The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Table 4 Sample by 10 years
Dependent variable: nominal domestic investment share of GDP \((\widetilde{I}_{it} )\) | ||||
|---|---|---|---|---|
Sample period: | (1) 1960–1969 | (2) 1970–1979 | (3) 1980–1989 | (4) 1990–1999 |
Specification | One-step system GMM (maximum lag = 2) | One-step difference GMM (collapsed instruments) | One-step difference GMM (maximum lag = 2) | One-step system GMM (maximum lag = 2) |
Regressors | ||||
\({\widetilde{I}}_{it-1}\) | 0.97956 (0.1200)*** | 0.50447 (0.0946)*** | 0.97424 (0.1447)*** | 1.0311 (0.0666)*** |
\({\widetilde{I}}_{it-2}\) | − 0.14896 (0.0735)** | − 0.13925 (0.0429)*** | − 0.11557 (0.0828) | − 0.14686 (0.6800)** |
\({\widetilde{S}}_{it}\) | 0.49905 (0.1610)*** | 0.56865 (0.1479)** | 0.55954 (0.1355)*** | 0.31699 (0.1215)** |
\({\widetilde{S}}_{it-1}\) | − 0.43101(0.1895)*** | − 0.02761 (0.1111) | − 0.24231 (0.1451) | − 0.28881 (0.1318)** |
Const | 0.02755 (0.0187) | 0.01926 (0.0082) | ||
# of groups (countries) | 28 | 28 | 28 | 28 |
# of instruments | 26 | 21 | 23 | 34 |
A–B test for AR(1) | 0.002 | 0.000 | 0.002 | 0.001 |
A–B test for AR(2) | 0.365 | 0.306 | 0.504 | 0.721 |
Hansen J test | 0.312 | 0.211 | 0.190 | 0.559 |
Diff-in-Hansen test | 0.421 | 0.310 | 0.740 | 0.992 |
Wald test:\(\beta_{2} = - \beta_{3}\) | 0.4521 | 0.0000 | 0.0113 | 0.2703 |