|
VARIABLES
|
(1)
|
(2)
|
(3)
|
(4)
|
(5)
|
(6)
|
|---|
|
ln PHEit-1
|
0.650***
|
0.655***
|
0.658***
|
0.630***
|
0.679***
|
0.674***
|
|
(0.014)
|
(0.018)
|
(0.005)
|
(0.014)
|
(0.014)
|
(0.013)
|
|
ln TRit
|
0.057***
| | | |
0.040***
| |
|
(0.017)
| | | |
(0.014)
| |
|
ln DTit
| |
0.025***
| | | |
0.023***
|
| |
(0.004)
| | | |
(0.008)
|
|
ln ITit
| |
−0.037***
| | | |
−0.061***
|
| |
(0.005)
| | | |
(0.003)
|
|
FBit
| | |
−0.002***
| |
−0.002***
|
− 0.003***
|
| | |
(3.66e-05)
| |
(7.26e-05)
|
(0.0001)
|
|
ln DEBTit
| | | |
0.0003
|
0.0002
|
0.0024
|
| | | |
(0.0020)
|
(0.0021)
|
(0.002)
|
|
ln PCGDPit
|
−0.003
|
0.007*
|
0.020***
|
0.012**
|
0.015*
|
0.001
|
|
(0.007)
|
(0.004)
|
(0.004)
|
(0.005)
|
(0.008)
|
(0.005)
|
|
ln AGINGit
|
0.049***
|
0.063***
|
0.104***
|
0.064***
|
0.077**
|
0.065*
|
|
(0.008)
|
(0.018)
|
(0.035)
|
(0.012)
|
(0.038)
|
(0.037)
|
|
ln IMRit
|
−0.095***
|
−0.066***
|
−0.013
|
−0.034*
|
− 0.023
|
− 0.069***
|
|
(0.020)
|
(0.017)
|
(0.019)
|
(0.017)
|
(0.027)
|
(0.020)
|
|
Constant
|
0.458***
|
0.462***
|
0.069
|
0.281***
|
0.042
|
0.573***
|
|
(0.123)
|
(0.099)
|
(0.154)
|
(0.106)
|
(0.203)
|
(0.156)
|
|
AB test AR(2) (p -level)
|
0.233
|
0.214
|
0.541
|
0.222
|
0.551
|
0.609
|
|
Sargan test (p -level)
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
|
Mean VIF
|
1.69
|
1.66
|
1.67
|
1.76
|
1.57
|
1.58
|
|
Observations
|
893
|
893
|
893
|
893
|
893
|
893
|
|
No. of Country
|
85
|
85
|
85
|
85
|
85
|
85
|
- Note: Sargan Chi-Square test used for over-identified restriction of the instrument in the model, AB test AR (2) to detect autocorrelation in the level series, and mean VIF for multicollinearity. Standard errors in parentheses; ***, **, * denotes the level of significance at 1, 5, and 10% respectively. ln = natural logarithm
- Source: Author’s estimation
