---------------------------------------------------------------------------------------------- log: C:\Panda\main.log log type: text opened on: 24 Sep 2007, 13:51:57 . . /* Run cross-sectional regressions */ . do crosssec.do . /* Cross-sectional regression analysis */ . . /* Merge datasets */ . . use "C:\Panda\polraw.dta" . sort ifs . drop shcode wbcode . save "C:\Panda\Temp\polcook.dta", replace file C:\Panda\Temp\polcook.dta saved . use "C:\Panda\econraw2.dta" . ren imfcode ifs . drop code ctry country . sort ifs . merge ifs using "C:\Panda\Temp\polcook.dta" variable ifs does not uniquely identify observations in the master data . drop _merge . save "C:\Panda\cooked.dta", replace file C:\Panda\cooked.dta saved . label variable lcgdp "Log of GDP per capita" . . /* Generate additional variables */ . . gen ldemoc=ln(democ1995+1) (114 missing values generated) . label variable ldemoc "Log of Democracy" . gen lmilexpg=ln(milexpg+1) (132 missing values generated) . label variable lmilexpg "Log of Military Expenditure" . gen lherfgov=ln(herfgov) (121 missing values generated) . label variable lherfgov "Log of Herfindahl Index" . gen ldisteq=ln(disteq+1) (8 missing values generated) . . /* Provide descriptive statistics */ . . preserve . drop if democ1995==. | lcgdp95==. | rule==. | lnopen==. | disteq==. (125 observations deleted) . sum lcgdp95 rule lnopen disteq if democ1995>5 Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- lcgdp95 | 65 8.750001 1.061723 6.532334 10.23301 rule | 65 .3973743 .8726561 -1.060324 1.840531 lnopen | 65 -1.050829 .813834 -3.305073 .5466473 disteq | 65 28.55385 17.39166 0 64 . sum lcgdp95 rule lnopen disteq if democ1995<=5 Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- lcgdp95 | 26 7.89309 .7236605 6.77079 9.065777 rule | 26 -.4300038 .4897196 -1.344519 .7002878 lnopen | 26 -1.594203 .6378241 -2.660988 -.1750466 disteq | 26 18.30769 13.73396 0 44 . pwcorr democ1995 milexpg milexpgdp milppl herfgov, obs sig | dem~1995 milexpg milexp~p milppl her~1995 -------------+--------------------------------------------- democ1995 | 1.0000 | | 91 | milexpg | -0.2651 1.0000 | 0.0190 | 78 78 | milexpgdp | 0.0031 0.6213 1.0000 | 0.9775 0.0000 | 85 78 85 | milppl | -0.0729 0.3702 0.5590 1.0000 | 0.4923 0.0008 0.0000 | 91 78 85 91 | herfgov1995 | -0.1999 0.0533 0.0400 0.0449 1.0000 | 0.0667 0.6541 0.7264 0.6835 | 85 73 79 85 85 | . restore . . /* Regress predicted democracy */ . . gen ldemoc1985=ln(democ1985+1) (112 missing values generated) . gen ldemoc1990=ln(democ1990+1) (113 missing values generated) . gen ldemoc1995=ln(democ1995+1) (114 missing values generated) . gen lrgdppc=ln(rgdppc) (116 missing values generated) . gen lpop=ln(pop) (109 missing values generated) . reg ldemoc1995 ldemoc1990 ldemoc1985 lrgdppc pmfgap, robust Linear regression Number of obs = 93 F( 4, 88) = 14.95 Prob > F = 0.0000 R-squared = 0.5560 Root MSE = .54972 ------------------------------------------------------------------------------ | Robust ldemoc1995 | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- ldemoc1990 | .5580282 .0986579 5.66 0.000 .3619663 .7540901 ldemoc1985 | -.0132621 .0653894 -0.20 0.840 -.1432098 .1166855 lrgdppc | -.0740555 .0726736 -1.02 0.311 -.2184791 .0703681 pmfgap | -.0207406 .0089632 -2.31 0.023 -.038553 -.0029282 _cons | 1.604929 .5574991 2.88 0.005 .4970161 2.712841 ------------------------------------------------------------------------------ . estimates store D1, title(Simple predicted democracy, D1) . reg ldemoc1995 ldemoc1990 ldemoc1985 lrgdppc pyr25 pmfgap urbang lpop oil, robust Linear regression Number of obs = 93 F( 8, 84) = 9.56 Prob > F = 0.0000 R-squared = 0.5651 Root MSE = .55687 ------------------------------------------------------------------------------ | Robust ldemoc1995 | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- ldemoc1990 | .5297692 .1150725 4.60 0.000 .3009349 .7586034 ldemoc1985 | .0033538 .0638482 0.05 0.958 -.1236153 .1303228 lrgdppc | -.0945706 .0575063 -1.64 0.104 -.2089281 .0197869 pyr25 | .0103922 .0499961 0.21 0.836 -.0890306 .1098149 pmfgap | -.0187955 .0102923 -1.83 0.071 -.0392628 .0016719 urbang | -.0365209 .0411605 -0.89 0.377 -.1183731 .0453312 lpop | -.0118339 .0411057 -0.29 0.774 -.0935771 .0699093 oil | -.1054627 .1196226 -0.88 0.380 -.3433453 .1324199 _cons | 2.060867 .8245307 2.50 0.014 .421197 3.700537 ------------------------------------------------------------------------------ . estimates store D2, title(Complex predicted democracy, D2) . estout * using "C:\Panda\Output\table1.tex", replace style(tex) varlabels(_cons Constant) ce > lls (b(star fmt(%9.3f)) se(par fmt(%9.2f))) stats (r2 r2_a chi2 N, labels("R$^2$" "Adjusted > R$^2$" "$\chi^2$" "N")) starlevels(* 0.10 ** 0.05 *** 0.01) & D1 & D2 \\ & b/se & b/se \\ ldemoc1990 & 0.558***& 0.530***\\ & (0.10) & (0.12) \\ ldemoc1985 & -0.013 & 0.003 \\ & (0.07) & (0.06) \\ lrgdppc & -0.074 & -0.095 \\ & (0.07) & (0.06) \\ pmfgap & -0.021** & -0.019* \\ & (0.01) & (0.01) \\ pyr25 & & 0.010 \\ & & (0.05) \\ urbang & & -0.037 \\ & & (0.04) \\ lpop & & -0.012 \\ & & (0.04) \\ oil & & -0.105 \\ & & (0.12) \\ Constant & 1.605***& 2.061** \\ & (0.56) & (0.82) \\ R$^2$ & 0.556 & 0.565 \\ Adjusted R$^2$& 0.536 & 0.524 \\ $\chi^2$ & & \\ N & 93.000 & 93.000 \\ . estimates clear . predict pldemoc (option xb assumed; fitted values) (121 missing values generated) . label variable pldemoc "Predicted Log of Democracy" . pwcorr lcgdp95 ldemoc lherfgov lmilexpg pldemoc, obs sig star(0.05) | lcgdp95 ldemoc lherfgov lmilexpg pldemoc -------------+--------------------------------------------- lcgdp95 | 1.0000 | | 163 | ldemoc | 0.4201* 1.0000 | 0.0000 | 97 102 | lherfgov | -0.0709 -0.1338 1.0000 | 0.5115 0.2034 | 88 92 95 | lmilexpg | -0.1826 -0.3751* 0.0295 1.0000 | 0.1006 0.0004 0.7975 | 82 84 78 84 | pldemoc | 0.6309* 0.7518* -0.1897 -0.2685* 1.0000 | 0.0000 0.0000 0.0766 0.0160 | 92 93 88 80 95 | . . /* Generate graphs */ . . graph twoway scatter lcgdp95 ldemoc, title("Democracy and GDP Per Capita, 1995") msymbol(o) > msize(medium) mlab(ctry) scale(0.7) saving("C:\Panda\Output\gdpdemoc1", replace) (file C:\Panda\Output\gdpdemoc1.gph saved) . graph export "C:\Panda\Output\gdpdemoc1.eps", replace (file C:\Panda\Output\gdpdemoc1.eps written in EPS format) . fit ldemoc pldemoc Source | SS df MS Number of obs = 93 -------------+------------------------------ F( 1, 91) = 118.26 Model | 33.8513242 1 33.8513242 Prob > F = 0.0000 Residual | 26.0489022 91 .286251673 R-squared = 0.5651 -------------+------------------------------ Adj R-squared = 0.5603 Total | 59.9002264 92 .651089418 Root MSE = .53502 ------------------------------------------------------------------------------ ldemoc | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- pldemoc | 1 .0919573 10.87 0.000 .8173381 1.182662 _cons | 1.55e-08 .1751188 0.00 1.000 -.347852 .347852 ------------------------------------------------------------------------------ . avplot pldemoc, title("Democracy and Predicted Democracy") xtitle("Predicted Log of Democrac > y") ytitle("Log of Democracy") msymbol(O) msize(medium) scale(0.7) saving("C:\Panda\Output\d > emocpdemoc", replace) (file C:\Panda\Output\democpdemoc.gph saved) . /* graph twoway scatter ldemoc pldemoc, title("Democracy and Predicted Democracy") msymbol(O > ) msize(medium) scale(0.7) saving("C:\Panda\Output\democpdemoc", replace) */ . graph export "C:\Panda\Output\democpdemoc.eps", replace (file C:\Panda\Output\democpdemoc.eps written in EPS format) . graph twoway scatter pldemoc lmilexpg lherfgov lcgdp95, title("Democratic Development Instru > ments and GDP Per Capita") ytitle("Log of Instrument") msymbol(O D T) msize(medium) scale(0. > 7) saving("C:\Panda\Output\instrgdp", replace) (file C:\Panda\Output\instrgdp.gph saved) . graph export "C:\Panda\Output\instrgdp.eps", replace (file C:\Panda\Output\instrgdp.eps written in EPS format) . . /* Benchmark cross-sectional regressions */ . . reg lcgdp95 rule lcopen disteq ldemoc, robust Linear regression Number of obs = 97 F( 4, 92) = 103.72 Prob > F = 0.0000 R-squared = 0.7293 Root MSE = .56667 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .8356276 .1011195 8.26 0.000 .6347956 1.03646 lcopen | .0139229 .1101673 0.13 0.900 -.2048787 .2327246 disteq | .0138154 .0049608 2.78 0.007 .0039629 .0236679 ldemoc | -.0226498 .0914474 -0.25 0.805 -.2042722 .1589727 _cons | 8.044142 .5078028 15.84 0.000 7.035602 9.052683 ------------------------------------------------------------------------------ . estimates store C1, title(Benchmark cross-sectional regressions, C1) . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq lherfgov) disteq, robust ffirst > /* (Underidentification) Significant p-value: Instruments relevant, insignificant p-value: > Not all instruments relevant. (Weak identification) Significant p-value: Identified, insigni > ficant p-value: Weakly identified. (Overidentification) Insignificant p-value: Instruments O > K, significant p-value: Not all instruments valid */ Warning - duplicate variables detected Duplicates: disteq Summary results for first-stage regressions ------------------------------------------- Variable | Shea Partial R2 | Partial R2 | F( 3, 44) P-value rule | 0.1541 | 0.2836 | 3.13 0.0351 lcopen | 0.5121 | 0.6134 | 23.99 0.0000 ldemoc | 0.0396 | 0.0659 | 0.91 0.4445 NB: first-stage F-stat heteroskedasticity-robust Underidentification tests Ho: matrix of reduced form coefficients has rank=K-1 (underidentified) Ha: matrix has rank=K (identified) Chi-sq(1) P-value Anderson canon. corr. -N*ln(1-CCEV) LR stat. 1.88 0.1703 Cragg-Donald N*CDEV statistic 1.92 0.1662 Weak identification tests Ho: equation is weakly identified Cragg-Donald (N-L)*CDEV/L1 F-statistic 0.57 See main output for Cragg-Donald weak id test critical values NB: Anderson and Cragg-Donald under- and weak identification stats not robust Weak-instrument-robust inference Tests of joint significance of endogenous regressors B1 in main equation Ho: B1=0 and overidentifying restrictions are valid Anderson-Rubin test F(3,44)= 15.69 P-val=0.0000 Anderson-Rubin test Chi-sq(3)=52.42 P-val=0.0000 Stock-Wright S statistic Chi-sq(3)=12.09 P-val=0.0071 NB: Test statistics heteroskedasticity-robust Number of observations N = 49 Number of regressors K = 5 Number of instruments L = 5 Number of excluded instruments L1 = 3 IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 49 F( 4, 44) = 7.54 Prob > F = 0.0001 Total (centered) SS = 43.14085772 Centered R2 = 0.2695 Total (uncentered) SS = 3401.95452 Uncentered R2 = 0.9907 Residual SS = 31.51413396 Root MSE = .802 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.422971 .6204067 2.29 0.022 .2069962 2.638946 lcopen | -.1892721 .355431 -0.53 0.594 -.8859041 .5073599 ldemoc | 1.007051 1.087195 0.93 0.354 -1.123811 3.137914 disteq | -.0358225 .0277886 -1.29 0.197 -.0902872 .0186422 _cons | 7.923987 2.788669 2.84 0.004 2.458297 13.38968 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 1.881 Chi-sq(1) P-val = 0.1703 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.574 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: logem4 logfrankrom lherfgov Duplicates: disteq ------------------------------------------------------------------------------ . estimates store C2, title(Benchmark cross-sectional regressions, C2) . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq lmilexpg) disteq, robust ffirst Warning - duplicate variables detected Duplicates: disteq Summary results for first-stage regressions ------------------------------------------- Variable | Shea Partial R2 | Partial R2 | F( 3, 41) P-value rule | 0.0009 | 0.3550 | 6.39 0.0012 lcopen | 0.0252 | 0.6744 | 27.96 0.0000 ldemoc | 0.0007 | 0.2407 | 6.47 0.0011 NB: first-stage F-stat heteroskedasticity-robust Underidentification tests Ho: matrix of reduced form coefficients has rank=K-1 (underidentified) Ha: matrix has rank=K (identified) Chi-sq(1) P-value Anderson canon. corr. -N*ln(1-CCEV) LR stat. 0.02 0.8816 Cragg-Donald N*CDEV statistic 0.02 0.8816 Weak identification tests Ho: equation is weakly identified Cragg-Donald (N-L)*CDEV/L1 F-statistic 0.01 See main output for Cragg-Donald weak id test critical values NB: Anderson and Cragg-Donald under- and weak identification stats not robust Weak-instrument-robust inference Tests of joint significance of endogenous regressors B1 in main equation Ho: B1=0 and overidentifying restrictions are valid Anderson-Rubin test F(3,41)= 18.24 P-val=0.0000 Anderson-Rubin test Chi-sq(3)=61.40 P-val=0.0000 Stock-Wright S statistic Chi-sq(3)=17.00 P-val=0.0007 NB: Test statistics heteroskedasticity-robust Number of observations N = 46 Number of regressors K = 5 Number of instruments L = 5 Number of excluded instruments L1 = 3 IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 46 F( 4, 41) = 6.23 Prob > F = 0.0005 Total (centered) SS = 38.2881827 Centered R2 = 0.1679 Total (uncentered) SS = 3232.604282 Uncentered R2 = 0.9901 Residual SS = 31.86109425 Root MSE = .8322 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.816657 6.59968 0.28 0.783 -11.11848 14.75179 lcopen | -.329417 1.535959 -0.21 0.830 -3.339842 2.681008 ldemoc | -.360169 6.780538 -0.05 0.958 -13.64978 12.92944 disteq | -.0134544 .0567006 -0.24 0.812 -.1245856 .0976768 _cons | 10.61136 18.59932 0.57 0.568 -25.84263 47.06535 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 0.022 Chi-sq(1) P-val = 0.8816 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.007 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: logem4 logfrankrom lmilexpg Duplicates: disteq ------------------------------------------------------------------------------ . estimates store C3, title(Benchmark cross-sectional regressions, C3) . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq pldemoc) disteq, robust ffirst Warning - duplicate variables detected Duplicates: disteq Summary results for first-stage regressions ------------------------------------------- Variable | Shea Partial R2 | Partial R2 | F( 3, 46) P-value rule | 0.1272 | 0.2833 | 3.80 0.0162 lcopen | 0.4562 | 0.6164 | 24.92 0.0000 ldemoc | 0.2212 | 0.4788 | 19.41 0.0000 NB: first-stage F-stat heteroskedasticity-robust Underidentification tests Ho: matrix of reduced form coefficients has rank=K-1 (underidentified) Ha: matrix has rank=K (identified) Chi-sq(1) P-value Anderson canon. corr. -N*ln(1-CCEV) LR stat. 6.13 0.0133 Cragg-Donald N*CDEV statistic 6.52 0.0107 Weak identification tests Ho: equation is weakly identified Cragg-Donald (N-L)*CDEV/L1 F-statistic 1.96 See main output for Cragg-Donald weak id test critical values NB: Anderson and Cragg-Donald under- and weak identification stats not robust Weak-instrument-robust inference Tests of joint significance of endogenous regressors B1 in main equation Ho: B1=0 and overidentifying restrictions are valid Anderson-Rubin test F(3,46)= 27.81 P-val=0.0000 Anderson-Rubin test Chi-sq(3)=92.50 P-val=0.0000 Stock-Wright S statistic Chi-sq(3)=21.36 P-val=0.0001 NB: Test statistics heteroskedasticity-robust Number of observations N = 51 Number of regressors K = 5 Number of instruments L = 5 Number of excluded instruments L1 = 3 IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 51 F( 4, 46) = 8.09 Prob > F = 0.0001 Total (centered) SS = 44.63933228 Centered R2 = 0.3186 Total (uncentered) SS = 3514.225579 Uncentered R2 = 0.9913 Residual SS = 30.41669475 Root MSE = .7723 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.8318 .567357 3.23 0.001 .7198005 2.943799 lcopen | -.2882754 .2424036 -1.19 0.234 -.7633777 .186827 ldemoc | -.0064985 .345848 -0.02 0.985 -.6843481 .6713511 disteq | -.0218317 .0188876 -1.16 0.248 -.0588508 .0151874 _cons | 9.937082 1.42948 6.95 0.000 7.135353 12.73881 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 6.133 Chi-sq(1) P-val = 0.0133 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 1.959 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: logem4 logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . estimates store C4, title(Benchmark cross-sectional regressions, C4) . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq lherfgov lmilexpg pldemoc) dist > eq, robust ffirst Warning - duplicate variables detected Duplicates: disteq Summary results for first-stage regressions ------------------------------------------- Variable | Shea Partial R2 | Partial R2 | F( 5, 33) P-value rule | 0.3025 | 0.4210 | 3.54 0.0113 lcopen | 0.5627 | 0.7209 | 19.51 0.0000 ldemoc | 0.6652 | 0.7530 | 17.38 0.0000 NB: first-stage F-stat heteroskedasticity-robust Underidentification tests Ho: matrix of reduced form coefficients has rank=K-1 (underidentified) Ha: matrix has rank=K (identified) Chi-sq(3) P-value Anderson canon. corr. -N*ln(1-CCEV) LR stat. 13.99 0.0029 Cragg-Donald N*CDEV statistic 16.74 0.0008 Weak identification tests Ho: equation is weakly identified Cragg-Donald (N-L)*CDEV/L1 F-statistic 2.76 See main output for Cragg-Donald weak id test critical values NB: Anderson and Cragg-Donald under- and weak identification stats not robust Weak-instrument-robust inference Tests of joint significance of endogenous regressors B1 in main equation Ho: B1=0 and overidentifying restrictions are valid Anderson-Rubin test F(5,33)= 13.15 P-val=0.0000 Anderson-Rubin test Chi-sq(5)=79.68 P-val=0.0000 Stock-Wright S statistic Chi-sq(5)=14.44 P-val=0.0130 NB: Test statistics heteroskedasticity-robust Number of observations N = 40 Number of regressors K = 5 Number of instruments L = 7 Number of excluded instruments L1 = 5 IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 40 F( 4, 35) = 18.11 Prob > F = 0.0000 Total (centered) SS = 31.11663695 Centered R2 = 0.7700 Total (uncentered) SS = 2891.177496 Uncentered R2 = 0.9975 Residual SS = 7.156107603 Root MSE = .423 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.227858 .1882653 6.52 0.000 .8588644 1.596851 lcopen | -.2949421 .1605194 -1.84 0.066 -.6095542 .0196701 ldemoc | .1991121 .1105083 1.80 0.072 -.0174802 .4157045 disteq | -.0161713 .009199 -1.76 0.079 -.0342011 .0018585 _cons | 9.533628 .7386161 12.91 0.000 8.085967 10.98129 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 13.986 Chi-sq(3) P-val = 0.0029 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 2.763 Stock-Yogo weak ID test critical values: 5% maximal IV relative bias 9.53 10% maximal IV relative bias 6.61 20% maximal IV relative bias 4.99 30% maximal IV relative bias 4.30 Test statistic(s) not robust Source: Stock-Yogo (2005). Reproduced by permission. ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.891 Chi-sq(2) P-val = 0.6405 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: logem4 logfrankrom lherfgov lmilexpg pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . estimates store C5, title(Benchmark cross-sectional regressions, C5) . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq lherfgov) disteq, robu > st Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 88 F( 4, 83) = 27.79 Prob > F = 0.0000 Total (centered) SS = 97.02573851 Centered R2 = 0.3787 Total (uncentered) SS = 6629.789452 Uncentered R2 = 0.9909 Residual SS = 60.28378171 Root MSE = .8277 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .3501574 .3919131 0.89 0.372 -.4179782 1.118293 lcopen | .1095714 .2686021 0.41 0.683 -.416879 .6360218 ldemoc | .9386107 .4913671 1.91 0.056 -.0244513 1.901673 disteq | .0136339 .0095811 1.42 0.155 -.0051447 .0324124 _cons | 6.017993 1.806498 3.33 0.001 2.477323 9.558664 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 2.546 Chi-sq(2) P-val = 0.2800 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.602 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.992 Chi-sq(1) P-val = 0.3192 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: engfrac eurfrac logfrankrom lherfgov Duplicates: disteq ------------------------------------------------------------------------------ . estimates store C6, title(Benchmark cross-sectional regressions, C6) . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq lmilexpg) disteq, robu > st Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 82 F( 4, 77) = 65.58 Prob > F = 0.0000 Total (centered) SS = 85.21985836 Centered R2 = 0.7265 Total (uncentered) SS = 6250.779318 Uncentered R2 = 0.9963 Residual SS = 23.30601206 Root MSE = .5331 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .6834934 .2749434 2.49 0.013 .1446142 1.222373 lcopen | -.0711319 .1480133 -0.48 0.631 -.3612326 .2189688 ldemoc | .2159101 .2935516 0.74 0.462 -.3594405 .7912606 disteq | .0118299 .0065344 1.81 0.070 -.0009773 .0246371 _cons | 8.108172 1.003541 8.08 0.000 6.141268 10.07508 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 4.578 Chi-sq(2) P-val = 0.1014 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 1.091 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 3.746 Chi-sq(1) P-val = 0.0529 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: engfrac eurfrac logfrankrom lmilexpg Duplicates: disteq ------------------------------------------------------------------------------ . estimates store C7, title(Benchmark cross-sectional regressions, C7) . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq pldemoc) disteq, robus > t Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 91 F( 4, 86) = 63.59 Prob > F = 0.0000 Total (centered) SS = 98.57341708 Centered R2 = 0.7178 Total (uncentered) SS = 6806.576819 Uncentered R2 = 0.9959 Residual SS = 27.81811867 Root MSE = .5529 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .9102501 .2021687 4.50 0.000 .5140068 1.306493 lcopen | -.061311 .1350247 -0.45 0.650 -.3259545 .2033325 ldemoc | .2429105 .2026655 1.20 0.231 -.1543066 .6401275 disteq | .0050662 .0060202 0.84 0.400 -.0067332 .0168657 _cons | 8.071069 .8252421 9.78 0.000 6.453624 9.688514 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 8.960 Chi-sq(2) P-val = 0.0113 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 2.199 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 5.936 Chi-sq(1) P-val = 0.0148 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: engfrac eurfrac logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . estimates store C8, title(Benchmark cross-sectional regressions, C8) . estout * using "C:\Panda\Output\table4.tex", replace style(tex) varlabels(_cons Constant) ce > lls (b(star fmt(%9.3f)) se(par fmt(%9.2f))) stats (r2 r2_a F Fp j jp N, labels("R$^2$" "Adju > sted R$^2$" "F" "F p-value" "Hansen J" "J p-value" "N")) starlevels(* 0.10 ** 0.05 *** 0.01) & C1 & C2 & C3 & C4 & C5 & > C6 & C7 & C8 \\ & b/se & b/se & b/se & b/se & b/se & > b/se & b/se & b/se \\ rule & 0.836***& 1.423** & 1.817 & 1.832***& 1.228***& > 0.350 & 0.683** & 0.910***\\ & (0.10) & (0.62) & (6.60) & (0.57) & (0.19) & > (0.39) & (0.27) & (0.20) \\ lcopen & 0.014 & -0.189 & -0.329 & -0.288 & -0.295* & > 0.110 & -0.071 & -0.061 \\ & (0.11) & (0.36) & (1.54) & (0.24) & (0.16) & > (0.27) & (0.15) & (0.14) \\ disteq & 0.014***& -0.036 & -0.013 & -0.022 & -0.016* & > 0.014 & 0.012* & 0.005 \\ & (0.00) & (0.03) & (0.06) & (0.02) & (0.01) & > (0.01) & (0.01) & (0.01) \\ ldemoc & -0.023 & 1.007 & -0.360 & -0.006 & 0.199* & > 0.939* & 0.216 & 0.243 \\ & (0.09) & (1.09) & (6.78) & (0.35) & (0.11) & > (0.49) & (0.29) & (0.20) \\ Constant & 8.044***& 7.924***& 10.611 & 9.937***& 9.534***& > 6.018***& 8.108***& 8.071***\\ & (0.51) & (2.79) & (18.60) & (1.43) & (0.74) & > (1.81) & (1.00) & (0.83) \\ R$^2$ & 0.729 & 0.270 & 0.168 & 0.319 & 0.770 & > 0.379 & 0.727 & 0.718 \\ Adjusted R$^2$& 0.718 & 0.203 & 0.087 & 0.259 & 0.744 > & 0.349 & 0.712 & 0.705 \\ F & 103.724 & 7.541 & 6.234 & 8.086 & 18.109 & > 27.790 & 65.582 & 63.587 \\ F p-value & & 0.000 & 0.001 & 0.000 & 0.000 & > 0.000 & 0.000 & 0.000 \\ Hansen J & & 0.000 & 0.000 & 0.000 & 0.891 & > 0.992 & 3.746 & 5.936 \\ J p-value & & & & & 0.640 & > 0.319 & 0.053 & 0.015 \\ N & 97.000 & 49.000 & 46.000 & 51.000 & 40.000 & > 88.000 & 82.000 & 91.000 \\ . estimates clear . . /* Robustness checks */ . . /* Robustness to additional deep determinants */ . . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq lherfgov) disteq laam safrica a > siae, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 49 F( 7, 41) = 6.41 Prob > F = 0.0000 Total (centered) SS = 43.14085772 Centered R2 = 0.3474 Total (uncentered) SS = 3401.95452 Uncentered R2 = 0.9917 Residual SS = 28.15427254 Root MSE = .758 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.270749 .6340392 2.00 0.045 .028055 2.513443 lcopen | -.1489315 .3643656 -0.41 0.683 -.863075 .565212 ldemoc | .9982319 1.208926 0.83 0.409 -1.37122 3.367684 disteq | -.0310218 .0302611 -1.03 0.305 -.0903324 .0282888 laam | -.1079703 .7312399 -0.15 0.883 -1.541174 1.325234 safrica | -.1436334 .396341 -0.36 0.717 -.9204476 .6331808 asiae | .1500041 .5705272 0.26 0.793 -.9682087 1.268217 _cons | 7.763934 2.733201 2.84 0.005 2.406959 13.12091 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 2.116 Chi-sq(1) P-val = 0.1457 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.603 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq laam safrica asiae Excluded instruments: logem4 logfrankrom lherfgov Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq lherfgov) disteq laam > safrica asiae, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 88 F( 7, 80) = 59.78 Prob > F = 0.0000 Total (centered) SS = 97.02573851 Centered R2 = 0.7821 Total (uncentered) SS = 6629.789452 Uncentered R2 = 0.9968 Residual SS = 21.14142332 Root MSE = .4901 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .7759253 .2589677 3.00 0.003 .268358 1.283493 lcopen | .0441965 .130036 0.34 0.734 -.2106694 .2990624 ldemoc | .2931153 .5098081 0.57 0.565 -.7060903 1.292321 disteq | -.0000269 .0072778 -0.00 0.997 -.0142912 .0142373 laam | -.0886978 .4076963 -0.22 0.828 -.8877678 .7103721 safrica | -.80029 .2933948 -2.73 0.006 -1.375333 -.2252468 asiae | -.0098679 .2571503 -0.04 0.969 -.5138731 .4941374 _cons | 7.915777 .9515446 8.32 0.000 6.050784 9.780771 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 1.862 Chi-sq(2) P-val = 0.3942 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.422 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 4.466 Chi-sq(1) P-val = 0.0346 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq laam safrica asiae Excluded instruments: engfrac eurfrac logfrankrom lherfgov Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq lmilexpg) disteq laam safrica a > siae, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 46 F( 7, 38) = 5.39 Prob > F = 0.0002 Total (centered) SS = 38.2881827 Centered R2 = 0.3314 Total (uncentered) SS = 3232.604282 Uncentered R2 = 0.9921 Residual SS = 25.59973462 Root MSE = .746 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.770673 4.105407 0.43 0.666 -6.275777 9.817122 lcopen | -.2646227 .6474209 -0.41 0.683 -1.533544 1.004299 ldemoc | -.3933956 4.031787 -0.10 0.922 -8.295553 7.508762 disteq | -.0094497 .0405847 -0.23 0.816 -.0889942 .0700947 laam | .6627964 3.302084 0.20 0.841 -5.809169 7.134762 safrica | -.1106943 .6407367 -0.17 0.863 -1.366515 1.145127 asiae | .0110726 1.552351 0.01 0.994 -3.03148 3.053625 _cons | 10.06459 8.754561 1.15 0.250 -7.094039 27.22321 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 0.061 Chi-sq(1) P-val = 0.8050 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.017 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq laam safrica asiae Excluded instruments: logem4 logfrankrom lmilexpg Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq lmilexpg) disteq laam > safrica asiae, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 82 F( 7, 74) = 37.20 Prob > F = 0.0000 Total (centered) SS = 85.21985836 Centered R2 = 0.7120 Total (uncentered) SS = 6250.779318 Uncentered R2 = 0.9961 Residual SS = 24.54159306 Root MSE = .5471 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.198783 .2800466 4.28 0.000 .6499021 1.747665 lcopen | -.1142329 .1871208 -0.61 0.542 -.480983 .2525171 ldemoc | -.5315288 .4418341 -1.20 0.229 -1.397508 .3344501 disteq | .009074 .0096376 0.94 0.346 -.0098153 .0279633 laam | .5828656 .5001774 1.17 0.244 -.3974641 1.563195 safrica | -.507234 .2980821 -1.70 0.089 -1.091464 .0769963 asiae | .2870294 .3476168 0.83 0.409 -.394287 .9683459 _cons | 9.460399 1.031405 9.17 0.000 7.438881 11.48192 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 3.378 Chi-sq(2) P-val = 0.1847 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.768 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 4.152 Chi-sq(1) P-val = 0.0416 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq laam safrica asiae Excluded instruments: engfrac eurfrac logfrankrom lmilexpg Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq pldemoc) disteq laam safrica as > iae, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 51 F( 7, 43) = 5.30 Prob > F = 0.0002 Total (centered) SS = 44.63933228 Centered R2 = 0.2544 Total (uncentered) SS = 3514.225579 Uncentered R2 = 0.9905 Residual SS = 33.28414279 Root MSE = .8079 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.999178 .9869685 2.03 0.043 .064755 3.9336 lcopen | -.336899 .3178483 -1.06 0.289 -.9598701 .2860721 ldemoc | -.4094566 .6978056 -0.59 0.557 -1.777131 .9582172 disteq | -.0274177 .0293893 -0.93 0.351 -.0850197 .0301843 laam | .3550466 .3990818 0.89 0.374 -.4271394 1.137233 safrica | -.4322455 .4707518 -0.92 0.359 -1.354902 .4904111 asiae | -.4596889 1.026757 -0.45 0.654 -2.472095 1.552717 _cons | 10.94437 2.624923 4.17 0.000 5.799614 16.08912 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 2.944 Chi-sq(1) P-val = 0.0862 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.852 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq laam safrica asiae Excluded instruments: logem4 logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq pldemoc) disteq laam s > africa asiae, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 91 F( 7, 83) = 69.49 Prob > F = 0.0000 Total (centered) SS = 98.57341708 Centered R2 = 0.8210 Total (uncentered) SS = 6806.576819 Uncentered R2 = 0.9974 Residual SS = 17.64220795 Root MSE = .4403 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .9169975 .1337649 6.86 0.000 .654823 1.179172 lcopen | .0114011 .1077129 0.11 0.916 -.1997122 .2225145 ldemoc | .0000118 .1551693 0.00 1.000 -.3041144 .3041381 disteq | .0031531 .0050703 0.62 0.534 -.0067845 .0130907 laam | .092013 .1770481 0.52 0.603 -.2549948 .4390208 safrica | -.6682803 .2098984 -3.18 0.001 -1.079674 -.256887 asiae | .0661159 .1778663 0.37 0.710 -.2824956 .4147273 _cons | 8.396566 .5535008 15.17 0.000 7.311725 9.481408 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 20.858 Chi-sq(2) P-val = 0.0000 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 5.281 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 4.202 Chi-sq(1) P-val = 0.0404 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq laam safrica asiae Excluded instruments: engfrac eurfrac logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . estimates store Ra1, title(Robustness cross-sectional regressions, Ra1) . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq lherfgov) disteq legor_fr, robu > st Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 49 F( 5, 43) = 4.97 Prob > F = 0.0011 Total (centered) SS = 43.14085772 Centered R2 = 0.1613 Total (uncentered) SS = 3401.95452 Uncentered R2 = 0.9894 Residual SS = 36.18328873 Root MSE = .8593 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 2.000905 .8421668 2.38 0.018 .3502882 3.651522 lcopen | -.3067267 .2984021 -1.03 0.304 -.8915841 .2781306 ldemoc | .7465798 1.163608 0.64 0.521 -1.534049 3.027209 disteq | -.0473295 .0274003 -1.73 0.084 -.101033 .0063741 legor_fr | .6060214 .3997663 1.52 0.130 -.1775061 1.389549 _cons | 8.69261 2.609659 3.33 0.001 3.577773 13.80745 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 1.470 Chi-sq(1) P-val = 0.2254 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.436 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq legor_fr Excluded instruments: logem4 logfrankrom lherfgov Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq lherfgov) disteq legor > _fr, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 88 F( 5, 82) = 43.18 Prob > F = 0.0000 Total (centered) SS = 97.02573851 Centered R2 = 0.6845 Total (uncentered) SS = 6629.789452 Uncentered R2 = 0.9954 Residual SS = 30.61609866 Root MSE = .5898 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .854832 .3699478 2.31 0.021 .1297477 1.579916 lcopen | -.0149434 .1590431 -0.09 0.925 -.3266622 .2967754 ldemoc | .4427433 .44332 1.00 0.318 -.4261479 1.311635 disteq | .0058061 .0068478 0.85 0.397 -.0076154 .0192275 legor_fr | .2978167 .1636057 1.82 0.069 -.0228445 .6184779 _cons | 7.356448 1.266408 5.81 0.000 4.874333 9.838563 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 1.834 Chi-sq(2) P-val = 0.3996 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.427 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.427 Chi-sq(1) P-val = 0.5136 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq legor_fr Excluded instruments: engfrac eurfrac logfrankrom lherfgov Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 eurfrac logfrankrom disteq lmilexpg) disteq legor_ > fr, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 46 F( 5, 40) = 1.19 Prob > F = 0.3311 Total (centered) SS = 38.2881827 Centered R2 = -4.8975 Total (uncentered) SS = 3232.604282 Uncentered R2 = 0.9301 Residual SS = 225.8043503 Root MSE = 2.216 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 4.093709 6.920255 0.59 0.554 -9.469742 17.65716 lcopen | -.7508053 1.835467 -0.41 0.682 -4.348255 2.846644 ldemoc | -2.004754 5.358475 -0.37 0.708 -12.50717 8.497663 disteq | -.0422069 .1026805 -0.41 0.681 -.2434569 .1590432 legor_fr | 2.101362 3.96861 0.53 0.596 -5.676971 9.879694 _cons | 14.37784 15.62866 0.92 0.358 -16.25377 45.00944 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 0.193 Chi-sq(2) P-val = 0.9082 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.041 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.004 Chi-sq(1) P-val = 0.9487 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq legor_fr Excluded instruments: logem4 eurfrac logfrankrom lmilexpg Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq lmilexpg) disteq legor > _fr, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 82 F( 5, 76) = 24.52 Prob > F = 0.0000 Total (centered) SS = 85.21985836 Centered R2 = 0.6450 Total (uncentered) SS = 6250.779318 Uncentered R2 = 0.9952 Residual SS = 30.25175316 Root MSE = .6074 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.535556 .5145773 2.98 0.003 .5270027 2.544109 lcopen | -.2814873 .2177432 -1.29 0.196 -.7082561 .1452816 ldemoc | -.4204093 .3857508 -1.09 0.276 -1.176467 .3356483 disteq | -.004437 .0121525 -0.37 0.715 -.0282555 .0193815 legor_fr | .5691957 .2282248 2.49 0.013 .1218833 1.016508 _cons | 9.994717 1.479216 6.76 0.000 7.095508 12.89393 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 2.636 Chi-sq(2) P-val = 0.2677 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.612 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 1.063 Chi-sq(1) P-val = 0.3025 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq legor_fr Excluded instruments: engfrac eurfrac logfrankrom lmilexpg Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 eurfrac logfrankrom disteq pldemoc) disteq legor_f > r, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 51 F( 5, 45) = 10.38 Prob > F = 0.0000 Total (centered) SS = 44.63933228 Centered R2 = 0.5195 Total (uncentered) SS = 3514.225579 Uncentered R2 = 0.9939 Residual SS = 21.4506034 Root MSE = .6485 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.552217 .3226649 4.81 0.000 .9198055 2.184629 lcopen | -.0911541 .1814284 -0.50 0.615 -.4467473 .2644391 ldemoc | .1975703 .2313928 0.85 0.393 -.2559513 .6510919 disteq | -.011709 .0125983 -0.93 0.353 -.0364013 .0129833 legor_fr | .4189837 .233453 1.79 0.073 -.0385758 .8765432 _cons | 8.366867 .8953387 9.34 0.000 6.612036 10.1217 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 10.292 Chi-sq(2) P-val = 0.0058 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 2.460 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 3.018 Chi-sq(1) P-val = 0.0824 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq legor_fr Excluded instruments: logem4 eurfrac logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq pldemoc) disteq legor_ > fr, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 91 F( 5, 85) = 49.70 Prob > F = 0.0000 Total (centered) SS = 98.57341708 Centered R2 = 0.7257 Total (uncentered) SS = 6806.576819 Uncentered R2 = 0.9960 Residual SS = 27.03389289 Root MSE = .545 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.052505 .2306905 4.56 0.000 .60036 1.50465 lcopen | -.0505723 .126791 -0.40 0.690 -.299078 .1979335 ldemoc | .1829616 .2025569 0.90 0.366 -.2140427 .5799658 disteq | .0027409 .0066185 0.41 0.679 -.0102312 .015713 legor_fr | .22949 .1261784 1.82 0.069 -.0178151 .476795 _cons | 8.056862 .7754989 10.39 0.000 6.536912 9.576812 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 10.308 Chi-sq(2) P-val = 0.0058 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 2.519 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 1.338 Chi-sq(1) P-val = 0.2473 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq legor_fr Excluded instruments: engfrac eurfrac logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . estimates store Ra2, title(Robustness cross-sectional regressions, Ra2) . