The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Table 3 Replication of the FHP
Dependent variable: nominal domestic investment share of GDP \((\widetilde{I}_{it} )\) | ||||
|---|---|---|---|---|
Sample country: 28 | ||||
Sample period: 1960–1974 | (1) | (2) | (3) | (4) |
Specification | One-step difference GMM (collapsed instrument) | Two-step difference GMM (collapsed instrument) | One-step system GMM (collapsed instrument) | Two-step system GMM (collapsed instrument) |
Regressor | ||||
\({\widetilde{I}}_{it-1}\) | 0.34360 (0.2203) | 0.15888 (0.2730) | 0.94495(0.1304)*** | 0.93204(0.1215)*** |
\({\widetilde{I}}_{it-2}\) | − 0.18563 (− 0.1856)*** | − 0.12046 (0.6025)* | − 0.17236 (0.0826)** | − 0.14632 (0.1075) |
\({\widetilde{S}}_{it}\) | 0.66894 (0.1058)*** | 0.76820 (0.1316)*** | 0.51702 (0.1076)*** | 0.63176 (0.1553)*** |
\({\widetilde{S}}_{it-1}\) | − 0.01540 (− 0.0154) | − 0.0050 (0.1439) | − 0.42195 (0.1418)*** | − 0.52326 (0.1767)*** |
Const | 0.03875 (0.0250) | 0.03088 (0.0243) | ||
# of groups (countries) | 28 | 28 | 28 | 28 |
# of instruments | 16 | 16 | 18 | 18 |
A–B test for AR(1) | 0.174 | 0.625 | 0.001 | 0.007 |
A–B test for AR(2) | 0.102 | 0.039 | 0.171 | 0.161 |
Hansen J test | 0.161 | 0.215 | 0.147 | 0.147 |
Diff-in-Hansen test | 0.229 | 0.229 | 0.479 | 0.479 |
Wald test:\(\beta_{2} = - \beta_{3}\) | 0.000 | 0.000 | 0.4407 | 0.3996 |