The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Variables | Fixed effect | System GMM | ||||
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
Initial TFP | − 0.6947*** | − 0.6908*** | − 0.5009*** | − 0.4548*** | − 0.4195*** | − 0.3217*** |
 | (0.0643) | (0.0632) | (0.0315) | (0.1468) | (0.1186) | (0.0525) |
Schooling | 0.0471*** | 0.0506*** | 0.0172* | 0.0462* | 0.0358 | 0.0450*** |
 | (0.0159) | (0.0156) | (0.0104) | (0.0274) | (0.0274) | (0.0131) |
Investment | 0.0079*** | 0.0074*** | 0.0071*** | 0.0123*** | 0.0124*** | 0.0105*** |
 | (0.0018) | (0.0017) | (0.0009) | (0.0040) | (0.0037) | (0.0022) |
Population | − 0.0834 | − 0.0999 | − 0.1916*** | − 0.0067 | − 0.0349 | − 0.0197 |
 | (0.0679) | (0.0666) | (0.0297) | (0.0537) | (0.0545) | (0.0242) |
Pvt. credit | 0.0006 | 0.0006 | 0.0004 | 0.0015 | 0.0018* | 0.0008 |
 | (0.0004) | (0.0004) | (0.0003) | (0.0010) | (0.0010) | (0.0005) |
Ka | − 0.0790* |  |  | − 0.2057*** |  |  |
 | (0.0476) |  |  | (0.0642) |  |  |
Di |  | − 0.0971*** (0.0335) |  |  | − 0.1281** (0.0526) |  |
FDI Stock | Â | Â | 0.0502*** (0.0066) | Â | Â | 0.0601*** (0.0121) |
Observations | 272 | 272 | 608 | 272 | 272 | 608 |
R-squared | 0.4345 | 0.4517 | 0.4247 | Â | Â | Â |
No. of countries | 78 | 78 | 109 | 78 | 78 | 109 |
Specification test (p value) | Â | Â | Â | Â | ||
 Hansen OID |  |  |  | 0.835 | 0.495 | 0.372 |
 AR(2) |  |  |  | 0.475 | 0.395 | 0.225 |
 No. of instruments |  | 43 | 43 | 52 |