The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Table 5 Estimation results of top 10% income share
| Variable |
(1) EFW only |
(2) EFW only [IV] |
(3) EFW with (r − g) |
(4) EFW with (r − g) [IV] |
(5) EFW with (r − g) × EFW |
(6) EFW with (r − g) × EFW [IV] |
|---|---|---|---|---|---|---|
| EFW |
0.013737 (0.030120) |
0.399004** (0.182726) |
0.006852 (0.029882) |
0.353396* (0.182090) |
0.011399 (0.029729) |
0.327382* (0.176825) |
| EFW2 |
−3.69E − 05 (0.002140) |
−0.028272** (0.013159) |
0.000454 (0.002123) |
−0.024912* (0.013119) |
0.000195 (0.002111) |
−0.022946* (0.012732) |
| (r − g) |
−0.000535 (0.002134) |
−0.000427 (0.001150) |
0.003297*** (0.001181) |
0.004277*** (0.001318) | ||
| (r − g) × EFW |
−0.000542*** (0.000166) |
−0.000668*** (0.000184) | ||||
| Lag GDP/capita |
1.19E − 06*** (3.09E − 07) |
1.08E − 06*** (3.81E − 07) |
1.38E − 06*** (3.10E − 07) |
1.26E − 06*** (3.82E − 07) |
1.43E − 06*** (3.08E − 07) |
1.38E − 06*** 3.72E − 07 |
| Govt. spending (as % of GDP) |
−0.000526 (0.000624) |
−0.002712** (0.001103) |
2.91E − 05 (0.000633) |
−0.002040* (0.001133) |
0.000103 (0.000629) |
−0.001786 (0.001097) |
| Inflation |
0.0009*** (0.000216) |
0.00141*** (0.000413) |
0.00083*** (0.000214) |
0.001318*** (0.000411) |
0.000927*** (0.000215) |
0.001384*** (0.000408) |
| Population growth rate |
8.91E − 05 (0.001663) |
−0.003308 (0.001939) |
0.000336 (0.001648) |
−0.002915 (0.001900) |
0.000207 (0.001639) |
−0.002964 (0.001864) |
| Natural resource rent (as % of GDP) |
0.0014*** (0.000414) |
0.001128** (0.000496) |
0.00119*** (0.000414) |
0.000972** (0.000482) |
0.001538*** (0.000425) |
0.001424*** (0.000473) |
| Gross savings rate (as % of GDP) |
0.0008*** (0.000247) |
0.000370 (0.000297) |
0.00082*** (0.000245) |
0.000383 (0.000290) |
0.000841*** (0.000243) |
0.000411 (0.000284) |
| Tax revenue (as % of GDP) |
−0.0011*** (0.000219) |
−0.00107*** (0.000379) |
−0.0011*** (0.000217) | −0.001097*** (0.000370) |
−0.001142*** (0.000216) |
−0.001137*** (0.000363) |
| Trade openness |
0.0001*** (5.15E − 05) |
0.00017*** (6.34E − 05) |
0.000113** (5.15E − 05) |
0.000152** (6.26E − 05) |
0.000100* 5.13E − 05 |
0.000134** (6.13E − 05) |
| Unemployment rate |
0.0009*** (0.000297) |
0.000545 (0.000347) |
0.00119*** (0.000301) |
0.000799** (0.000349) |
0.001258*** (0.000300) |
0.000910*** (0.000342) |
| Redundant fixed effects tests (prob) | 191.149234 (0.0000) | 192.287047 (0.0000) | 182.896032 (0.0000) | |||
| Hausman test | 76.370610 (0.0000) | 83.877975 (0.0000) | 95.063515 (0.0000) | |||
| Observations | 833 | 799 | 833 | 799 | 833 | 799 |
| Number of countries | 49 | 47 | 49 | 47 | 49 | 47 |
| Adj. R-squared | 0.964721 | 0.959210 | 0.965393 | 0.961163 | 0.965821 | 0.962650 |
| F-statistic | 386.6131 | 392.0626 | 387.8205 | 392.4591 | 386.4177 | 391.3175 |
| Prob(F-statistic) | 0.000000 | 0.000000 | 0.000000 | 0.000000 | 0.000000 | 0.000000 |