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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