Table 8: GMM Systems Estimates
|
Emerging |
Industrial | |
|
Debt |
0.028* ___________(2.10) |
0.011* |
|
Output Gap |
0.118 ___________(1.33) |
0.303* ___________(2.77)_________ |
|
Spending Gap |
-0.017 ____________(-0.81)_________ |
-0.269* ___________(-5.36)_________ |
|
Interest Expenditure |
0.008* ___________(2.13) |
0.032* ___________(3.67)_________ |
|
Lagged dependent |
0.139* ___________(2.15) |
0.524* __________(13.50)________ |
|
Ml |
-3.31* ~ |
-3.01* |
|
M2___________ |
____________-1.88__________ |
___________-1.07_________ |
|
Sargan Test__________ |
___________0.883_________ |
__________0.488_________ |
Notes: In this table the dependent variable is primary surplus (psit). M1 and M2 are tests for first order
and second order autocorrelation and are asymptotically normal. t-statistics in parentheses are based
upon Windmeijer (2005) finite sample corrected standard errors robust to serial correlation and
heteroscedasticity. Star (*) and bold indicates significant at the 5% level. Sargan Test of overidentified
restrictions reports p-values (small p-value rejects the validity of the instruments). Year dummies and
instruments t-3 and greater are included.
32
More intriguing information
1. Name Strategy: Its Existence and Implications2. The Triangular Relationship between the Commission, NRAs and National Courts Revisited
3. Evidence-Based Professional Development of Science Teachers in Two Countries
4. The Tangible Contribution of R&D Spending Foreign-Owned Plants to a Host Region: a Plant Level Study of the Irish Manufacturing Sector (1980-1996)
5. The name is absent
6. Special and Differential Treatment in the WTO Agricultural Negotiations
7. Incorporating global skills within UK higher education of engineers
8. Influence of Mucilage Viscosity On The Globule Structure And Stability Of Certain Starch Emulsions
9. Giant intra-abdominal hydatid cysts with multivisceral locations
10. Solidaristic Wage Bargaining