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq pldemoc) disteq neoeurope, robu > st Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 51 F( 5, 45) = 11.76 Prob > F = 0.0000 Total (centered) SS = 44.63933228 Centered R2 = -0.3445 Total (uncentered) SS = 3514.225579 Uncentered R2 = 0.9829 Residual SS = 60.01587835 Root MSE = 1.085 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 2.862391 1.525165 1.88 0.061 -.1268777 5.851659 lcopen | -.8120311 .5364649 -1.51 0.130 -1.863483 .2394207 ldemoc | -.2977212 .6919837 -0.43 0.667 -1.653984 1.058542 disteq | -.0185085 .0266702 -0.69 0.488 -.0707811 .0337641 neoeurope | -3.120645 2.250447 -1.39 0.166 -7.53144 1.290151 _cons | 12.77741 3.603243 3.55 0.000 5.715181 19.83963 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 2.703 Chi-sq(1) P-val = 0.1001 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.817 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq neoeurope Excluded instruments: logem4 logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq pldemoc) disteq neoeur > ope, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 91 F( 5, 85) = 43.30 Prob > F = 0.0000 Total (centered) SS = 98.57341708 Centered R2 = 0.6264 Total (uncentered) SS = 6806.576819 Uncentered R2 = 0.9946 Residual SS = 36.82490515 Root MSE = .6361 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.568887 .6245504 2.51 0.012 .3447903 2.792983 lcopen | -.3404769 .3094031 -1.10 0.271 -.9468958 .265942 ldemoc | -.0582312 .3549304 -0.16 0.870 -.753882 .6374197 disteq | -.0128407 .0170943 -0.75 0.453 -.0463449 .0206636 neoeurope | -.7769371 .6428198 -1.21 0.227 -2.036841 .4829666 _cons | 10.07992 2.09654 4.81 0.000 5.970781 14.18907 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 3.045 Chi-sq(2) P-val = 0.2182 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.715 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 2.073 Chi-sq(1) P-val = 0.1499 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq neoeurope Excluded instruments: engfrac eurfrac logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . estimates store Ra3, title(Robustness cross-sectional regressions, Ra3) . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq pldemoc) disteq war, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 50 F( 5, 44) = 6.30 Prob > F = 0.0002 Total (centered) SS = 44.52989466 Centered R2 = 0.3074 Total (uncentered) SS = 3440.683786 Uncentered R2 = 0.9910 Residual SS = 30.83919298 Root MSE = .7854 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.858794 .5993272 3.10 0.002 .6841338 3.033453 lcopen | -.3260238 .2706304 -1.20 0.228 -.8564497 .2044021 ldemoc | -.0579605 .3972518 -0.15 0.884 -.8365596 .7206387 disteq | -.0214473 .0188146 -1.14 0.254 -.0583232 .0154286 war | .3006987 .3388554 0.89 0.375 -.3634456 .9648431 _cons | 10.14707 1.626334 6.24 0.000 6.959517 13.33463 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 5.644 Chi-sq(1) P-val = 0.0175 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 1.752 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq war Excluded instruments: logem4 logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . estimates store Ra4, title(Robustness cross-sectional regressions, Ra4) . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq pldemoc) disteq war, r > obust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 86 F( 5, 80) = 51.68 Prob > F = 0.0000 Total (centered) SS = 95.75745094 Centered R2 = 0.7368 Total (uncentered) SS = 6393.537161 Uncentered R2 = 0.9961 Residual SS = 25.20337943 Root MSE = .5414 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .9181571 .2202752 4.17 0.000 .4864255 1.349889 lcopen | -.1561462 .1405541 -1.11 0.267 -.4316271 .1193347 ldemoc | .2918641 .2151486 1.36 0.175 -.1298193 .7135476 disteq | .0036121 .0067143 0.54 0.591 -.0095478 .016772 war | .4741469 .3786479 1.25 0.210 -.2679893 1.216283 _cons | 8.33805 .9007831 9.26 0.000 6.572548 10.10355 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 6.110 Chi-sq(2) P-val = 0.0471 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 1.454 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 4.732 Chi-sq(1) P-val = 0.0296 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq war Excluded instruments: engfrac eurfrac logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq pldemoc) disteq revcoup, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 50 F( 5, 44) = 6.33 Prob > F = 0.0002 Total (centered) SS = 44.52989466 Centered R2 = 0.2860 Total (uncentered) SS = 3440.683786 Uncentered R2 = 0.9908 Residual SS = 31.79258388 Root MSE = .7974 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.878697 .6383197 2.94 0.003 .6276129 3.12978 lcopen | -.2696159 .251811 -1.07 0.284 -.7631564 .2239246 ldemoc | -.0281619 .3729768 -0.08 0.940 -.759183 .7028592 disteq | -.021695 .0191518 -1.13 0.257 -.0592318 .0158418 revcoup | .386492 .5789132 0.67 0.504 -.7481569 1.521141 _cons | 9.823078 1.39484 7.04 0.000 7.089242 12.55691 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 5.571 Chi-sq(1) P-val = 0.0183 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 1.729 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq revcoup Excluded instruments: logem4 logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . estimates store Ra5, title(Robustness cross-sectional regressions, Ra5) . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq pldemoc) disteq revcou > p, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 86 F( 5, 80) = 54.93 Prob > F = 0.0000 Total (centered) SS = 95.75745094 Centered R2 = 0.7274 Total (uncentered) SS = 6393.537161 Uncentered R2 = 0.9959 Residual SS = 26.10519556 Root MSE = .551 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .9456481 .2481622 3.81 0.000 .4592591 1.432037 lcopen | -.157944 .139166 -1.13 0.256 -.4307042 .1148163 ldemoc | .287022 .218541 1.31 0.189 -.1413104 .7153544 disteq | .0017027 .0071381 0.24 0.811 -.0122877 .0156932 revcoup | -.0370022 .3679169 -0.10 0.920 -.7581061 .6841017 _cons | 8.425258 .8989415 9.37 0.000 6.663365 10.18715 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 6.070 Chi-sq(2) P-val = 0.0481 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 1.444 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 5.922 Chi-sq(1) P-val = 0.0150 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq revcoup Excluded instruments: engfrac eurfrac logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq pldemoc) disteq oil, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 51 F( 5, 45) = 7.97 Prob > F = 0.0000 Total (centered) SS = 44.63933228 Centered R2 = 0.4864 Total (uncentered) SS = 3514.225579 Uncentered R2 = 0.9935 Residual SS = 22.92796762 Root MSE = .6705 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.617737 .4686564 3.45 0.001 .6991876 2.536287 lcopen | -.1124042 .2249849 -0.50 0.617 -.5533666 .3285581 ldemoc | .1210604 .2675727 0.45 0.651 -.4033724 .6454933 disteq | -.0160101 .0161887 -0.99 0.323 -.0477393 .0157191 oil | .4473187 .2420876 1.85 0.065 -.0271642 .9218016 _cons | 8.808276 1.285111 6.85 0.000 6.289505 11.32705 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 6.249 Chi-sq(1) P-val = 0.0124 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 1.955 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq oil Excluded instruments: logem4 logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . estimates store Ra6, title(Robustness cross-sectional regressions, Ra6) . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq pldemoc) disteq oil, r > obust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 91 F( 5, 85) = 39.45 Prob > F = 0.0000 Total (centered) SS = 98.57341708 Centered R2 = 0.6991 Total (uncentered) SS = 6806.576819 Uncentered R2 = 0.9956 Residual SS = 29.65792395 Root MSE = .5709 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .5905847 .2313278 2.55 0.011 .1371905 1.043979 lcopen | .1030261 .1470245 0.70 0.483 -.1851367 .3911889 ldemoc | .4486118 .2066363 2.17 0.030 .0436121 .8536114 disteq | .0133269 .0068298 1.95 0.051 -.0000592 .026713 oil | .4985462 .157581 3.16 0.002 .1896931 .8073993 _cons | 6.804351 .9102082 7.48 0.000 5.020376 8.588326 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 9.468 Chi-sq(2) P-val = 0.0088 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 2.303 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 6.212 Chi-sq(1) P-val = 0.0127 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq oil Excluded instruments: engfrac eurfrac logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . . /* Robustness to additional geography controls */ . . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq pldemoc) disteq tropics, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 50 F( 5, 44) = 6.78 Prob > F = 0.0001 Total (centered) SS = 44.61851736 Centered R2 = 0.4441 Total (uncentered) SS = 3443.817549 Uncentered R2 = 0.9928 Residual SS = 24.80262922 Root MSE = .7043 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.848947 .5371982 3.44 0.001 .7960583 2.901837 lcopen | -.3754634 .2818157 -1.33 0.183 -.927812 .1768853 ldemoc | .2154786 .2642634 0.82 0.415 -.3024682 .7334254 disteq | -.0306169 .0190437 -1.61 0.108 -.0679419 .0067081 tropics | .1926195 .5111494 0.38 0.706 -.8092149 1.194454 _cons | 9.845604 1.234777 7.97 0.000 7.425487 12.26572 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 5.294 Chi-sq(1) P-val = 0.0214 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 1.638 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq tropics Excluded instruments: logem4 logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . estimates store Rb1, title(Robustness cross-sectional regressions, Rb1) . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq pldemoc) disteq tropic > s, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 90 F( 5, 84) = 57.76 Prob > F = 0.0000 Total (centered) SS = 98.535066 Centered R2 = 0.7239 Total (uncentered) SS = 6736.16879 Uncentered R2 = 0.9960 Residual SS = 27.20450385 Root MSE = .5498 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .846309 .1913645 4.42 0.000 .4712413 1.221377 lcopen | .0231818 .138127 0.17 0.867 -.2475421 .2939057 ldemoc | .3843181 .1970879 1.95 0.051 -.001967 .7706032 disteq | -.0134497 .008448 -1.59 0.111 -.0300074 .003108 tropics | -.7375327 .3283156 -2.25 0.025 -1.38102 -.0940459 _cons | 8.319231 .740706 11.23 0.000 6.867474 9.770988 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 9.527 Chi-sq(2) P-val = 0.0085 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 2.317 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 4.987 Chi-sq(1) P-val = 0.0255 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq tropics Excluded instruments: engfrac eurfrac logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq pldemoc) disteq access, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 50 F( 5, 44) = 10.35 Prob > F = 0.0000 Total (centered) SS = 44.61851736 Centered R2 = 0.5931 Total (uncentered) SS = 3443.817549 Uncentered R2 = 0.9947 Residual SS = 18.15344496 Root MSE = .6026 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.671085 .4128414 4.05 0.000 .8619311 2.48024 lcopen | -.3837467 .193142 -1.99 0.047 -.7622981 -.0051953 ldemoc | .1843763 .2047687 0.90 0.368 -.216963 .5857157 disteq | -.0316656 .0147563 -2.15 0.032 -.0605874 -.0027438 access | -.5562002 .3498184 -1.59 0.112 -1.241832 .1294313 _cons | 10.14363 1.047339 9.69 0.000 8.090885 12.19638 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 6.990 Chi-sq(1) P-val = 0.0082 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 2.201 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq access Excluded instruments: logem4 logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . estimates store Rb2, title(Robustness cross-sectional regressions, Rb2) . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq pldemoc) disteq access > , robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 90 F( 5, 84) = 61.47 Prob > F = 0.0000 Total (centered) SS = 98.535066 Centered R2 = 0.7790 Total (uncentered) SS = 6736.16879 Uncentered R2 = 0.9968 Residual SS = 21.77339844 Root MSE = .4919 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .7908758 .2137035 3.70 0.000 .3720246 1.209727 lcopen | .0196299 .1362297 0.14 0.885 -.2473755 .2866353 ldemoc | .2420845 .1802128 1.34 0.179 -.111126 .5952951 disteq | .008218 .0065819 1.25 0.212 -.0046823 .0211183 access | -.5624154 .1703294 -3.30 0.001 -.8962548 -.228576 _cons | 7.79067 .7890707 9.87 0.000 6.24412 9.33722 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 9.552 Chi-sq(2) P-val = 0.0084 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 2.323 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 6.999 Chi-sq(1) P-val = 0.0082 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq access Excluded instruments: engfrac eurfrac logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq pldemoc) disteq frstdays, robus > t Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 51 F( 5, 45) = 6.27 Prob > F = 0.0002 Total (centered) SS = 44.63933228 Centered R2 = 0.1231 Total (uncentered) SS = 3514.225579 Uncentered R2 = 0.9889 Residual SS = 39.14603083 Root MSE = .8761 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 2.18574 .90999 2.40 0.016 .4021928 3.969288 lcopen | -.577589 .4299353 -1.34 0.179 -1.420247 .2650688 ldemoc | -.134123 .4690104 -0.29 0.775 -1.053367 .7851204 disteq | -.0077193 .0195642 -0.39 0.693 -.0460645 .0306259 frstdays | -.0765856 .0624034 -1.23 0.220 -.198894 .0457228 _cons | 11.3258 2.561831 4.42 0.000 6.304699 16.34689 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 4.168 Chi-sq(1) P-val = 0.0412 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 1.277 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq frstdays Excluded instruments: logem4 logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . /* estimates store Rb , title(Robustness cross-sectional regressions, Rb ) */ . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq pldemoc) disteq frstda > ys, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 90 F( 5, 84) = 50.51 Prob > F = 0.0000 Total (centered) SS = 97.72340406 Centered R2 = 0.7215 Total (uncentered) SS = 6716.277672 Uncentered R2 = 0.9959 Residual SS = 27.21294082 Root MSE = .5499 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .8915605 .1894535 4.71 0.000 .5202384 1.262883 lcopen | -.1120617 .1363429 -0.82 0.411 -.3792889 .1551654 ldemoc | .329115 .201106 1.64 0.102 -.0650456 .7232755 disteq | .0019716 .0073588 0.27 0.789 -.0124513 .0163946 frstdays | .0045764 .0117904 0.39 0.698 -.0185325 .0276852 _cons | 8.145142 .825756 9.86 0.000 6.52669 9.763594 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 9.380 Chi-sq(2) P-val = 0.0092 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 2.279 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 5.279 Chi-sq(1) P-val = 0.0216 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq frstdays Excluded instruments: engfrac eurfrac logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq pldemoc) disteq frstarea, robus > t Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 44 F( 5, 38) = 5.35 Prob > F = 0.0008 Total (centered) SS = 37.1376063 Centered R2 = 0.0954 Total (uncentered) SS = 2979.765716 Uncentered R2 = 0.9887 Residual SS = 33.59409467 Root MSE = .8738 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 2.029991 .9457672 2.15 0.032 .1763212 3.88366 lcopen | -.0435716 .3579678 -0.12 0.903 -.7451756 .6580323 ldemoc | -.0917137 .3972272 -0.23 0.817 -.8702648 .6868373 disteq | -.0170693 .0214038 -0.80 0.425 -.0590199 .0248814 frstarea | -.5166787 1.048321 -0.49 0.622 -2.57135 1.537993 _cons | 9.242554 1.467187 6.30 0.000 6.36692 12.11819 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 4.449 Chi-sq(1) P-val = 0.0349 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 1.348 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq frstarea Excluded instruments: logem4 logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . /* estimates store Rb , title(Robustness cross-sectional regressions, Rb ) */ . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq pldemoc) disteq frstar > ea, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 82 F( 5, 76) = 59.18 Prob > F = 0.0000 Total (centered) SS = 90.40308125 Centered R2 = 0.7273 Total (uncentered) SS = 6087.741614 Uncentered R2 = 0.9959 Residual SS = 24.65646394 Root MSE = .5484 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .849022 .1725789 4.92 0.000 .5107735 1.18727 lcopen | -.1797301 .1289446 -1.39 0.163 -.4324569 .0729967 ldemoc | .3273797 .1741232 1.88 0.060 -.0138956 .668655 disteq | -.0051045 .0092084 -0.55 0.579 -.0231527 .0129436 frstarea | .5063203 .326148 1.55 0.121 -.1329181 1.145559 _cons | 8.39674 .6818549 12.31 0.000 7.060329 9.733151 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 13.324 Chi-sq(2) P-val = 0.0013 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 3.308 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 4.646 Chi-sq(1) P-val = 0.0311 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq frstarea Excluded instruments: engfrac eurfrac logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq pldemoc) disteq malfal94, robus > t Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 49 F( 5, 43) = 10.29 Prob > F = 0.0000 Total (centered) SS = 44.44859247 Centered R2 = 0.4628 Total (uncentered) SS = 3377.333708 Uncentered R2 = 0.9929 Residual SS = 23.87951183 Root MSE = .6981 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.676515 .5790761 2.90 0.004 .5415462 2.811483 lcopen | -.289033 .2157162 -1.34 0.180 -.711829 .1337629 ldemoc | -.102964 .3370554 -0.31 0.760 -.7635804 .5576525 disteq | -.0232794 .0165845 -1.40 0.160 -.0557844 .0092256 malfal94 | -.4456263 .5253931 -0.85 0.396 -1.475378 .5841253 _cons | 10.26034 1.283437 7.99 0.000 7.744846 12.77583 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 6.403 Chi-sq(1) P-val = 0.0114 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 2.001 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq malfal94 Excluded instruments: logem4 logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq pldemoc) disteq malfal > 94, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 85 F( 5, 79) = 75.05 Prob > F = 0.0000 Total (centered) SS = 94.16239088 Centered R2 = 0.8163 Total (uncentered) SS = 6311.615369 Uncentered R2 = 0.9973 Residual SS = 17.3015131 Root MSE = .4512 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .6501555 .1838043 3.54 0.000 .2899057 1.010405 lcopen | -.0387089 .1116982 -0.35 0.729 -.2576333 .1802155 ldemoc | .2130752 .152817 1.39 0.163 -.0864406 .512591 disteq | .001616 .0051774 0.31 0.755 -.0085315 .0117636 malfal94 | -.982746 .1947902 -5.05 0.000 -1.364528 -.6009642 _cons | 8.39659 .6308691 13.31 0.000 7.160109 9.633071 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 8.567 Chi-sq(2) P-val = 0.0138 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 2.068 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.097 Chi-sq(1) P-val = 0.7552 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq malfal94 Excluded instruments: engfrac eurfrac logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . estimates store Rb3, title(Robustness cross-sectional regressions, Rb3) . