|
VARIABLES
|
(1)
|
(2)
|
(3)
|
(4)
|
(5)
|
(6)
|
|---|
|
ln PHEit-1
|
0.620***
|
0.647***
|
0.623***
|
0.603***
|
0.635***
|
0.624***
|
|
(0.010)
|
(0.010)
|
(0.004)
|
(0.011)
|
(0.011)
|
(0.014)
|
|
ln TRit
|
0.106***
| | | |
0.084***
| |
|
(0.013)
| | | |
(0.015)
| |
|
ln DTit
| |
0.011***
| | | |
0.027***
|
| |
(0.002)
| | | |
(0.007)
|
|
ln ITit
| |
−0.053***
| | | |
−0.041***
|
| |
(0.004)
| | | |
(0.008)
|
|
FBit
| | |
−0.001***
| |
− 0.001***
|
− 0.002***
|
| | |
(4.83e-05)
| |
(6.32e-05)
|
(0.0002)
|
|
ln DEBTit
| | | |
0.022***
|
0.017***
|
0.016***
|
| | | |
(0.002)
|
(0.001)
|
(0.001)
|
|
ln PCGDPit
|
0.009***
|
0.018***
|
0.032***
|
0.026***
|
0.010***
|
0.006*
|
|
(0.0006)
|
(0.001)
|
(0.001)
|
(0.002)
|
(0.003)
|
(0.003)
|
|
ln AGINGit
|
0.037***
|
0.020
|
0.041**
|
0.043***
|
0.049***
|
0.024
|
|
(0.006)
|
(0.014)
|
(0.017)
|
(0.005)
|
(0.011)
|
(0.020)
|
|
ln IMRit
|
−0.038***
|
−0.042***
|
−0.001
|
−0.013*
|
−0.034***
|
−0.073***
|
|
(0.009)
|
(0.011)
|
(0.008)
|
(0.007)
|
(0.011)
|
(0.012)
|
|
Constant
|
0.080
|
0.459***
|
0.063
|
0.137***
|
0.063
|
0.552***
|
|
(0.055)
|
(0.062)
|
(0.066)
|
(0.033)
|
(0.055)
|
(0.071)
|
|
AB test AR(2) (p -level)
|
0.749
|
0.840
|
0.661
|
0.808
|
0.664
|
0.662
|
|
Sargan test (p -level)
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
|
Observations
|
491
|
491
|
491
|
491
|
491
|
491
|
|
Number of id
|
76
|
76
|
76
|
76
|
76
|
76
|
- Note: Pre-Global Financial Crisis includes the sample of countries of the period of 2000–2008. Standard errors in parentheses; ***, **, * denotes the level of significance at 1, 5, and 10% respectively; ln = natural logarithm
- Source: Author’s estimation
