|
VARIABLES
|
(1)
|
(2)
|
(3)
|
(4)
|
(5)
|
(6)
|
|---|
|
ln PHEit-1
|
0.705***
|
0.722***
|
0.669***
|
0.733***
|
0.725***
|
0.746***
|
|
(0.032)
|
(0.032)
|
(0.034)
|
(0.031)
|
(0.030)
|
(0.030)
|
|
ln TRit
|
0.112***
| | | |
0.141***
| |
|
(0.034)
| | | |
(0.032)
| |
|
ln DTit
| |
0.025*
| | | |
0.017
|
| |
(0.013)
| | | |
(0.013)
|
|
ln ITit
| |
−0.012
| | | |
0.012
|
| |
(0.018)
| | | |
(0.018)
|
|
FBit
| | |
−0.005***
| |
−0.005***
|
−0.004***
|
| | |
(0.001)
| |
(0.001)
|
(0.001)
|
|
ln DEBTit
| | | |
−0.020*
|
−0.032***
|
−0.025**
|
| | | |
(0.010)
|
(0.009)
|
(0.010)
|
|
ln PCGDPit
|
−0.003
|
0.0005
|
0.030*
|
−9.37e-05
|
−0.025
|
−0.010
|
|
(0.016)
|
(0.016)
|
(0.015)
|
(0.017)
|
(0.016)
|
(0.016)
|
|
ln AGINGit
|
0.021
|
0.026
|
0.092**
|
0.043
|
0.049
|
0.036
|
|
(0.043)
|
(0.042)
|
(0.046)
|
(0.044)
|
(0.037)
|
(0.040)
|
|
ln IMRit
|
−0.094***
|
−0.097***
|
−0.015
|
−0.067*
|
− 0.082***
|
−0.065**
|
|
(0.035)
|
(0.034)
|
(0.035)
|
(0.035)
|
(0.030)
|
(0.030)
|
|
Constant
|
0.307
|
0.540**
|
0.022
|
0.482*
|
0.341
|
0.468**
|
|
(0.250)
|
(0.257)
|
(0.265)
|
(0.274)
|
(0.231)
|
(0.235)
|
|
AB test AR(2) (p -level)
|
0.576
|
0.549
|
0.699
|
0.575
|
0.659
|
0.729
|
|
Sargan test (p -level)
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
1.000
|
|
Observations
|
37
|
37
|
37
|
37
|
37
|
37
|
|
No. of Country
|
405
|
405
|
405
|
405
|
405
|
405
|
- Note: Middle income includes the sample of Upper 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