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq pldemoc) disteq meantemp, robus > t Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 48 F( 5, 42) = 5.12 Prob > F = 0.0009 Total (centered) SS = 42.2230732 Centered R2 = 0.0844 Total (uncentered) SS = 3331.49011 Uncentered R2 = 0.9884 Residual SS = 38.66007945 Root MSE = .8975 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 2.081094 .9478732 2.20 0.028 .2232972 3.938892 lcopen | -.4197486 .3670704 -1.14 0.253 -1.139193 .2996963 ldemoc | -.0811798 .4679729 -0.17 0.862 -.9983898 .8360302 disteq | -.0181858 .0199608 -0.91 0.362 -.0573082 .0209366 meantemp | .0408528 .0602964 0.68 0.498 -.0773258 .1590315 _cons | 9.599932 1.461884 6.57 0.000 6.734692 12.46517 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 4.156 Chi-sq(1) P-val = 0.0415 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 1.266 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq meantemp Excluded instruments: logem4 logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . /* estimates store Rb , title(Robustness cross-sectional regressions, Rb ) */ . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq pldemoc) disteq meante > mp, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 83 F( 5, 77) = 46.34 Prob > F = 0.0000 Total (centered) SS = 90.12225375 Centered R2 = 0.7016 Total (uncentered) SS = 6206.950615 Uncentered R2 = 0.9957 Residual SS = 26.89221957 Root MSE = .5692 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .8154429 .1795283 4.54 0.000 .4635739 1.167312 lcopen | -.1398905 .1324512 -1.06 0.291 -.3994901 .119709 ldemoc | .3929794 .2169401 1.81 0.070 -.0322155 .8181743 disteq | .0009974 .0097201 0.10 0.918 -.0180537 .0200484 meantemp | -.0113501 .0212216 -0.53 0.593 -.0529437 .0302435 _cons | 8.423666 .7376098 11.42 0.000 6.977977 9.869355 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 9.355 Chi-sq(2) P-val = 0.0093 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 2.267 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 3.535 Chi-sq(1) P-val = 0.0601 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq meantemp Excluded instruments: engfrac eurfrac logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . . /* Robustness to alternative integration measures */ . . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 lnopen disteq pldemoc) disteq, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 50 F( 4, 45) = 4.56 Prob > F = 0.0035 Total (centered) SS = 40.5868126 Centered R2 = -0.6790 Total (uncentered) SS = 3409.340325 Uncentered R2 = 0.9800 Residual SS = 68.14724267 Root MSE = 1.167 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 2.692009 1.616114 1.67 0.096 -.4755167 5.859534 lcopen | -1.091405 1.04454 -1.04 0.296 -3.138665 .9558555 ldemoc | -.3483674 .7895035 -0.44 0.659 -1.895766 1.199031 disteq | -.0616287 .0592619 -1.04 0.298 -.1777799 .0545225 _cons | 14.45164 6.301557 2.29 0.022 2.100816 26.80247 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 1.548 Chi-sq(1) P-val = 0.2134 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.472 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: logem4 lnopen pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . estimates store Rb4, title(Robustness cross-sectional regressions, Rb4) . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac lnopen disteq pldemoc) disteq, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 88 F( 4, 83) = 74.28 Prob > F = 0.0000 Total (centered) SS = 93.59711122 Centered R2 = 0.7107 Total (uncentered) SS = 6517.316224 Uncentered R2 = 0.9958 Residual SS = 27.07927353 Root MSE = .5547 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.017596 .2145368 4.74 0.000 .5971115 1.43808 lcopen | -.1693846 .1871671 -0.90 0.365 -.5362253 .1974561 ldemoc | .2760204 .2142511 1.29 0.198 -.1439041 .6959449 disteq | .0007622 .0070077 0.11 0.913 -.0129726 .0144971 _cons | 8.500557 1.081504 7.86 0.000 6.380848 10.62027 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 10.514 Chi-sq(2) P-val = 0.0052 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 2.602 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 5.492 Chi-sq(1) P-val = 0.0191 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: engfrac eurfrac lnopen pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 sw ldisteq pldemoc) disteq, robust IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 49 F( 4, 44) = 7.43 Prob > F = 0.0001 Total (centered) SS = 44.3772025 Centered R2 = -0.1600 Total (uncentered) SS = 3366.234897 Uncentered R2 = 0.9847 Residual SS = 51.47791653 Root MSE = 1.025 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .7367743 .8121938 0.91 0.364 -.8550962 2.328645 lcopen | 1.666501 2.83076 0.59 0.556 -3.881687 7.21469 ldemoc | .3767616 .3396328 1.11 0.267 -.2889066 1.04243 disteq | .0423567 .0765824 0.55 0.580 -.1077421 .1924555 _cons | .5050876 12.4887 0.04 0.968 -23.97232 24.9825 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 0.685 Chi-sq(2) P-val = 0.7101 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.151 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.701 Chi-sq(1) P-val = 0.4026 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: logem4 sw ldisteq pldemoc ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac sw ldisteq pldemoc) disteq, robust IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 60 F( 4, 55) = 13.28 Prob > F = 0.0000 Total (centered) SS = 56.81570581 Centered R2 = 0.3588 Total (uncentered) SS = 4082.232607 Uncentered R2 = 0.9911 Residual SS = 36.42974277 Root MSE = .7792 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.533686 .2927875 5.24 0.000 .959833 2.107539 lcopen | -1.109994 .4875341 -2.28 0.023 -2.065543 -.1544448 ldemoc | .0478813 .2549445 0.19 0.851 -.4518008 .5475633 disteq | -.0241498 .0149129 -1.62 0.105 -.0533786 .005079 _cons | 13.03944 2.328729 5.60 0.000 8.47521 17.60366 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 7.641 Chi-sq(3) P-val = 0.0541 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 1.440 Stock-Yogo weak ID test critical values: 5% maximal IV relative bias 9.53 10% maximal IV relative bias 6.61 20% maximal IV relative bias 4.99 30% maximal IV relative bias 4.30 Test statistic(s) not robust Source: Stock-Yogo (2005). Reproduced by permission. ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 1.907 Chi-sq(2) P-val = 0.3853 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: engfrac eurfrac sw ldisteq pldemoc ------------------------------------------------------------------------------ . estimates store Rb5, title(Robustness cross-sectional regressions, Rb5) . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom ldisteq pldemoc) disteq area lnpop, ro > bust IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 51 F( 6, 44) = 15.18 Prob > F = 0.0000 Total (centered) SS = 44.63933228 Centered R2 = 0.5838 Total (uncentered) SS = 3514.225579 Uncentered R2 = 0.9947 Residual SS = 18.57678733 Root MSE = .6035 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.250473 .4623601 2.70 0.007 .344264 2.156682 lcopen | .4951784 .6419097 0.77 0.440 -.7629414 1.753298 ldemoc | .3483751 .2764354 1.26 0.208 -.1934283 .8901785 disteq | -.0025754 .013621 -0.19 0.850 -.0292721 .0241214 area | -8.67e-08 1.99e-07 -0.43 0.664 -4.77e-07 3.04e-07 lnpop | .255344 .1606941 1.59 0.112 -.0596106 .5702987 _cons | 1.785571 5.411411 0.33 0.741 -8.8206 12.39174 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 4.840 Chi-sq(2) P-val = 0.0889 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 1.070 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.033 Chi-sq(1) P-val = 0.8564 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq area lnpop Excluded instruments: logem4 logfrankrom ldisteq pldemoc ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom ldisteq pldemoc) disteq area > lnpop, robust IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 91 F( 6, 84) = 44.23 Prob > F = 0.0000 Total (centered) SS = 98.57341708 Centered R2 = 0.7183 Total (uncentered) SS = 6806.576819 Uncentered R2 = 0.9959 Residual SS = 27.77041711 Root MSE = .5524 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.128593 .2322359 4.86 0.000 .6734189 1.583767 lcopen | -.1049514 .4423123 -0.24 0.812 -.9718675 .7619647 ldemoc | .1043535 .1924706 0.54 0.588 -.2728819 .4815889 disteq | -.0007356 .0076863 -0.10 0.924 -.0158005 .0143293 area | -1.78e-08 9.49e-08 -0.19 0.851 -2.04e-07 1.68e-07 lnpop | .0276848 .1085633 0.26 0.799 -.1850953 .240465 _cons | 8.154909 3.771486 2.16 0.031 .7629319 15.54689 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 9.894 Chi-sq(3) P-val = 0.0195 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 1.884 Stock-Yogo weak ID test critical values: 5% maximal IV relative bias 9.53 10% maximal IV relative bias 6.61 20% maximal IV relative bias 4.99 30% maximal IV relative bias 4.30 Test statistic(s) not robust Source: Stock-Yogo (2005). Reproduced by permission. ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 6.879 Chi-sq(2) P-val = 0.0321 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq area lnpop Excluded instruments: engfrac eurfrac logfrankrom ldisteq pldemoc ------------------------------------------------------------------------------ . estimates store Rb6, title(Robustness cross-sectional regressions, Rb6) . estout * using "C:\Panda\Output\table5.tex", replace style(tex) varlabels(_cons Constant) ce > lls (b(star fmt(%9.3f)) se(par fmt(%9.2f))) stats (r2 r2_a F Fp j jp N, labels("R$^2$" "Adju > sted R$^2$" "F" "F p-value" "Hansen J" "J p-value" "N")) starlevels(* 0.10 ** 0.05 *** 0.01) & Ra1 & Ra2 & Ra3 & Ra4 & Ra5 & > Ra6 & Rb1 & Rb2 & Rb3 & Rb4 & Rb5 > & Rb6 \\ & b/se & b/se & b/se & b/se & b/se & > b/se & b/se & b/se & b/se & b/se & b/se > & b/se \\ rule & 0.917***& 1.053***& 1.569** & 1.859***& 1.879***& > 1.618***& 1.849***& 1.671***& 0.650***& 2.692* & 1.534* > **& 1.129***\\ & (0.13) & (0.23) & (0.62) & (0.60) & (0.64) & > (0.47) & (0.54) & (0.41) & (0.18) & (1.62) & (0.29) > & (0.23) \\ lcopen & 0.011 & -0.051 & -0.340 & -0.326 & -0.270 & > -0.112 & -0.375 & -0.384** & -0.039 & -1.091 & -1.110* > * & -0.105 \\ & (0.11) & (0.13) & (0.31) & (0.27) & (0.25) & > (0.22) & (0.28) & (0.19) & (0.11) & (1.04) & (0.49) > & (0.44) \\ ldemoc & 0.000 & 0.183 & -0.058 & -0.058 & -0.028 & > 0.121 & 0.215 & 0.184 & 0.213 & -0.348 & 0.048 > & 0.104 \\ & (0.16) & (0.20) & (0.35) & (0.40) & (0.37) & > (0.27) & (0.26) & (0.20) & (0.15) & (0.79) & (0.25) > & (0.19) \\ disteq & 0.003 & 0.003 & -0.013 & -0.021 & -0.022 & > -0.016 & -0.031 & -0.032** & 0.002 & -0.062 & -0.024 > & -0.001 \\ & (0.01) & (0.01) & (0.02) & (0.02) & (0.02) & > (0.02) & (0.02) & (0.01) & (0.01) & (0.06) & (0.01) > & (0.01) \\ laam & 0.092 & & & & & > & & & & & > & \\ & (0.18) & & & & & > & & & & & > & \\ safrica & -0.668***& & & & & > & & & & & > & \\ & (0.21) & & & & & > & & & & & > & \\ asiae & 0.066 & & & & & > & & & & & > & \\ & (0.18) & & & & & > & & & & & > & \\ legor_fr & & 0.229* & & & & > & & & & & > & \\ & & (0.13) & & & & > & & & & & > & \\ neoeurope & & & -0.777 & & & > & & & & & > & \\ & & & (0.64) & & & > & & & & & > & \\ war & & & & 0.301 & & > & & & & & > & \\ & & & & (0.34) & & > & & & & & > & \\ revcoup & & & & & 0.386 & > & & & & & > & \\ & & & & & (0.58) & > & & & & & > & \\ oil & & & & & & > 0.447* & & & & & > & \\ & & & & & & > (0.24) & & & & & > & \\ tropics & & & & & & > & 0.193 & & & & > & \\ & & & & & & > & (0.51) & & & & > & \\ access & & & & & & > & & -0.556 & & & > & \\ & & & & & & > & & (0.35) & & & > & \\ malfal94 & & & & & & > & & & -0.983***& & > & \\ & & & & & & > & & & (0.19) & & > & \\ area & & & & & & > & & & & & > & -0.000 \\ & & & & & & > & & & & & > & (0.00) \\ lnpop & & & & & & > & & & & & > & 0.028 \\ & & & & & & > & & & & & > & (0.11) \\ Constant & 8.397***& 8.057***& 10.080***& 10.147***& 9.823***& > 8.808***& 9.846***& 10.144***& 8.397***& 14.452** & 13.039* > **& 8.155** \\ & (0.55) & (0.78) & (2.10) & (1.63) & (1.39) & > (1.29) & (1.23) & (1.05) & (0.63) & (6.30) & (2.33) > & (3.77) \\ R$^2$ & 0.821 & 0.726 & 0.626 & 0.307 & 0.286 & > 0.486 & 0.444 & 0.593 & 0.816 & -0.679 & 0.359 > & 0.718 \\ Adjusted R$^2$& 0.806 & 0.710 & 0.604 & 0.229 & 0.205 > & 0.429 & 0.381 & 0.547 & 0.805 & -0.828 & 0.31 > 2 & 0.698 \\ F & 69.488 & 49.695 & 43.300 & 6.299 & 6.334 & > 7.972 & 6.781 & 10.352 & 75.046 & 4.560 & 13.279 > & 44.226 \\ F p-value & 0.000 & 0.000 & 0.000 & 0.000 & 0.000 & > 0.000 & 0.000 & 0.000 & 0.000 & 0.004 & 0.000 > & 0.000 \\ Hansen J & 4.202 & 1.338 & 2.073 & 0.000 & 0.000 & > 0.000 & 0.000 & 0.000 & 0.097 & 0.000 & 1.907 > & 6.879 \\ J p-value & 0.040 & 0.247 & 0.150 & & & > & & & 0.755 & & 0.385 > & 0.032 \\ N & 91.000 & 91.000 & 91.000 & 50.000 & 50.000 & > 51.000 & 50.000 & 50.000 & 85.000 & 50.000 & 60.000 > & 91.000 \\ . estimates clear . . /* Subsample analysis */ . . preserve . keep if democ1995>5 (34 observations deleted) . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq pldemoc) disteq, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 34 F( 4, 29) = 3.18 Prob > F = 0.0277 Total (centered) SS = 27.30925412 Centered R2 = -0.2202 Total (uncentered) SS = 2427.53092 Uncentered R2 = 0.9863 Residual SS = 33.32143577 Root MSE = .99 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 2.394974 1.215128 1.97 0.049 .0133666 4.776582 lcopen | -.1913442 .3737065 -0.51 0.609 -.9237954 .541107 ldemoc | 1.411784 2.06554 0.68 0.494 -2.636599 5.460168 disteq | -.0712917 .048851 -1.46 0.144 -.167038 .0244546 _cons | 7.345082 5.737611 1.28 0.200 -3.900429 18.59059 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 3.437 Chi-sq(1) P-val = 0.0638 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 1.028 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: logem4 logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq pldemoc) disteq, robus > t Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 65 F( 4, 60) = 33.68 Prob > F = 0.0000 Total (centered) SS = 70.05404405 Centered R2 = 0.5888 Total (uncentered) SS = 5093.055604 Uncentered R2 = 0.9943 Residual SS = 28.8089152 Root MSE = .6657 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .467171 .3787164 1.23 0.217 -.2750995 1.209441 lcopen | -.0609685 .1800127 -0.34 0.735 -.413787 .29185 ldemoc | 5.571413 1.736127 3.21 0.001 2.168666 8.97416 disteq | -.006773 .0106933 -0.63 0.526 -.0277315 .0141855 _cons | -3.498101 3.92347 -0.89 0.373 -11.18796 4.191758 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 14.900 Chi-sq(2) P-val = 0.0006 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 3.800 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 1.051 Chi-sq(1) P-val = 0.3053 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: engfrac eurfrac logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . estimates store S1, title(Subsample regressions, S1) . restore . preserve . keep if democ1995<=5 (182 observations deleted) . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq pldemoc) disteq, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 17 F( 4, 12) = 3.73 Prob > F = 0.0339 Total (centered) SS = 14.91193941 Centered R2 = -0.1623 Total (uncentered) SS = 1086.694658 Uncentered R2 = 0.9841 Residual SS = 17.33250164 Root MSE = 1.01 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 2.929825 1.793663 1.63 0.102 -.5856906 6.445341 lcopen | -1.55856 1.308482 -1.19 0.234 -4.123137 1.006017 ldemoc | -.9487481 1.582907 -0.60 0.549 -4.051189 2.153693 disteq | .0266538 .0347625 0.77 0.443 -.0414794 .094787 _cons | 15.5991 6.8402 2.28 0.023 2.192556 29.00565 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 1.469 Chi-sq(1) P-val = 0.2255 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.361 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: logem4 logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . estimates store S2, title(Subsample regressions, S2) . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq pldemoc) disteq, robus > t Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 26 F( 4, 21) = 5.51 Prob > F = 0.0034 Total (centered) SS = 18.95624439 Centered R2 = 0.5867 Total (uncentered) SS = 1713.521215 Uncentered R2 = 0.9954 Residual SS = 7.834652149 Root MSE = .5489 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .9187585 .3768818 2.44 0.015 .1800838 1.657433 lcopen | .0261103 .3062397 0.09 0.932 -.5741085 .626329 ldemoc | -.0868063 .2677477 -0.32 0.746 -.6115823 .4379696 disteq | .0193974 .0068919 2.81 0.005 .0058896 .0329053 _cons | 7.94368 1.415753 5.61 0.000 5.168854 10.71851 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 7.625 Chi-sq(2) P-val = 0.0221 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 1.704 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 5.798 Chi-sq(1) P-val = 0.0160 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: engfrac eurfrac logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . restore . preserve . keep if laam==1 (184 observations deleted) . