|
VARIABLES
|
(1)
|
(2)
|
(3)
|
(4)
|
(5)
|
(6)
|
|---|
|
ln PHEit-1
|
0.621***
|
0.575***
|
0.568***
|
0.553***
|
0.610***
|
0.610***
|
|
(0.007)
|
(0.011)
|
(0.006)
|
(0.016)
|
(0.015)
|
(0.013)
|
|
ln TRit
|
−0.035
| | | |
0.016
| |
|
(0.025)
| | | |
(0.012)
| |
|
ln DTit
| |
0.020***
| | | |
0.004
|
| |
(0.007)
| | | |
(0.009)
|
|
ln ITit
| |
− 0.024*
| | | |
−0.069***
|
| |
(0.013)
| | | |
(0.007)
|
|
FBit
| | |
−0.011***
| |
−0.011***
|
− 0.011***
|
| | |
(0.0001)
| |
(0.0001)
|
(0.0002)
|
|
ln DEBTit
| | | |
−0.008**
|
−0.015***
|
− 0.010***
|
| | | |
(0.003)
|
(0.001)
|
(0.002)
|
|
ln PCGDPit
|
−0.013***
|
− 0.016***
|
0.010***
|
−0.009***
|
0.005
|
−0.009
|
|
(0.0007)
|
(0.002)
|
(0.003)
|
(0.002)
|
(0.006)
|
(0.008)
|
|
ln AGINGit
|
0.065
|
0.267***
|
0.091***
|
0.248***
|
0.012
|
0.214***
|
|
(0.063)
|
(0.032)
|
(0.033)
|
(0.048)
|
(0.026)
|
(0.038)
|
|
ln IMRit
|
−0.150***
|
−0.027**
|
−0.011
|
−0.010
|
− 0.111***
|
−0.044*
|
|
(0.013)
|
(0.011)
|
(0.014)
|
(0.022)
|
(0.011)
|
(0.024)
|
|
Constant
|
0.973***
|
0.249***
|
0.229**
|
0.178
|
0.641***
|
0.476***
|
|
(0.140)
|
(0.067)
|
(0.101)
|
(0.156)
|
(0.100)
|
(0.167)
|
|
AB test AR(2) (p -level)
|
0.103
|
0.086
|
0.086
|
0.086
|
0.104
|
0.089
|
|
Sargan test (p -level)
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
|
Observations
|
303
|
303
|
303
|
303
|
303
|
303
|
|
No. of Country
|
77
|
77
|
77
|
77
|
77
|
77
|
- Note: Post-Global Financial Crisis includes the sample of countries of period 2009–2013. Standard errors in parentheses; ***, **, * denotes the level of significance at 1, 5, and 10% respectively; ln = natural logarithm
- Source: Author’s estimation
