Table 6: Unconditional Convergence with Spatial Regimes, 1963—1997 (continued).
|
Sectors |
______________Transportation/Utihties______________ |
Services |
Financ |
e Insurance |
and Real Estate |
|
Models a |
OLS ______ML-HET_____ |
OLS GM-HET |
OLS |
GM-HET_______ | |
|
Low High |
Low High |
Low |
High | ||
|
Variables | |||||
|
Constant |
8.25*** 12.33*** 5.82 |
3 77*** 5 93** ɛ 92*** |
7.20*** |
13.78*** |
3.86 |
|
Log GDP 1963 |
-0.70*** -1.07*** -0.48 |
-0.33*** -0.55** -0.82*** |
-0.58*** |
-1 15*** |
-0.31 |
|
Lagged GDP growth |
0.37*** | ||||
|
Spatial ARb |
0.05*** |
0.63*** | |||
|
Convergence ratec |
3.44 INDs 1.87 |
1.14 2.28 4.90 |
2.48 |
IND |
1.06 |
|
R2 adjusted |
0.23 |
0.07 |
0.21 | ||
|
AIC |
-55.87 |
-50.11 |
-6.89 | ||
|
LIK |
29.93 |
27.05 |
5.44 | ||
|
JBd |
3.60 |
1.50 |
3.09 | ||
|
BP |
5.06 |
3.68 |
0.00 | ||
|
Chow-Waldf |
1.93 |
3.55 |
5.85*** | ||
|
I |
Q 23*** |
0.14** |
Q 4g*** | ||
|
LM-error |
4.62** |
1.75 |
21.82*** | ||
|
Robust LM-error |
0.98 |
0.28 |
10.31*** | ||
|
LM-Iag |
ɛ IQ*** |
1.50 |
13.70*** | ||
|
Robust LM-Iag |
4.45** |
0.02 |
2.20 | ||
|
LM-SARMA__________ |
9 Q7*** |
1.78_______________________________ |
24.01*** |
,' Significance at the 1, 5 and 10% level is signaled by ***, ** and *, respectively.
b Spatial Autoregressive parameter of the spatial error model.
c In percentage points per year. The convergence rate equals 100 × (ln(⅛+l))/-T, where b is the estimated coefficient for the GDP per capita level in 1963, and T
the length of the 1963—1997 time period.
dJarque Bera test for normality of the errors.
e Breusch-Pagan test with random coefficients as the alternative hypothesis.
f Chow-Wald test for stability of coefficients across regimes.
ɛ IND means the convergence rate could not be calculated because the estimated coefficient of the initial GDP per capita (in absolute value) is greater than one.
More intriguing information
1. Migrating Football Players, Transfer Fees and Migration Controls2. THE INTERNATIONAL OUTLOOK FOR U.S. TOBACCO
3. Cyber-pharmacies and emerging concerns on marketing drugs Online
4. O funcionalismo de Sellars: uma pesquisa histδrica
5. The Folklore of Sorting Algorithms
6. The name is absent
7. The name is absent
8. Ultrametric Distance in Syntax
9. Spatial agglomeration and business groups: new evidence from Italian industrial districts
10. The name is absent