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq pldemoc) disteq, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 21 F( 4, 16) = 12.64 Prob > F = 0.0001 Total (centered) SS = 5.148454242 Centered R2 = 0.6373 Total (uncentered) SS = 1508.709148 Uncentered R2 = 0.9988 Residual SS = 1.867147291 Root MSE = .2982 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .7835897 .3523265 2.22 0.026 .0930425 1.474137 lcopen | -.5391952 .1390864 -3.88 0.000 -.8117995 -.2665908 ldemoc | .1577129 .4532899 0.35 0.728 -.730719 1.046145 disteq | -.0105279 .0108035 -0.97 0.330 -.0317023 .0106465 _cons | 10.45651 1.210949 8.63 0.000 8.083097 12.82993 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 3.542 Chi-sq(1) P-val = 0.0598 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.980 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: logem4 logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq pldemoc) disteq, robus > t Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 21 F( 4, 16) = 7.36 Prob > F = 0.0015 Total (centered) SS = 5.148454242 Centered R2 = 0.5179 Total (uncentered) SS = 1508.709148 Uncentered R2 = 0.9984 Residual SS = 2.48222924 Root MSE = .3438 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 1.263567 .2891636 4.37 0.000 .6968167 1.830317 lcopen | -.5065893 .1733707 -2.92 0.003 -.8463897 -.1667889 ldemoc | -.3567223 .5402583 -0.66 0.509 -1.415609 .7021644 disteq | -.0205476 .01192 -1.72 0.085 -.0439103 .0028151 _cons | 11.63331 1.142014 10.19 0.000 9.395 13.87161 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 6.555 Chi-sq(2) P-val = 0.0377 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 1.374 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.121 Chi-sq(1) P-val = 0.7275 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: engfrac eurfrac logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . estimates store S3, title(Subsample regressions, S3) . restore . preserve . keep if safrica==1 (168 observations deleted) . ivreg2 lcgdp95 (rule lcopen ldemoc=logem4 logfrankrom disteq pldemoc) disteq, robust Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 14 F( 4, 9) = 0.17 Prob > F = 0.9480 Total (centered) SS = 8.090355586 Centered R2 = -17.0319 Total (uncentered) SS = 763.3698749 Uncentered R2 = 0.8089 Residual SS = 145.8840931 Root MSE = 3.228 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 2.333127 4.811102 0.48 0.628 -7.096459 11.76271 lcopen | 4.714515 6.677722 0.71 0.480 -8.373581 17.80261 ldemoc | 2.978675 4.081839 0.73 0.466 -5.021581 10.97893 disteq | -.3299492 .5905845 -0.56 0.576 -1.487474 .8275752 _cons | -10.77797 25.64994 -0.42 0.674 -61.05093 39.49499 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 0.266 Chi-sq(1) P-val = 0.6063 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.057 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: logem4 logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq pldemoc) disteq, robus > t Warning - duplicate variables detected Duplicates: disteq IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 21 F( 4, 16) = 2.26 Prob > F = 0.1078 Total (centered) SS = 12.95276078 Centered R2 = -0.5868 Total (uncentered) SS = 1169.258546 Uncentered R2 = 0.9824 Residual SS = 20.55396363 Root MSE = .9893 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | 2.811506 .9854854 2.85 0.004 .8799899 4.743022 lcopen | -1.42352 .9412655 -1.51 0.130 -3.268367 .4213262 ldemoc | -.8759283 .4385533 -2.00 0.046 -1.735477 -.0163797 disteq | .0102942 .0377509 0.27 0.785 -.0636962 .0842847 _cons | 15.50459 4.45527 3.48 0.001 6.772421 24.23676 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 2.320 Chi-sq(2) P-val = 0.3135 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.438 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 1.724 Chi-sq(1) P-val = 0.1891 ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: engfrac eurfrac logfrankrom pldemoc Duplicates: disteq ------------------------------------------------------------------------------ . estimates store S4, title(Subsample regressions, S4) . restore . preserve . keep if asiae==1 (199 observations deleted) . ivreg2 lcgdp95 (rule lcopen ldemoc=engfrac eurfrac logfrankrom disteq pldemoc) disteq, robus > t Warning - duplicate variables detected Duplicates: disteq Warning - collinearities detected Vars dropped: eurfrac IV (2SLS) estimation -------------------- Statistics robust to heteroskedasticity Number of obs = 8 F( 4, 3) = 28.37 Prob > F = 0.0102 Total (centered) SS = 4.033150453 Centered R2 = 0.8958 Total (uncentered) SS = 628.6711948 Uncentered R2 = 0.9993 Residual SS = .4204161752 Root MSE = .2292 ------------------------------------------------------------------------------ | Robust lcgdp95 | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- rule | .5796143 .4866664 1.19 0.234 -.3742343 1.533463 lcopen | .513036 .5045677 1.02 0.309 -.4758985 1.50197 ldemoc | -.1905369 .2352094 -0.81 0.418 -.6515388 .270465 disteq | .0306418 .0166439 1.84 0.066 -.0019796 .0632632 _cons | 6.383801 1.907316 3.35 0.001 2.645531 10.12207 ------------------------------------------------------------------------------ Anderson canon. corr. LR statistic (underidentification test): 0.533 Chi-sq(1) P-val = 0.4653 Test statistic(s) not robust ------------------------------------------------------------------------------ Cragg-Donald F statistic (weak identification test): 0.069 Stock-Yogo weak ID test critical values: ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 0.000 (equation exactly identified) ------------------------------------------------------------------------------ Instrumented: rule lcopen ldemoc Included instruments: disteq Excluded instruments: engfrac logfrankrom pldemoc Duplicates: disteq Dropped collinear: eurfrac ------------------------------------------------------------------------------ . estimates store S5, title(Subsample regressions, S5) . estout * using "C:\Panda\Output\table5b.tex", replace style(tex) varlabels(_cons Constant) c > ells (b(star fmt(%9.3f)) se(par fmt(%9.2f))) stats (r2 r2_a F Fp j jp N, labels("R$^2$" "Adj > usted R$^2$" "F" "F p-value" "Hansen J" "J p-value" "N")) starlevels(* 0.10 ** 0.05 *** 0.01 > ) & S1 & S2 & S3 & S4 & S5 \\ & b/se & b/se & b/se & b/se & b/se \\ rule & 0.467 & 2.930 & 1.264***& 2.812***& 0.580 \\ & (0.38) & (1.79) & (0.29) & (0.99) & (0.49) \\ lcopen & -0.061 & -1.559 & -0.507***& -1.424 & 0.513 \\ & (0.18) & (1.31) & (0.17) & (0.94) & (0.50) \\ ldemoc & 5.571***& -0.949 & -0.357 & -0.876** & -0.191 \\ & (1.74) & (1.58) & (0.54) & (0.44) & (0.24) \\ disteq & -0.007 & 0.027 & -0.021* & 0.010 & 0.031* \\ & (0.01) & (0.03) & (0.01) & (0.04) & (0.02) \\ Constant & -3.498 & 15.599** & 11.633***& 15.505***& 6.384***\\ & (3.92) & (6.84) & (1.14) & (4.46) & (1.91) \\ R$^2$ & 0.589 & -0.162 & 0.518 & -0.587 & 0.896 \\ Adjusted R$^2$& 0.561 & -0.550 & 0.397 & -0.984 & 0.757 > \\ F & 33.675 & 3.731 & 7.355 & 2.262 & 28.373 \\ F p-value & 0.000 & 0.034 & 0.001 & 0.108 & 0.010 \\ Hansen J & 1.051 & 0.000 & 0.121 & 1.724 & 0.000 \\ J p-value & 0.305 & & 0.727 & 0.189 & \\ N & 65.000 & 17.000 & 21.000 & 21.000 & 8.000 \\ . estimates clear . restore . . exit end of do-file . . /* Run panel regressions */ . do panel.do . /* Panel regression analysis */ . . /* Fix scodes in democracy data */ . . clear . use "C:\Panda\democracyraw.dta" . replace scode = "DZA" if scode == "ALG" (43 real changes made) . replace scode = "AGO" if scode == "ANG" (30 real changes made) . replace scode = "ATG" if scode == "ANT" (24 real changes made) . replace scode = "AUT" if scode == "AUS" (205 real changes made) . replace scode = "AUS" if scode == "AUL" (104 real changes made) . replace scode = "BHS" if scode == "BHM" (32 real changes made) . replace scode = "BHR" if scode == "BAH" (34 real changes made) . replace scode = "EOK" if scode == "KOR" (111 real changes made) . replace scode = "BGD" if scode == "BNG" (33 real changes made) . replace scode = "BRB" if scode == "BAR" (39 real changes made) . replace scode = "BTN" if scode == "BHU" (98 real changes made) . replace scode = "BIH" if scode == "BOS" (13 real changes made) . replace scode = "BWA" if scode == "BOT" (39 real changes made) . replace scode = "BRN" if scode == "BRU" (6 real changes made) . replace scode = "ETM" if scode == "TMP" (0 real changes made) . replace scode = "KOR" if country == "Korea South" (57 real changes made) . replace scode = "YSR" if scode == "YUG" (71 real changes made) . replace scode = "BGR" if scode == "BUL" (126 real changes made) . replace scode = "BFA" if scode == "BFO" (45 real changes made) . replace scode = "BDI" if scode == "BUI" (43 real changes made) . replace scode = "KHM" if scode == "CAM" (52 real changes made) . replace scode = "CMR" if scode == "CAO" (45 real changes made) . replace scode = "CPV" if scode == "CVD" (30 real changes made) . replace scode = "CAF" if scode == "CEN" (45 real changes made) . replace scode = "TCD" if scode == "CHA" (45 real changes made) . replace scode = "CRI" if scode == "COS" (167 real changes made) . replace scode = "CIV" if scode == "IVO" (45 real changes made) . replace scode = "HRV" if scode == "CRO" (14 real changes made) . replace scode = "DNK" if scode == "DEN" (205 real changes made) . replace scode = "SVN" if scode == "SLV" (14 real changes made) . replace scode = "SLV" if scode == "SAL" (164 real changes made) . replace scode = "GNQ" if scode == "EQG" (37 real changes made) . replace scode = "FRA" if scode == "FRN" (205 real changes made) . replace scode = "GMB" if scode == "GAM" (40 real changes made) . replace scode = "GEO" if scode == "GRG" (14 real changes made) . replace scode = "DEU" if scode == "GMY" (161 real changes made) . replace scode = "GRD" if scode == "GDA" (31 real changes made) . replace scode = "GTM" if scode == "GUA" (166 real changes made) . replace scode = "GIN" if scode == "GUI" (47 real changes made) . replace scode = "HTI" if scode == "HAI" (185 real changes made) . replace scode = "HND" if scode == "HON" (166 real changes made) . replace scode = "ISL" if scode == "ICE" (61 real changes made) . replace scode = "IDN" if scode == "INS" (60 real changes made) . replace scode = "IRL" if scode == "IRE" (84 real changes made) . replace scode = "KAZ" if scode == "KZK" (14 real changes made) . replace scode = "EOK" if scode == "KOR" (57 real changes made) . replace scode = "KWT" if scode == "KUW" (42 real changes made) . replace scode = "KGZ" if scode == "KYR" (14 real changes made) . replace scode = "LVA" if scode == "LAT" (35 real changes made) . replace scode = "LBN" if scode == "LEB" (62 real changes made) . replace scode = "LSO" if scode == "LES" (39 real changes made) . replace scode = "LBY" if scode == "LIB" (54 real changes made) . replace scode = "LTU" if scode == "LIT" (37 real changes made) . replace scode = "MKD" if scode == "MAC" (14 real changes made) . replace scode = "MDG" if scode == "MAG" (45 real changes made) . replace scode = "MWI" if scode == "MAW" (41 real changes made) . replace scode = "MYS" if scode == "MAL" (48 real changes made) . replace scode = "MDV" if country == "Maldives" (40 real changes made) . replace scode = "MRT" if scode == "MAA" (45 real changes made) . replace scode = "MUS" if scode == "MAS" (37 real changes made) . replace scode = "FSM" if scode == "MIC" (14 real changes made) . replace scode = "MDA" if country == "Moldova" (14 real changes made) . replace scode = "MNG" if scode == "MON" (81 real changes made) . replace scode = "MAR" if scode == "MOR" (162 real changes made) . replace scode = "MOZ" if scode == "MZM" (30 real changes made) . replace scode = "NPL" if scode == "NEP" (205 real changes made) . replace scode = "NLD" if scode == "NTH" (190 real changes made) . replace scode = "NZL" if scode == "NEW" (148 real changes made) . replace scode = "NER" if scode == "NIR" (45 real changes made) . replace scode = "NGA" if scode == "NIG" (45 real changes made) . replace scode = "OMN" if scode == "OMA" (205 real changes made) . replace scode = "PAK" if scode == "PKS" (25 real changes made) . replace scode = "PLW" if scode == "PAU" (11 real changes made) . replace scode = "PRY" if scode == "PAR" (194 real changes made) . replace scode = "PHL" if scode == "PHI" (70 real changes made) . replace scode = "PRT" if scode == "POR" (205 real changes made) . replace scode = "KOR" if scode == "ROK" (0 real changes made) . replace scode = "ROM" if scode == "RUM" (146 real changes made) . replace scode = "STP" if scode == "STO" (30 real changes made) . replace scode = "SYC" if scode == "SEY" (29 real changes made) . replace scode = "SLE" if scode == "SIE" (44 real changes made) . replace scode = "SGP" if scode == "SIN" (46 real changes made) . replace scode = "SLB" if scode == "SOL" (27 real changes made) . replace scode = "ZAF" if scode == "SAF" (95 real changes made) . replace scode = "ESP" if scode == "SPN" (205 real changes made) . replace scode = "LKA" if scode == "SRI" (57 real changes made) . replace scode = "KNA" if scode == "KIT" (22 real changes made) . replace scode = "LCA" if scode == "LUC" (26 real changes made) . replace scode = "VCT" if scode == "VIN" (26 real changes made) . replace scode = "SDN" if scode == "SUD" (51 real changes made) . replace scode = "SUR" if scode == "SNM" (30 real changes made) . replace scode = "CHE" if scode == "SWZ" (157 real changes made) . replace scode = "SWZ" if scode == "SWA" (37 real changes made) . replace scode = "SWE" if scode == "SWD" (205 real changes made) . replace scode = "TWN" if scode == "TAW" (56 real changes made) . replace scode = "TJK" if scode == "TAJ" (14 real changes made) . replace scode = "TZA" if scode == "TAZ" (44 real changes made) . replace scode = "THA" if scode == "THI" (205 real changes made) . replace scode = "TGO" if scode == "TOG" (45 real changes made) . replace scode = "TTO" if scode == "TRI" (43 real changes made) . replace scode = "GBR" if scode == "UKG" (205 real changes made) . replace scode = "URY" if scode == "URU" (175 real changes made) . replace scode = "VUT" if scode == "VAN" (25 real changes made) . replace scode = "VNM" if scode == "VIE" (29 real changes made) . replace scode = "ZMB" if scode == "ZAM" (41 real changes made) . replace scode = "ZWE" if scode == "ZIM" (40 real changes made) . replace scode = "ZAR" if scode == "ZAI" (45 real changes made) . replace scode = "COG" if scode == "CON" (45 real changes made) . replace scode = "YSR" if scode == "YGS" (13 real changes made) . replace scode = "SCG" if scode == "SER" (91 real changes made) . replace scode = "CZO" if scode == "CZE" (75 real changes made) . replace scode = "CZE" if scode == "CZR" (12 real changes made) . replace scode = "GNB" if country == "Guinea" (47 real changes made) . replace scode = "GIN" if country == "Guinea-Bissau" (31 real changes made) . replace scode = "SER" if scode == "SCG" (91 real changes made) . replace scode = "SIN" if scode == "SGP" (46 real changes made) . replace scode = "MMR" if scode == "MYA" (57 real changes made) . sort scode year . save "C:\Panda\temp\democracycooked.dta", replace file C:\Panda\temp\democracycooked.dta saved . . /* Fix scodes in Penn World Table 6.2 data */ . . use "C:\Panda\pennworldtableraw.dta" . replace scode = "DEU" if scode == "GER" (55 real changes made) . replace scode = "GNB" if country == "Guinea" (55 real changes made) . replace scode = "GIN" if country == "Guinea-Bissau" (55 real changes made) . replace scode = "SER" if scode == "SCG" (55 real changes made) . replace scode = "SIN" if scode == "SGP" (55 real changes made) . replace scode = "ETM" if scode == "TMP" (0 real changes made) . replace scode = "KOR" if country == "Korea South" (0 real changes made) . replace scode = "UAE" if scode == "ARE" (55 real changes made) . sort scode year . save "C:\Panda\temp\pennworldtablecooked.dta", replace file C:\Panda\temp\pennworldtablecooked.dta saved . . /* Fix scodes in Penn World Table 5.6 data */ . . use "C:\Panda\pwtraw.dta" . gen scode= country . replace scode = "CZO" if country == "CZECHOSLOVAKIA" (43 real changes made) . replace scode = "GDR" if country == "GERMANY, EAST" (43 real changes made) . replace scode = "GFR" if country == "GERMANY, WEST" (43 real changes made) . replace scode = "USR" if country == "U.S.S.R." (43 real changes made) . replace scode = "YSR" if country == "YUGOSLAVIA" (43 real changes made) . sort scode year . save "C:\Panda\temp\pwtcooked.dta",replace file C:\Panda\temp\pwtcooked.dta saved . . /* Merge both Penn World Tables */ . . use "C:\Panda\temp\pennworldtablecooked.dta" . merge scode year using "C:\Panda\temp\pwtcooked.dta" (note: pop is str6 in using data but will be double now) scode was str3 now str14 . drop _merge . replace xrat = "." if xrat == "na" (1163 real changes made) . replace ppp = "." if ppp == "na" (2934 real changes made) . replace cgdp = "." if cgdp == "na" (2934 real changes made) . replace cc = "." if cc == "na" (2934 real changes made) . replace cg = "." if cg == "na" (2934 real changes made) . replace ci = "." if ci == "na" (2934 real changes made) . replace p = "." if p == "na" (2934 real changes made) . replace pc = "." if pc == "na" (2934 real changes made) . replace pg = "." if pg == "na" (2934 real changes made) . replace pi = "." if pi == "na" (2937 real changes made) . replace openc = "." if openc == "na" (2934 real changes made) . replace cgnp = "." if cgnp == "na" (3052 real changes made) . replace rgdpch = "." if rgdpch == "na" (3006 real changes made) . replace rgdpeqa = "." if rgdpeqa == "na" (3161 real changes made) . replace rgdpwok = "." if rgdpwok == "na" (3528 real changes made) . replace rgdptt = "." if rgdptt == "na" (2936 real changes made) . replace openk = "." if openk == "na" (2996 real changes made) . replace kc = "." if kc == "na" (3006 real changes made) . replace kg = "." if kg == "na" (3006 real changes made) . replace ki = "." if ki == "na" (3006 real changes made) . replace grgdpch = "." if grgdpch == "na" (3194 real changes made) . destring xrat-grgdpch, replace xrat has all characters numeric; replaced as double (1378 missing values generated) ppp has all characters numeric; replaced as double (3149 missing values generated) cgdp has all characters numeric; replaced as double (2995 missing values generated) cc has all characters numeric; replaced as double (2995 missing values generated) cg has all characters numeric; replaced as double (2995 missing values generated) ci has all characters numeric; replaced as double (2995 missing values generated) p has all characters numeric; replaced as double (2995 missing values generated) pc has all characters