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The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

Table 3 Infrastructure stocks and economic growth: panel regression analysis

From: Mexico’s economic infrastructure: international benchmark and its impact on growth

 

(1)

(2)

(3)

(4)

GMM system—only endogenous instruments

GMM system exogenous: population

GMM system exogenous: labor

GMM system exogenous: urban pop

Lag output per capita (logs)

− 0.188***

− 0.181***

− 0.180***

− 0.178***

 

(0.000)

(0.000)

(0.000)

(0.000)

Infrastructure index

0.102***

0.110***

0.108***

0.117***

 

(0.000)

(0.000)

(0.000)

(0.000)

Human capital

0.0221

0.0150

0.0181

0.0188*

 

(0.135)

(0.299)

(0.164)

(0.046)

Financial depth

0.0909***

0.0923***

0.0908***

0.0911***

 

(0.000)

(0.000)

(0.000)

(0.000)

Trade openness

− 0.107***

− 0.0984***

− 0.0746**

− 0.0640*

 

(0.000)

(0.000)

(0.001)

(0.015)

Government burden

− 0.0726**

− 0.0395**

− 0.0450**

− 0.0621***

 

(0.002)

(0.007)

(0.002)

(0.000)

Inflation

0.000284***

0.0002***

0.0002***

0.0003***

 

(0.000)

(0.001)

(0.000)

(0.000)

Terms of trade shocks

0.142***

0.171***

0.153***

0.161***

 

(0.000)

(0.000)

(0.000)

(0.000)

Governance

0.0222***

0.0139**

0.0117*

0.00927*

 

(0.000)

(0.002)

(0.020)

(0.026)

Observations

402

402

402

402

Groups

70

70

70

70

No. instruments

68

80

80

80

Specification tests

Hansen test

0.298

0.497

0.557

0.624

First-order correlation

0.030

0.035

0.045

0.035

Second-order correlation

0.127

0.119

0.121

0.147

  1. Using system GMM estimations
  2. Dependent variable: growth of GDP per capita
  3. Sample of 96 countries, 1960–2014, 6-year averages, t = 9
  4. p values in parentheses
  5. p < 0.05; ** p < 0.01; *** p < 0.001