|
VARIABLES
|
(1)
|
(2)
|
(3)
|
(4)
|
(5)
|
(6)
|
|---|
|
ln PHEit-1
|
0.649***
|
0.706***
|
0.658***
|
0.644***
|
0.695***
|
0.732***
|
|
(0.030)
|
(0.027)
|
(0.029)
|
(0.030)
|
(0.028)
|
(0.026)
|
|
ln TRit
|
0.030
| | | |
0.035
| |
|
(0.028)
| | | |
(0.027)
| |
|
ln DTit
| |
0.017
| | | |
−0.0004
|
| |
(0.018)
| | | |
(0.017)
|
|
ln ITit
| |
−0.041**
| | | |
−0.051***
|
| |
(0.018)
| | | |
(0.018)
|
|
FBit
| | |
−0.002***
| |
−0.002***
|
− 0.003***
|
| | |
(0.0009)
| |
(0.0009)
|
(0.0009)
|
|
ln DEBTit
| | | |
0.015
|
0.0069
|
0.014
|
| | | |
(0.010)
|
(0.010)
|
(0.010)
|
|
ln PCGDPit
|
−0.006
|
0.002
|
0.005
|
0.002
|
−0.006
|
− 0.002
|
|
(0.009)
|
(0.010)
|
(0.010)
|
(0.009)
|
(0.009)
|
(0.009)
|
|
ln AGINGit
|
−0.029
|
−0.009
|
− 0.008
|
−0.017
|
− 0.022
|
−0.006
|
|
(0.028)
|
(0.027)
|
(0.028)
|
(0.027)
|
(0.027)
|
(0.027)
|
|
ln IMRit
|
−0.008
|
0.001
|
0.038
|
−0.012
|
−0.0007
|
− 0.026
|
|
(0.031)
|
(0.031)
|
(0.030)
|
(0.027)
|
(0.027)
|
(0.026)
|
|
Constant
|
0.321
|
0.316
|
0.098
|
0.326**
|
0.222
|
0.492***
|
|
(0.198)
|
(0.200)
|
(0.175)
|
(0.162)
|
(0.171)
|
(0.175)
|
|
AB test AR(2) (p -level)
|
0.293
|
0.237
|
0.661
|
0.280
|
0.652
|
0.602
|
|
Sargan test (p -level)
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
|
Observations
|
488
|
488
|
488
|
488
|
488
|
488
|
|
No. of Country
|
48
|
48
|
48
|
48
|
48
|
48
|
- Note: Low-income includes the sample of both lower income and lower-middle income countries (Please see Table A1). Standard errors in parentheses; ***, **, * denotes the level of significance at 1, 5, and 10% respectively. ln = natural logarithm
- Source: Author’s estimation