numeric; replaced as double (2995 missing values generated) pg has all characters numeric; replaced as double (2995 missing values generated) pi has all characters numeric; replaced as double (2998 missing values generated) openc has all characters numeric; replaced as double (3149 missing values generated) cgnp has all characters numeric; replaced as double (3267 missing values generated) y contains non-numeric characters; no replace rgdpl contains non-numeric characters; no replace rgdpch has all characters numeric; replaced as double (3067 missing values generated) rgdpeqa has all characters numeric; replaced as double (3376 missing values generated) rgdpwok has all characters numeric; replaced as double (3743 missing values generated) rgdptt has all characters numeric; replaced as double (2997 missing values generated) openk has all characters numeric; replaced as double (3211 missing values generated) kc has all characters numeric; replaced as double (3221 missing values generated) kg has all characters numeric; replaced as double (3221 missing values generated) ki has all characters numeric; replaced as double (3221 missing values generated) grgdpch has all characters numeric; replaced as double (3409 missing values generated) . sort scode year . save "C:\Panda\temp\bothpennworldtablescooked.dta", replace file C:\Panda\temp\bothpennworldtablescooked.dta saved . . /* Fix scodes in Beck et al political institutions data */ . . use "C:\Panda\institutionsraw.dta" . rename ifs scode . replace scode = "CZE" if scode == "CSK" (16 real changes made) . replace scode = "ETM" if scode == "TMP" (30 real changes made) . replace scode = "KOR" if country == "Korea South" (0 real changes made) . replace scode = "UAE" if scode == "ARE" (30 real changes made) . replace scode = "SLO" if scode == "SVK" (30 real changes made) . replace scode = "YPR" if scode == "YMD" (30 real changes made) . replace scode = "YAR" if country == "Yemen (AR)" (15 real changes made) . sort scode year . save "C:\Panda\temp\institutionscooked.dta", replace file C:\Panda\temp\institutionscooked.dta saved . . /* Fix scodes in Levine et al financial intermediation data */ . . use "C:\Panda\financeraw.dta" . rename code scode . replace scode = "YSR" if scode == "YUG" (0 real changes made) . replace scode = "YSR" if scode == "YGS" (0 real changes made) . replace scode = "ETM" if scode == "TMP" (0 real changes made) . replace scode = "KOR" if country == "Korea South" (0 real changes made) . sort scode . save "C:\Panda\temp\financecooked.dta", replace file C:\Panda\temp\financecooked.dta saved . . /* Fix Governance VI data */ . . use "C:\Panda\stabilityraw.dta" . replace scode = "NAU" if scode == "NRU" (1 real change made) . replace scode = "PLW" if scode == "PCI" (1 real change made) . replace scode = "WSM" if scode == "SAM" (1 real change made) . replace scode = "SER" if scode == "YUG" (1 real change made) . replace scode = "SIN" if scode == "SGP" (1 real change made) . replace scode = "UAE" if scode == "ARE" (1 real change made) . reshape long stability, i(scode) j(year) (note: j = 1996 1998 2000 2002 2003 2004 2005 2006) Data wide -> long ----------------------------------------------------------------------------- Number of obs. 212 -> 1696 Number of variables 10 -> 4 j variable (8 values) -> year xij variables: stability1996 stability1998 ... stability2006->stability ----------------------------------------------------------------------------- . sort scode year . save "C:\Panda\temp\stabilitycooked.dta", replace file C:\Panda\temp\stabilitycooked.dta saved . . use "C:\Panda\effectiveraw.dta" . replace scode = "NAU" if scode == "NRU" (1 real change made) . replace scode = "PLW" if scode == "PCI" (1 real change made) . replace scode = "WSM" if scode == "SAM" (1 real change made) . replace scode = "SER" if scode == "YUG" (1 real change made) . replace scode = "SIN" if scode == "SGP" (1 real change made) . replace scode = "UAE" if scode == "ARE" (1 real change made) . reshape long effective, i(scode) j(year) (note: j = 1996 1998 2000 2002 2003 2004 2005 2006) Data wide -> long ----------------------------------------------------------------------------- Number of obs. 212 -> 1696 Number of variables 10 -> 4 j variable (8 values) -> year xij variables: effective1996 effective1998 ... effective2006->effective ----------------------------------------------------------------------------- . sort scode year . save "C:\Panda\temp\effectivecooked.dta", replace file C:\Panda\temp\effectivecooked.dta saved . . use "C:\Panda\regulatoryraw.dta" . replace scode = "NAU" if scode == "NRU" (1 real change made) . replace scode = "PLW" if scode == "PCI" (1 real change made) . replace scode = "WSM" if scode == "SAM" (1 real change made) . replace scode = "SER" if scode == "YUG" (1 real change made) . replace scode = "SIN" if scode == "SGP" (1 real change made) . replace scode = "UAE" if scode == "ARE" (1 real change made) . reshape long regulatory, i(scode) j(year) (note: j = 1996 1998 2000 2002 2003 2004 2005 2006) Data wide -> long ----------------------------------------------------------------------------- Number of obs. 212 -> 1696 Number of variables 10 -> 4 j variable (8 values) -> year xij variables: regulatory1996 regulatory1998 ... regulatory2006->regulatory ----------------------------------------------------------------------------- . sort scode year . save "C:\Panda\temp\regulatorycooked.dta", replace file C:\Panda\temp\regulatorycooked.dta saved . . use "C:\Panda\ruleraw.dta" . replace scode = "NAU" if scode == "NRU" (1 real change made) . replace scode = "PLW" if scode == "PCI" (1 real change made) . replace scode = "WSM" if scode == "SAM" (1 real change made) . replace scode = "SER" if scode == "YUG" (1 real change made) . replace scode = "SIN" if scode == "SGP" (1 real change made) . replace scode = "UAE" if scode == "ARE" (1 real change made) . reshape long rule, i(scode) j(year) (note: j = 1996 1998 2000 2002 2003 2004 2005 2006) Data wide -> long ----------------------------------------------------------------------------- Number of obs. 212 -> 1696 Number of variables 10 -> 4 j variable (8 values) -> year xij variables: rule1996 rule1998 ... rule2006 -> rule ----------------------------------------------------------------------------- . sort scode year . save "C:\Panda\temp\rulecooked.dta", replace file C:\Panda\temp\rulecooked.dta saved . . use "C:\Panda\controlraw.dta" . replace scode = "NAU" if scode == "NRU" (1 real change made) . replace scode = "PLW" if scode == "PCI" (1 real change made) . replace scode = "WSM" if scode == "SAM" (1 real change made) . replace scode = "SER" if scode == "YUG" (1 real change made) . replace scode = "SIN" if scode == "SGP" (1 real change made) . replace scode = "UAE" if scode == "ARE" (1 real change made) . reshape long control, i(scode) j(year) (note: j = 1996 1998 2000 2002 2003 2004 2005 2006) Data wide -> long ----------------------------------------------------------------------------- Number of obs. 212 -> 1696 Number of variables 10 -> 4 j variable (8 values) -> year xij variables: control1996 control1998 ... control2006 -> control ----------------------------------------------------------------------------- . sort scode year . save "C:\Panda\temp\controlcooked.dta", replace file C:\Panda\temp\controlcooked.dta saved . . /* Merge Governance VI datasets */ . . use "C:\Panda\temp\stabilitycooked.dta" . merge scode year using "C:\Panda\temp\effectivecooked.dta" . drop _merge . sort scode year . merge scode year using "C:\Panda\temp\regulatorycooked.dta" . drop _merge . sort scode year . merge scode year using "C:\Panda\temp\rulecooked.dta" . drop _merge . sort scode year . merge scode year using "C:\Panda\temp\controlcooked.dta" . drop _merge . sort scode year . save "C:\Panda\temp\governancecooked.dta", replace file C:\Panda\temp\governancecooked.dta saved . . /* Fix scodes in CEPII distance data */ . . use "C:\Panda\distanceraw.dta" . rename iso3 scode . replace scode = "UAE" if scode == "ARE" (1 real change made) . replace scode = "EOK" if scode == "KOR" (1 real change made) . replace scode = "GNB" if country == "Guinea" (1 real change made) . replace scode = "GIN" if country == "Guinea-Bissau" (1 real change made) . replace scode = "SIN" if scode == "SGP" (1 real change made) . replace scode = "ETM" if scode == "TMP" (1 real change made) . replace scode = "KOR" if country == "Korea South" (0 real changes made) . replace scode = "NAU" if scode == "NRU" (1 real change made) . replace scode = "SMA" if scode == "SMR" (1 real change made) . replace scode = "SER" if scode == "YUG" (1 real change made) . sort scode . save "C:\Panda\temp\distancecooked.dta", replace file C:\Panda\temp\distancecooked.dta saved . . /* Fix Scodes in Heinsz PolCon data */ . . use "C:\Panda\polcon.dta" . rename ctrynm scode . replace scode = "DZA" if scode == "ALG" (43 real changes made) . replace scode = "AGO" if scode == "ANG" (30 real changes made) . replace scode = "AUT" if scode == "AUS" (205 real changes made) . replace scode = "AUS" if scode == "AUL" (104 real changes made) . replace scode = "BHR" if scode == "BAH" (34 real changes made) . replace scode = "BGD" if scode == "BNG" (34 real changes made) . replace scode = "BTN" if scode == "BHU" (98 real changes made) . replace scode = "BIH" if scode == "BOS" (12 real changes made) . replace scode = "BWA" if scode == "BOT" (39 real changes made) . replace scode = "BGR" if scode == "BUL" (126 real changes made) . replace scode = "BFA" if scode == "BFO" (45 real changes made) . replace scode = "BDI" if scode == "BUI" (43 real changes made) . replace scode = "KHM" if scode == "CAM" (52 real changes made) . replace scode = "CMR" if scode == "CAO" (45 real changes made) . replace scode = "CAF" if scode == "CEN" (45 real changes made) . replace scode = "COL" if cnts_country == "COLOMBIA" (2 real changes made) . replace scode = "CZO" if scode == "CZE" (74 real changes made) . replace scode = "CZE" if scode == "CZR" (12 real changes made) . replace scode = "TCD" if scode == "CHA" (44 real changes made) . replace scode = "DMA" if cnts_country == "DOMINICA" (26 real changes made) . replace scode = "ZAR" if scode == "ZAI" (45 real changes made) . replace scode = "ETM" if scode == "TMP" (0 real changes made) . replace scode = "KOR" if polity_country == "Korea, South" (57 real changes made) . replace scode = "CRI" if scode == "COS" (167 real changes made) . replace scode = "HRV" if scode == "CRO" (14 real changes made) . replace scode = "DNK" if scode == "DEN" (205 real changes made) . replace scode = "ENQ" if scode == "EQG" (37 real changes made) . replace scode = "FRA" if scode == "FRN" (205 real changes made) . replace scode = "GMB" if scode == "GAM" (40 real changes made) . replace scode = "GEO" if scode == "GRG" (14 real changes made) . replace scode = "DEU" if scode == "GMY" (78 real changes made) . replace scode = "GHA" if cnts_country == "GHANA" (3 real changes made) . replace scode = "GTM" if scode == "GUA" (166 real changes made) . replace scode = "GIN" if scode == "GUI" (47 real changes made) . replace scode = "HTI" if scode == "HAI" (190 real changes made) . replace scode = "HND" if scode == "HON" (167 real changes made) . replace scode = "ISL" if scode == "ICE" (87 real changes made) . replace scode = "IDN" if scode == "INS" (60 real changes made) . replace scode = "IRL" if scode == "IRE" (83 real changes made) . replace scode = "EOK" if scode == "KOR" (168 real changes made) . replace scode = "KOR" if scode == "ROK" (0 real changes made) . replace scode = "KAZ" if scode == "KZK" (14 real changes made) . replace scode = "KWT" if scode == "KUW" (43 real changes made) . replace scode = "KGZ" if scode == "KYR" (14 real changes made) . replace scode = "LVA" if scode == "LAT" (36 real changes made) . replace scode = "LBN" if scode == "LEB" (61 real changes made) . replace scode = "LSO" if scode == "LES" (39 real changes made) . replace scode = "LBY" if scode == "LIB" (54 real changes made) . replace scode = "LTU" if scode == "LIT" (37 real changes made) . replace scode = "MKD" if scode == "MAC" (14 real changes made) . replace scode = "MWI" if scode == "MAW" (40 real changes made) . replace scode = "MYS" if scode == "MAL" (47 real changes made) . replace scode = "MRT" if scode == "MAA" (44 real changes made) . replace scode = "MUS" if scode == "MAS" (37 real changes made) . replace scode = "MDA" if scode == "MLD" (14 real changes made) . replace scode = "MNG" if scode == "MON" (81 real changes made) . replace scode = "MNG" if cnts_country == "MONGOLIA" (3 real changes made) . replace scode = "MAR" if scode == "MOR" (162 real changes made) . replace scode = "MOZ" if scode == "MZM" (29 real changes made) . replace scode = "NPL" if scode == "NEP" (205 real changes made) . replace scode = "NLD" if scode == "NTH" (190 real changes made) . replace scode = "NZL" if scode == "NEW" (148 real changes made) . replace scode = "NER" if scode == "NIR" (45 real changes made) . replace scode = "NGA" if scode == "NIG" (45 real changes made) . replace scode = "OMN" if scode == "OMA" (205 real changes made) . replace scode = "PRY" if scode == "PAR" (193 real changes made) . replace scode = "PHL" if scode == "PHI" (70 real changes made) . replace scode = "PRT" if scode == "POR" (205 real changes made) . replace scode = "ROM" if scode == "RUM" (146 real changes made) . replace scode = "SLE" if scode == "SIE" (44 real changes made) . replace scode = "SVK" if scode == "SLO" (12 real changes made) . replace scode = "SVN" if scode == "SLV" (14 real changes made) . replace scode = "SLV" if polity_country == "El Salvador" (164 real changes made) . replace scode = "ZAF" if scode == "SAF" (95 real changes made) . replace scode = "SMA" if cnts_country == "SAN MARINO" (30 real changes made) . replace scode = "SDN" if scode == "SUD" (51 real changes made) . replace scode = "SUR" if scode == "SNM" (0 real changes made) . replace scode = "CHE" if scode == "SWZ" (190 real changes made) . replace scode = "SWZ" if scode == "SWA" (38 real changes made) . replace scode = "SWE" if scode == "SWD" (205 real changes made) . replace scode = "TJK" if scode == "TAJ" (14 real changes made) . replace scode = "THA" if scode == "THI" (205 real changes made) . replace scode = "TGO" if scode == "TOG" (44 real changes made) . replace scode = "TTO" if scode == "TRI" (43 real changes made) . replace scode = "GBR" if scode == "UK" (205 real changes made) . replace scode = "URY" if scode == "URU" (175 real changes made) . replace scode = "URY" if cnts_country == "URUGUAY" (2 real changes made) . replace scode = "YSR" if scode == "YUG" (83 real changes made) . replace scode = "YSR" if polity_country == "Yugoslavia" (2 real changes made) . replace scode = "ZWE" if scode == "ZIM" (40 real changes made) . duplicates drop scode year, force Duplicates in terms of scode year (1 observation deleted) . sort scode year . save "C:\Panda\temp\polconcooked.dta", replace file C:\Panda\temp\polconcooked.dta saved . . /* Add Scodes for ICRG data */ . . use "C:\Panda\bureauqualityraw.dta" . gen scode= country . replace scode = "ALB" if country == "ALBANIA" (1 real change made) . replace scode = "DZA" if country == "ALGERIA" (1 real change made) . replace scode = "GFR" if country == "GERMANY, WEST" (1 real change made) . replace scode = "GDR" if country == "GERMANY, EAST" (1 real change made) . replace scode = "AGO" if country == "ANGOLA" (1 real change made) . replace scode = "ARG" if country == "ARGENTINA" (1 real change made) . replace scode = "ARM" if country == "ARMENIA" (1 real change made) . replace scode = "AUS" if country == "AUSTRALIA" (1 real change made) . replace scode = "AUT" if country == "AUSTRIA" (1 real change made) . replace scode = "AZE" if country == "AZERBAIJAN" (1 real change made) . replace scode = "BHS" if country == "BAHAMAS" (1 real change made) . replace scode = "BHR" if country == "BAHRAIN" (1 real change made) . replace scode = "BGD" if country == "BANGLADESH" (1 real change made) . replace scode = "BLR" if country == "BELARUS" (1 real change made) . replace scode = "BEL" if country == "BELGIUM" (1 real change made) . replace scode = "BOL" if country == "BOLIVIA" (1 real change made) . replace scode = "BWA" if country == "BOTSWANA" (1 real change made) . replace scode = "BRA" if country == "BRAZIL" (1 real change made) . replace scode = "BRN" if country == "BRUNEI" (1 real change made) . replace scode = "BGR" if country == "BULGARIA" (1 real change made) . replace scode = "BFA" if country == "BURKINA FASO" (1 real change made) . replace scode = "CMR" if country == "CAMEROON" (1 real change made) . replace scode = "CAN" if country == "CANADA" (1 real change made) . replace scode = "CHL" if country == "CHILE" (1 real change made) . replace scode = "CHN" if country == "CHINA" (1 real change made) . replace scode = "HKG" if country == "HONG KONG" (1 real change made) . replace scode = "COL" if country == "COLOMBIA" (1 real change made) . replace scode = "COM" if country == "COMOROS" (0 real changes made) . replace scode = "ZAR" if country == "CONGO DR" (1 real change made) . replace scode = "COG" if country == "CONGO" (1 real change made) . replace scode = "CRI" if country == "COSTA RICA" (1 real change made) . replace scode = "CIV" if country == "COTE D'IVOIRE" (1 real change made) . replace scode = "HRV" if country == "CROATIA" (1 real change made) . replace scode = "CUB" if country == "CUBA" (1 real change made) . replace scode = "CYP" if country == "CYPRUS" (1 real change made) . replace scode = "CZE" if country == "CZECH REPUBLIC" (1 real change made) . replace scode = "CZO" if country == "CZECHOSLOVAKIA" (1 real change made) . replace scode = "DOM" if country == "DOMINICAN REPUBLIC" (1 real change made) . replace scode = "ECU" if country == "ECUADOR" (1 real change made) . replace scode = "EGY" if country == "EGYPT" (1 real change made) . replace scode = "SLV" if country == "EL SALVADOR" (1 real change made) . replace scode = "EST" if country == "ESTONIA" (1 real change made) . replace scode = "ETH" if country == "ETHIOPIA" (1 real change made) . replace scode = "FIN" if country == "FINLAND" (1 real change made) . replace scode = "FRA" if country == "FRANCE" (1 real change made) . replace scode = "GAB" if country == "GABON" (1 real change made) . replace scode = "GMB" if country == "GAMBIA" (1 real change made) . replace scode = "DEU" if country == "GERMANY" (1 