Model B | Model C | ||||
| Sargan | χ2252 = 247.49 (0.169) | χ2237 = 277.40** (0.037) | χ2237 = 232.40 (0.579) | ||||
| Hansen | χ2252 = 19.25 (1.000) | χ2237 = 24.53 (1.000) | χ2237 = 23.57 (1.000) | ||||
| AR(1) | Z = −1.38 (0.169) | Z = −3.77*** (0.000) | Z = −3.79*** (0.000) | ||||
| AR(2) | Z = −1.96* (0.053) | Z = −2.25*** (0.001) | Z = 0.75 (0.456) | ||||
Notes: ***p < 0.01, **p < 0.05, *p < 0.10.