Table 5.

Results of endogeneity test

Variable	First stage-lnUR	Second stage-lnVI	First stage-lnUR	Second stage-lnDE
	(1)	(2)	(3)	(4)
lnUR		0.9604**		− 0.8956**
		(2.09)		(− 2.21)
lnGDP	0.1761***	− 0.0861**	0.1761***	− 0.1564**
	(13.60)	(− 1.12)	(13.60)	(− 2.30)
lnME	0.0700***	0.4081***	0.0700***	− 0.0550
	(3.36)	(9.31)	(3.36)	(− 1.42)
lnED	0.0437*	− 0.0393	0.0437*	− 0.0697
	(2.72)	(− 1.22)	(2.72)	(− 2.45)
lnEN	0.0085	− 0.0678***	0.0085	− 0.0015
	(1.18)	(− 6.85)	(1.18)	(− 0.16)
lnOR	0.1444***	− 0.0905*	0.1444***	0.0653
	(1.59)	(− 1.10)	(1.59)	(1.06)
lnWATER	0.0805***		0.0805***
	(3.15)		(3.15)
Constant	0.6433***	− 2.7686***	0.6433***	0.5266
	(2.95)	(− 4.90)	(2.95)	(1.06)
Observations	496	496	496	496
R2	0.8008	0.8580	0.8008	0.2804
Province FE	Yes	Yes	Yes	Yes
F-Stat	79.10	33.18	79.10	10.97

*, **, and *** indicate significance levels of 10%, 5%, and 1%, respectively.