real change made) . replace scode = "GHA" if country == "GHANA" (1 real change made) . replace scode = "GRC" if country == "GREECE" (1 real change made) . replace scode = "GTM" if country == "GUATEMALA" (1 real change made) . replace scode = "GNB" if country == "GUINEA" (1 real change made) . replace scode = "GIN" if country == "GUINEA-BISSAU" (1 real change made) . replace scode = "GUY" if country == "GUYANA" (1 real change made) . replace scode = "HTI" if country == "HAITI" (1 real change made) . replace scode = "HND" if country == "HONDURAS" (1 real change made) . replace scode = "HUN" if country == "HUNGARY" (1 real change made) . replace scode = "ISL" if country == "ICELAND" (1 real change made) . replace scode = "IND" if country == "INDIA" (1 real change made) . replace scode = "IDN" if country == "INDONESIA" (1 real change made) . replace scode = "IRN" if country == "IRAN" (1 real change made) . replace scode = "IRQ" if country == "IRAQ" (1 real change made) . replace scode = "IRL" if country == "IRELAND" (1 real change made) . replace scode = "ISR" if country == "ISRAEL" (1 real change made) . replace scode = "ITA" if country == "ITALY" (1 real change made) . replace scode = "JAM" if country == "JAMAICA" (1 real change made) . replace scode = "JPN" if country == "JAPAN" (1 real change made) . replace scode = "JOR" if country == "JORDAN" (1 real change made) . replace scode = "KAZ" if country == "KAZAKSTAN" (1 real change made) . replace scode = "KEN" if country == "KENYA" (1 real change made) . replace scode = "PRK" if country == "KOREA, DPR" (1 real change made) . replace scode = "KOR" if country == "SOUTH KOREA" (1 real change made) . replace scode = "KWT" if country == "KUWAIT" (1 real change made) . replace scode = "LVA" if country == "LATVIA" (1 real change made) . replace scode = "LBN" if country == "LEBANON" (1 real change made) . replace scode = "LBR" if country == "LIBERIA" (1 real change made) . replace scode = "LBY" if country == "LIBYA" (1 real change made) . replace scode = "LTU" if country == "LITHUANIA" (1 real change made) . replace scode = "LUX" if country == "LUXEMBOURG" (1 real change made) . replace scode = "MDG" if country == "MADAGASCAR" (1 real change made) . replace scode = "MWI" if country == "MALAWI" (1 real change made) . replace scode = "MYS" if country == "MALAYSIA" (1 real change made) . replace scode = "MLI" if country == "MALI" (1 real change made) . replace scode = "MLT" if country == "MALTA" (1 real change made) . replace scode = "MEX" if country == "MEXICO" (1 real change made) . replace scode = "MDA" if country == "MOLDOVA" (1 real change made) . replace scode = "MNG" if country == "MONGOLIA" (1 real change made) . replace scode = "MAR" if country == "MOROCCO" (1 real change made) . replace scode = "MOZ" if country == "MOZAMBIQUE" (1 real change made) . replace scode = "MMR" if country == "MYANMAR" (1 real change made) . replace scode = "NAM" if country == "NAMIBIA" (1 real change made) . replace scode = "NLD" if country == "NETHERLANDS" (1 real change made) . replace scode = "NZL" if country == "NEW ZEALAND" (1 real change made) . replace scode = "NIC" if country == "NICARAGUA" (1 real change made) . replace scode = "NER" if country == "NIGER" (1 real change made) . replace scode = "NGA" if country == "NIGERIA" (1 real change made) . replace scode = "NOR" if country == "NORWAY" (1 real change made) . replace scode = "OMN" if country == "OMAN" (1 real change made) . replace scode = "PAK" if country == "PAKISTAN" (1 real change made) . replace scode = "PAN" if country == "PANAMA" (1 real change made) . replace scode = "PNG" if country == "PAPUA NEW GUINEA" (1 real change made) . replace scode = "PRY" if country == "PARAGUAY" (1 real change made) . replace scode = "PER" if country == "PERU" (1 real change made) . replace scode = "PHL" if country == "PHILIPPINES" (1 real change made) . replace scode = "POL" if country == "POLAND" (1 real change made) . replace scode = "PRT" if country == "PORTUGAL" (1 real change made) . replace scode = "QAT" if country == "QATAR" (1 real change made) . replace scode = "ROM" if country == "ROMANIA" (1 real change made) . replace scode = "RUS" if country == "RUSSIA" (1 real change made) . replace scode = "SAU" if country == "SAUDI ARABIA" (1 real change made) . replace scode = "SEN" if country == "SENEGAL" (1 real change made) . replace scode = "SER" if country == "SERBIA-MONTENEGRO" (1 real change made) . replace scode = "SLE" if country == "SIERRA LEONE" (1 real change made) . replace scode = "SIN" if country == "SINGAPORE" (1 real change made) . replace scode = "SVK" if country == "SLOVAK REPUBLIC" (1 real change made) . replace scode = "SVN" if country == "SLOVENIA" (1 real change made) . replace scode = "SOM" if country == "SOMALIA" (1 real change made) . replace scode = "ZAF" if country == "SOUTH AFRICA" (1 real change made) . replace scode = "ESP" if country == "SPAIN" (1 real change made) . replace scode = "LKA" if country == "SRI LANKA" (1 real change made) . replace scode = "SDN" if country == "SUDAN" (1 real change made) . replace scode = "SUR" if country == "SURINAME" (1 real change made) . replace scode = "SWE" if country == "SWEDEN" (1 real change made) . replace scode = "CHE" if country == "SWITZERLAND" (1 real change made) . replace scode = "SYR" if country == "SYRIA" (1 real change made) . replace scode = "TZA" if country == "TANZANIA" (1 real change made) . replace scode = "THA" if country == "THAILAND" (1 real change made) . replace scode = "TGO" if country == "TOGO" (1 real change made) . replace scode = "TTO" if country == "TRINIDAD & TOBAGO" (1 real change made) . replace scode = "TUN" if country == "TUNISIA" (1 real change made) . replace scode = "TUR" if country == "TURKEY" (1 real change made) . replace scode = "UGA" if country == "UGANDA" (1 real change made) . replace scode = "UKR" if country == "UKRAINE" (1 real change made) . replace scode = "GBR" if country == "UNITED KINGDOM" (1 real change made) . replace scode = "USA" if country == "UNITED STATES" (1 real change made) . replace scode = "URY" if country == "URUGUAY" (1 real change made) . replace scode = "VEN" if country == "VENEZUELA" (1 real change made) . replace scode = "VNM" if country == "VIETNAM" (1 real change made) . replace scode = "YEM" if country == "YEMEN" (1 real change made) . replace scode = "ZMB" if country == "ZAMBIA" (1 real change made) . replace scode = "ZWE" if country == "ZIMBABWE" (1 real change made) . replace scode = "DNK" if country == "DENMARK" (1 real change made) . replace scode = "TWN" if country == "TAIWAN" (1 real change made) . replace scode = "USR" if country == "USSR" (1 real change made) . reshape long bureau, i(scode) j(year) (note: j = 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 200 > 0 2001 2002) Data wide -> long ----------------------------------------------------------------------------- Number of obs. 144 -> 2736 Number of variables 21 -> 4 j variable (19 values) -> year xij variables: bureau1984 bureau1985 ... bureau2002 -> bureau ----------------------------------------------------------------------------- . sort scode year . save "C:\Panda\temp\bureauqualitycooked.dta", replace file C:\Panda\temp\bureauqualitycooked.dta saved . . use "C:\Panda\corruptionraw.dta" . gen scode=country . replace scode = "ALB" if country == "ALBANIA" (1 real change made) . replace scode = "DZA" if country == "ALGERIA" (1 real change made) . replace scode = "AGO" if country == "ANGOLA" (1 real change made) . replace scode = "ARG" if country == "ARGENTINA" (1 real change made) . replace scode = "GFR" if country == "GERMANY, WEST" (1 real change made) . replace scode = "GDR" if country == "GERMANY, EAST" (1 real change made) . replace scode = "ARM" if country == "ARMENIA" (1 real change made) . replace scode = "AUS" if country == "AUSTRALIA" (1 real change made) . replace scode = "AUT" if country == "AUSTRIA" (1 real change made) . replace scode = "AZE" if country == "AZERBAIJAN" (1 real change made) . replace scode = "BHS" if country == "BAHAMAS" (1 real change made) . replace scode = "KOR" if country == "SOUTH KOREA" (1 real change made) . replace scode = "BHR" if country == "BAHRAIN" (1 real change made) . replace scode = "BGD" if country == "BANGLADESH" (1 real change made) . replace scode = "BLR" if country == "BELARUS" (1 real change made) . replace scode = "BEL" if country == "BELGIUM" (1 real change made) . replace scode = "BOL" if country == "BOLIVIA" (1 real change made) . replace scode = "BWA" if country == "BOTSWANA" (1 real change made) . replace scode = "BRA" if country == "BRAZIL" (1 real change made) . replace scode = "BRN" if country == "BRUNEI" (1 real change made) . replace scode = "BGR" if country == "BULGARIA" (1 real change made) . replace scode = "BFA" if country == "BURKINA FASO" (1 real change made) . replace scode = "CMR" if country == "CAMEROON" (1 real change made) . replace scode = "CAN" if country == "CANADA" (1 real change made) . replace scode = "CHL" if country == "CHILE" (1 real change made) . replace scode = "CHN" if country == "CHINA" (1 real change made) . replace scode = "HKG" if country == "HONG KONG" (1 real change made) . replace scode = "COL" if country == "COLOMBIA" (1 real change made) . replace scode = "COM" if country == "COMOROS" (0 real changes made) . replace scode = "ZAR" if country == "CONGO DR" (1 real change made) . replace scode = "COG" if country == "CONGO" (1 real change made) . replace scode = "CRI" if country == "COSTA RICA" (1 real change made) . replace scode = "CIV" if country == "COTE D'IVOIRE" (1 real change made) . replace scode = "HRV" if country == "CROATIA" (1 real change made) . replace scode = "CUB" if country == "CUBA" (1 real change made) . replace scode = "CYP" if country == "CYPRUS" (1 real change made) . replace scode = "CZE" if country == "CZECH REPUBLIC" (1 real change made) . replace scode = "CZO" if country == "CZECHOSLOVAKIA" (1 real change made) . replace scode = "DOM" if country == "DOMINICAN REPUBLIC" (1 real change made) . replace scode = "ECU" if country == "ECUADOR" (1 real change made) . replace scode = "EGY" if country == "EGYPT" (1 real change made) . replace scode = "SLV" if country == "EL SALVADOR" (1 real change made) . replace scode = "EST" if country == "ESTONIA" (1 real change made) . replace scode = "ETH" if country == "ETHIOPIA" (1 real change made) . replace scode = "FIN" if country == "FINLAND" (1 real change made) . replace scode = "FRA" if country == "FRANCE" (1 real change made) . replace scode = "GAB" if country == "GABON" (1 real change made) . replace scode = "GMB" if country == "GAMBIA" (1 real change made) . replace scode = "DEU" if country == "GERMANY" (1 real change made) . replace scode = "GHA" if country == "GHANA" (1 real change made) . replace scode = "GRC" if country == "GREECE" (1 real change made) . replace scode = "GTM" if country == "GUATEMALA" (1 real change made) . replace scode = "GNB" if country == "GUINEA" (1 real change made) . replace scode = "GIN" if country == "GUINEA-BISSAU" (1 real change made) . replace scode = "GUY" if country == "GUYANA" (1 real change made) . replace scode = "HTI" if country == "HAITI" (1 real change made) . replace scode = "HND" if country == "HONDURAS" (1 real change made) . replace scode = "HUN" if country == "HUNGARY" (1 real change made) . replace scode = "ISL" if country == "ICELAND" (1 real change made) . replace scode = "IND" if country == "INDIA" (1 real change made) . replace scode = "IDN" if country == "INDONESIA" (1 real change made) . replace scode = "IRN" if country == "IRAN" (1 real change made) . replace scode = "IRQ" if country == "IRAQ" (1 real change made) . replace scode = "IRL" if country == "IRELAND" (1 real change made) . replace scode = "ISR" if country == "ISRAEL" (1 real change made) . replace scode = "ITA" if country == "ITALY" (1 real change made) . replace scode = "JAM" if country == "JAMAICA" (1 real change made) . replace scode = "JPN" if country == "JAPAN" (1 real change made) . replace scode = "JOR" if country == "JORDAN" (1 real change made) . replace scode = "KAZ" if country == "KAZAKSTAN" (1 real change made) . replace scode = "KEN" if country == "KENYA" (1 real change made) . replace scode = "PRK" if country == "KOREA, DPR" (1 real change made) . replace scode = "KWT" if country == "KUWAIT" (1 real change made) . replace scode = "LVA" if country == "LATVIA" (1 real change made) . replace scode = "LBN" if country == "LEBANON" (1 real change made) . replace scode = "LBR" if country == "LIBERIA" (1 real change made) . replace scode = "LBY" if country == "LIBYA" (1 real change made) . replace scode = "LTU" if country == "LITHUANIA" (1 real change made) . replace scode = "LUX" if country == "LUXEMBOURG" (1 real change made) . replace scode = "MDG" if country == "MADAGASCAR" (1 real change made) . replace scode = "MWI" if country == "MALAWI" (1 real change made) . replace scode = "MYS" if country == "MALAYSIA" (1 real change made) . replace scode = "MLI" if country == "MALI" (1 real change made) . replace scode = "MLT" if country == "MALTA" (1 real change made) . replace scode = "MEX" if country == "MEXICO" (1 real change made) . replace scode = "MDA" if country == "MOLDOVA" (1 real change made) . replace scode = "MNG" if country == "MONGOLIA" (1 real change made) . replace scode = "MAR" if country == "MOROCCO" (1 real change made) . replace scode = "MOZ" if country == "MOZAMBIQUE" (1 real change made) . replace scode = "MMR" if country == "MYANMAR" (1 real change made) . replace scode = "NAM" if country == "NAMIBIA" (1 real change made) . replace scode = "NLD" if country == "NETHERLANDS" (1 real change made) . replace scode = "NZL" if country == "NEW ZEALAND" (1 real change made) . replace scode = "NIC" if country == "NICARAGUA" (1 real change made) . replace scode = "NER" if country == "NIGER" (1 real change made) . replace scode = "NGA" if country == "NIGERIA" (1 real change made) . replace scode = "NOR" if country == "NORWAY" (1 real change made) . replace scode = "OMN" if country == "OMAN" (1 real change made) . replace scode = "PAK" if country == "PAKISTAN" (1 real change made) . replace scode = "PAN" if country == "PANAMA" (1 real change made) . replace scode = "PNG" if country == "PAPUA NEW GUINEA" (1 real change made) . replace scode = "PRY" if country == "PARAGUAY" (1 real change made) . replace scode = "PER" if country == "PERU" (1 real change made) . replace scode = "PHL" if country == "PHILIPPINES" (1 real change made) . replace scode = "POL" if country == "POLAND" (1 real change made) . replace scode = "PRT" if country == "PORTUGAL" (1 real change made) . replace scode = "QAT" if country == "QATAR" (1 real change made) . replace scode = "ROM" if country == "ROMANIA" (1 real change made) . replace scode = "RUS" if country == "RUSSIA" (1 real change made) . replace scode = "SAU" if country == "SAUDI ARABIA" (1 real change made) . replace scode = "SEN" if country == "SENEGAL" (1 real change made) . replace scode = "SER" if country == "SERBIA-MONTENEGRO" (1 real change made) . replace scode = "SLE" if country == "SIERRA LEONE" (1 real change made) . replace scode = "SIN" if country == "SINGAPORE" (1 real change made) . replace scode = "SVK" if country == "SLOVAK REPUBLIC" (1 real change made) . replace scode = "SVN" if country == "SLOVENIA" (1 real change made) . replace scode = "SOM" if country == "SOMALIA" (1 real change made) . replace scode = "ZAF" if country == "SOUTH AFRICA" (1 real change made) . replace scode = "ESP" if country == "SPAIN" (1 real change made) . replace scode = "LKA" if country == "SRI LANKA" (1 real change made) . replace scode = "SDN" if country == "SUDAN" (1 real change made) . replace scode = "SUR" if country == "SURINAME" (1 real change made) . replace scode = "SWE" if country == "SWEDEN" (1 real change made) . replace scode = "CHE" if country == "SWITZERLAND" (1 real change made) . replace scode = "SYR" if country == "SYRIA" (1 real change made) . replace scode = "TZA" if country == "TANZANIA" (1 real change made) . replace scode = "THA" if country == "THAILAND" (1 real change made) . replace scode = "TGO" if country == "TOGO" (1 real change made) . replace scode = "TTO" if country == "TRINIDAD & TOBAGO" (1 real change made) . replace scode = "TUN" if country == "TUNISIA" (1 real change made) . replace scode = "TUR" if country == "TURKEY" (1 real change made) . replace scode = "UGA" if country == "UGANDA" (1 real change made) . replace scode = "UKR" if country == "UKRAINE" (1 real change made) . replace scode = "GBR" if country == "UNITED KINGDOM" (1 real change made) . replace scode = "USA" if country == "UNITED STATES" (1 real change made) . replace scode = "URY" if country == "URUGUAY" (1 real change made) . replace scode = "VEN" if country == "VENEZUELA" (1 real change made) . replace scode = "VNM" if country == "VIETNAM" (1 real change made) . replace scode = "YEM" if country == "YEMEN" (1 real change made) . replace scode = "ZMB" if country == "ZAMBIA" (1 real change made) . replace scode = "DNK" if country == "DENMARK" (1 real change made) . replace scode = "TWN" if country == "TAIWAN" (1 real change made) . replace scode = "ZWE" if country == "ZIMBABWE" (1 real change made) . replace scode = "USR" if country == "USSR" (1 real change made) . reshape long corrupt, i(scode) j(year) (note: j = 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 200 > 0 2001 2002) Data wide -> long ----------------------------------------------------------------------------- Number of obs. 144 -> 2736 Number of variables 21 -> 4 j variable (19 values) -> year xij variables: corrupt1984 corrupt1985 ... corrupt2002 -> corrupt ----------------------------------------------------------------------------- . sort scode year . save "C:\Panda\temp\corruptioncooked.dta", replace file C:\Panda\temp\corruptioncooked.dta saved . . use "C:\Panda\govstabilityraw.dta" . gen scode = country . replace scode = "ALB" if country == "ALBANIA" (1 real change made) . replace scode = "DZA" if country == "ALGERIA" (1 real change made) . replace scode = "AGO" if country == "ANGOLA" (1 real change made) . replace scode = "KOR" if country == "SOUTH KOREA" (1 real change made) . replace scode = "ARG" if country == "ARGENTINA" (1 real change made) . replace scode = "ARM" if country == "ARMENIA" (1 real change made) . replace scode = "AUS" if country == "AUSTRALIA" (1 real change