Table 11.

Driscoll-Kraay standard error estimator

	Fixed effet	Lag(1)
lnENVTAX	− 0.016**	− 0.030***
	(− 2.32)	(− 3.61)
lnREN	− 0.009***	− 0.004***
	(− 3.70)	(− 3.58)
lnACT	− 0.011***	− 0.013***
	(− 8.38)	(− 17.49)
lnPOP	0.250***	0.161***
	(− 8.25)	(− 7.90)
lnUR	0.152**	0.099***
	(− 2.75)	(− 3.99)
Constant	1.636***	1.596***
	(− 9.60)	(− 1.30)

^***, **, and * denote the significance at 1%, 5%, and 10% level, respectively