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