made) . replace scode = "AUT" if country == "AUSTRIA" (1 real change made) . replace scode = "AZE" if country == "AZERBAIJAN" (1 real change made) . replace scode = "BHS" if country == "BAHAMAS" (1 real change made) . replace scode = "GFR" if country == "GERMANY, WEST" (1 real change made) . replace scode = "GDR" if country == "GERMANY, EAST" (1 real change made) . replace scode = "BHR" if country == "BAHRAIN" (1 real change made) . replace scode = "BGD" if country == "BANGLADESH" (1 real change made) . replace scode = "BLR" if country == "BELARUS" (1 real change made) . replace scode = "BEL" if country == "BELGIUM" (1 real change made) . replace scode = "BOL" if country == "BOLIVIA" (1 real change made) . replace scode = "BWA" if country == "BOTSWANA" (1 real change made) . replace scode = "BRA" if country == "BRAZIL" (1 real change made) . replace scode = "BRN" if country == "BRUNEI" (1 real change made) . replace scode = "BGR" if country == "BULGARIA" (1 real change made) . replace scode = "BFA" if country == "BURKINA FASO" (1 real change made) . replace scode = "CMR" if country == "CAMEROON" (1 real change made) . replace scode = "CAN" if country == "CANADA" (1 real change made) . replace scode = "CHL" if country == "CHILE" (1 real change made) . replace scode = "CHN" if country == "CHINA" (1 real change made) . replace scode = "HKG" if country == "HONG KONG" (1 real change made) . replace scode = "COL" if country == "COLOMBIA" (1 real change made) . replace scode = "COM" if country == "COMOROS" (0 real changes made) . replace scode = "ZAR" if country == "CONGO DR" (1 real change made) . replace scode = "COG" if country == "CONGO" (1 real change made) . replace scode = "CRI" if country == "COSTA RICA" (1 real change made) . replace scode = "CIV" if country == "COTE D'IVOIRE" (1 real change made) . replace scode = "HRV" if country == "CROATIA" (1 real change made) . replace scode = "CUB" if country == "CUBA" (1 real change made) . replace scode = "CYP" if country == "CYPRUS" (1 real change made) . replace scode = "CZE" if country == "CZECH REPUBLIC" (1 real change made) . replace scode = "CZO" if country == "CZECHOSLOVAKIA" (1 real change made) . replace scode = "DOM" if country == "DOMINICAN REPUBLIC" (1 real change made) . replace scode = "ECU" if country == "ECUADOR" (1 real change made) . replace scode = "EGY" if country == "EGYPT" (1 real change made) . replace scode = "SLV" if country == "EL SALVADOR" (1 real change made) . replace scode = "EST" if country == "ESTONIA" (1 real change made) . replace scode = "ETH" if country == "ETHIOPIA" (1 real change made) . replace scode = "FIN" if country == "FINLAND" (1 real change made) . replace scode = "FRA" if country == "FRANCE" (1 real change made) . replace scode = "GAB" if country == "GABON" (1 real change made) . replace scode = "GMB" if country == "GAMBIA" (1 real change made) . replace scode = "DEU" if country == "GERMANY" (1 real change made) . replace scode = "GHA" if country == "GHANA" (1 real change made) . replace scode = "GRC" if country == "GREECE" (1 real change made) . replace scode = "GTM" if country == "GUATEMALA" (1 real change made) . replace scode = "GNB" if country == "GUINEA" (1 real change made) . replace scode = "GIN" if country == "GUINEA-BISSAU" (1 real change made) . replace scode = "GUY" if country == "GUYANA" (1 real change made) . replace scode = "HTI" if country == "HAITI" (1 real change made) . replace scode = "HND" if country == "HONDURAS" (1 real change made) . replace scode = "HUN" if country == "HUNGARY" (1 real change made) . replace scode = "ISL" if country == "ICELAND" (1 real change made) . replace scode = "IND" if country == "INDIA" (1 real change made) . replace scode = "IDN" if country == "INDONESIA" (1 real change made) . replace scode = "IRN" if country == "IRAN" (1 real change made) . replace scode = "IRQ" if country == "IRAQ" (1 real change made) . replace scode = "IRL" if country == "IRELAND" (1 real change made) . replace scode = "ISR" if country == "ISRAEL" (1 real change made) . replace scode = "ITA" if country == "ITALY" (1 real change made) . replace scode = "JAM" if country == "JAMAICA" (1 real change made) . replace scode = "JPN" if country == "JAPAN" (1 real change made) . replace scode = "JOR" if country == "JORDAN" (1 real change made) . replace scode = "KAZ" if country == "KAZAKSTAN" (1 real change made) . replace scode = "KEN" if country == "KENYA" (1 real change made) . replace scode = "PRK" if country == "KOREA, DPR" (1 real change made) . replace scode = "KWT" if country == "KUWAIT" (1 real change made) . replace scode = "LVA" if country == "LATVIA" (1 real change made) . replace scode = "LBN" if country == "LEBANON" (1 real change made) . replace scode = "LBR" if country == "LIBERIA" (1 real change made) . replace scode = "LBY" if country == "LIBYA" (1 real change made) . replace scode = "LTU" if country == "LITHUANIA" (1 real change made) . replace scode = "LUX" if country == "LUXEMBOURG" (1 real change made) . replace scode = "MDG" if country == "MADAGASCAR" (1 real change made) . replace scode = "MWI" if country == "MALAWI" (1 real change made) . replace scode = "MYS" if country == "MALAYSIA" (1 real change made) . replace scode = "MLI" if country == "MALI" (1 real change made) . replace scode = "MLT" if country == "MALTA" (1 real change made) . replace scode = "MEX" if country == "MEXICO" (1 real change made) . replace scode = "MDA" if country == "MOLDOVA" (1 real change made) . replace scode = "MNG" if country == "MONGOLIA" (1 real change made) . replace scode = "MAR" if country == "MOROCCO" (1 real change made) . replace scode = "MOZ" if country == "MOZAMBIQUE" (1 real change made) . replace scode = "MMR" if country == "MYANMAR" (1 real change made) . replace scode = "NAM" if country == "NAMIBIA" (1 real change made) . replace scode = "NLD" if country == "NETHERLANDS" (1 real change made) . replace scode = "NZL" if country == "NEW ZEALAND" (1 real change made) . replace scode = "NIC" if country == "NICARAGUA" (1 real change made) . replace scode = "NER" if country == "NIGER" (1 real change made) . replace scode = "NGA" if country == "NIGERIA" (1 real change made) . replace scode = "NOR" if country == "NORWAY" (1 real change made) . replace scode = "OMN" if country == "OMAN" (1 real change made) . replace scode = "PAK" if country == "PAKISTAN" (1 real change made) . replace scode = "PAN" if country == "PANAMA" (1 real change made) . replace scode = "PNG" if country == "PAPUA NEW GUINEA" (1 real change made) . replace scode = "PRY" if country == "PARAGUAY" (1 real change made) . replace scode = "PER" if country == "PERU" (1 real change made) . replace scode = "PHL" if country == "PHILIPPINES" (1 real change made) . replace scode = "POL" if country == "POLAND" (1 real change made) . replace scode = "PRT" if country == "PORTUGAL" (1 real change made) . replace scode = "QAT" if country == "QATAR" (1 real change made) . replace scode = "ROM" if country == "ROMANIA" (1 real change made) . replace scode = "RUS" if country == "RUSSIA" (1 real change made) . replace scode = "SAU" if country == "SAUDI ARABIA" (1 real change made) . replace scode = "SEN" if country == "SENEGAL" (1 real change made) . replace scode = "SER" if country == "SERBIA-MONTENEGRO" (1 real change made) . replace scode = "SLE" if country == "SIERRA LEONE" (1 real change made) . replace scode = "SIN" if country == "SINGAPORE" (1 real change made) . replace scode = "SVK" if country == "SLOVAK REPUBLIC" (1 real change made) . replace scode = "SVN" if country == "SLOVENIA" (1 real change made) . replace scode = "SOM" if country == "SOMALIA" (1 real change made) . replace scode = "ZAF" if country == "SOUTH AFRICA" (1 real change made) . replace scode = "ESP" if country == "SPAIN" (1 real change made) . replace scode = "LKA" if country == "SRI LANKA" (1 real change made) . replace scode = "SDN" if country == "SUDAN" (1 real change made) . replace scode = "SUR" if country == "SURINAME" (1 real change made) . replace scode = "SWE" if country == "SWEDEN" (1 real change made) . replace scode = "CHE" if country == "SWITZERLAND" (1 real change made) . replace scode = "SYR" if country == "SYRIA" (1 real change made) . replace scode = "TZA" if country == "TANZANIA" (1 real change made) . replace scode = "THA" if country == "THAILAND" (1 real change made) . replace scode = "TGO" if country == "TOGO" (1 real change made) . replace scode = "TTO" if country == "TRINIDAD & TOBAGO" (1 real change made) . replace scode = "TUN" if country == "TUNISIA" (1 real change made) . replace scode = "TUR" if country == "TURKEY" (1 real change made) . replace scode = "UGA" if country == "UGANDA" (1 real change made) . replace scode = "UKR" if country == "UKRAINE" (1 real change made) . replace scode = "GBR" if country == "UNITED KINGDOM" (1 real change made) . replace scode = "USA" if country == "UNITED STATES" (1 real change made) . replace scode = "URY" if country == "URUGUAY" (1 real change made) . replace scode = "VEN" if country == "VENEZUELA" (1 real change made) . replace scode = "VNM" if country == "VIETNAM" (1 real change made) . replace scode = "YEM" if country == "YEMEN" (1 real change made) . replace scode = "ZMB" if country == "ZAMBIA" (1 real change made) . replace scode = "ZWE" if country == "ZIMBABWE" (1 real change made) . replace scode = "DNK" if country == "DENMARK" (1 real change made) . replace scode = "TWN" if country == "TAIWAN" (1 real change made) . replace scode = "USR" if country == "USSR" (1 real change made) . reshape long gov, i(scode) j(year) (note: j = 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 200 > 0 2001 2002) Data wide -> long ----------------------------------------------------------------------------- Number of obs. 144 -> 2736 Number of variables 21 -> 4 j variable (19 values) -> year xij variables: gov1984 gov1985 ... gov2002 -> gov ----------------------------------------------------------------------------- . sort scode year . save "C:\Panda\temp\govstabilitycooked.dta", replace file C:\Panda\temp\govstabilitycooked.dta saved . . use "C:\Panda\laworderraw.dta" . gen scode = country . replace scode = "ALB" if country == "ALBANIA" (1 real change made) . replace scode = "DZA" if country == "ALGERIA" (1 real change made) . replace scode = "AGO" if country == "ANGOLA" (1 real change made) . replace scode = "KOR" if country == "SOUTH KOREA" (1 real change made) . replace scode = "ARG" if country == "ARGENTINA" (1 real change made) . replace scode = "ARM" if country == "ARMENIA" (1 real change made) . replace scode = "AUS" if country == "AUSTRALIA" (1 real change made) . replace scode = "AUT" if country == "AUSTRIA" (1 real change made) . replace scode = "AZE" if country == "AZERBAIJAN" (1 real change made) . replace scode = "BHS" if country == "BAHAMAS" (1 real change made) . replace scode = "BHR" if country == "BAHRAIN" (1 real change made) . replace scode = "BGD" if country == "BANGLADESH" (1 real change made) . replace scode = "BLR" if country == "BELARUS" (1 real change made) . replace scode = "BEL" if country == "BELGIUM" (1 real change made) . replace scode = "BOL" if country == "BOLIVIA" (1 real change made) . replace scode = "BWA" if country == "BOTSWANA" (1 real change made) . replace scode = "BRA" if country == "BRAZIL" (1 real change made) . replace scode = "BRN" if country == "BRUNEI" (1 real change made) . replace scode = "BGR" if country == "BULGARIA" (1 real change made) . replace scode = "BFA" if country == "BURKINA FASO" (1 real change made) . replace scode = "CMR" if country == "CAMEROON" (1 real change made) . replace scode = "CAN" if country == "CANADA" (1 real change made) . replace scode = "CHL" if country == "CHILE" (1 real change made) . replace scode = "CHN" if country == "CHINA" (1 real change made) . replace scode = "HKG" if country == "HONG KONG" (1 real change made) . replace scode = "GFR" if country == "GERMANY, WEST" (1 real change made) . replace scode = "GDR" if country == "GERMANY, EAST" (1 real change made) . replace scode = "COL" if country == "COLOMBIA" (1 real change made) . replace scode = "COM" if country == "COMOROS" (0 real changes made) . replace scode = "ZAR" if country == "CONGO DR" (1 real change made) . replace scode = "COG" if country == "CONGO" (1 real change made) . replace scode = "CRI" if country == "COSTA RICA" (1 real change made) . replace scode = "CIV" if country == "COTE D'IVOIRE" (1 real change made) . replace scode = "HRV" if country == "CROATIA" (1 real change made) . replace scode = "CUB" if country == "CUBA" (1 real change made) . replace scode = "CYP" if country == "CYPRUS" (1 real change made) . replace scode = "CZE" if country == "CZECH REPUBLIC" (1 real change made) . replace scode = "CZO" if country == "CZECHOSLOVAKIA" (1 real change made) . replace scode = "DOM" if country == "DOMINICAN REPUBLIC" (1 real change made) . replace scode = "ECU" if country == "ECUADOR" (1 real change made) . replace scode = "EGY" if country == "EGYPT" (1 real change made) . replace scode = "SLV" if country == "EL SALVADOR" (1 real change made) . replace scode = "EST" if country == "ESTONIA" (1 real change made) . replace scode = "ETH" if country == "ETHIOPIA" (1 real change made) . replace scode = "FIN" if country == "FINLAND" (1 real change made) . replace scode = "FRA" if country == "FRANCE" (1 real change made) . replace scode = "GAB" if country == "GABON" (1 real change made) . replace scode = "GMB" if country == "GAMBIA" (1 real change made) . replace scode = "DEU" if country == "GERMANY" (1 real change made) . replace scode = "GHA" if country == "GHANA" (1 real change made) . replace scode = "GRC" if country == "GREECE" (1 real change made) . replace scode = "GTM" if country == "GUATEMALA" (1 real change made) . replace scode = "GNB" if country == "GUINEA" (1 real change made) . replace scode = "GIN" if country == "GUINEA-BISSAU" (1 real change made) . replace scode = "GUY" if country == "GUYANA" (1 real change made) . replace scode = "HTI" if country == "HAITI" (1 real change made) . replace scode = "HND" if country == "HONDURAS" (1 real change made) . replace scode = "HUN" if country == "HUNGARY" (1 real change made) . replace scode = "ISL" if country == "ICELAND" (1 real change made) . replace scode = "IND" if country == "INDIA" (1 real change made) . replace scode = "IDN" if country == "INDONESIA" (1 real change made) . replace scode = "IRN" if country == "IRAN" (1 real change made) . replace scode = "IRQ" if country == "IRAQ" (1 real change made) . replace scode = "IRL" if country == "IRELAND" (1 real change made) . replace scode = "ISR" if country == "ISRAEL" (1 real change made) . replace scode = "ITA" if country == "ITALY" (1 real change made) . replace scode = "JAM" if country == "JAMAICA" (1 real change made) . replace scode = "JPN" if country == "JAPAN" (1 real change made) . replace scode = "JOR" if country == "JORDAN" (1 real change made) . replace scode = "KAZ" if country == "KAZAKSTAN" (1 real change made) . replace scode = "KEN" if country == "KENYA" (1 real change made) . replace scode = "PRK" if country == "KOREA, DPR" (1 real change made) . replace scode = "KWT" if country == "KUWAIT" (1 real change made) . replace scode = "LVA" if country == "LATVIA" (1 real change made) . replace scode = "LBN" if country == "LEBANON" (1 real change made) . replace scode = "LBR" if country == "LIBERIA" (1 real change made) . replace scode = "LBY" if country == "LIBYA" (1 real change made) . replace scode = "LTU" if country == "LITHUANIA" (1 real change made) . replace scode = "LUX" if country == "LUXEMBOURG" (1 real change made) . replace scode = "MDG" if country == "MADAGASCAR" (1 real change made) . replace scode = "MWI" if country == "MALAWI" (1 real change made) . replace scode = "MYS" if country == "MALAYSIA" (1 real change made) . replace scode = "MLI" if country == "MALI" (1 real change made) . replace scode = "MLT" if country == "MALTA" (1 real change made) . replace scode = "MEX" if country == "MEXICO" (1 real change made) . replace scode = "MDA" if country == "MOLDOVA" (1 real change made) . replace scode = "MNG" if country == "MONGOLIA" (1 real change made) . replace scode = "MAR" if country == "MOROCCO" (1 real change made) . replace scode = "MOZ" if country == "MOZAMBIQUE" (1 real change made) . replace scode = "MMR" if country == "MYANMAR" (1 real change made) . replace scode = "NAM" if country == "NAMIBIA" (1 real change made) . replace scode = "NLD" if country == "NETHERLANDS" (1 real change made) . replace scode = "NZL" if country == "NEW ZEALAND" (1 real change made) . replace scode = "NIC" if country == "NICARAGUA" (1 real change made) . replace scode = "NER" if country == "NIGER" (1 real change made) . replace scode = "NGA" if country == "NIGERIA" (1 real change made) . replace scode = "NOR" if country == "NORWAY" (1 real change made) . replace scode = "OMN" if country == "OMAN" (1 real change made) . replace scode = "PAK" if country == "PAKISTAN" (1 real change made) . replace scode = "PAN" if country == "PANAMA" (1 real change made) . replace scode = "PNG" if country == "PAPUA NEW GUINEA" (1 real change made) . replace scode = "PRY" if country == "PARAGUAY" (1 real change made) . replace scode = "PER" if country == "PERU" (1 real change made) . replace scode = "PHL" if country == "PHILIPPINES" (1 real change made) . replace scode = "POL" if country == "POLAND" (1 real change made) . replace scode = "PRT" if country == "PORTUGAL" (1 real change made) . replace scode = "QAT" if country == "QATAR" (1 real change made) . replace scode = "ROM" if country == "ROMANIA" (1 real change made) . replace scode = "RUS" if country == "RUSSIA" (1 real change made) . replace scode = "SAU" if country == "SAUDI ARABIA" (1 real change made) . replace scode = "SEN" if country == "SENEGAL" (1 real change made) . replace scode = "SER" if country == "SERBIA-MONTENEGRO" (1 real change made) . replace scode = "SLE" if country == "SIERRA LEONE" (1 real change made) . replace scode = "SIN" if country == "SINGAPORE" (1 real change made) . replace scode = "SVK" if country == "SLOVAK REPUBLIC" (1 real change made) . replace scode = "SVN" if country == "SLOVENIA" (1 real change made) . replace scode = "SOM" if country == "SOMALIA" (1 real change made) . replace scode = "ZAF" if country == "SOUTH AFRICA" (1 real change made) . replace scode = "ESP" if country == "SPAIN" (1 real change made) . replace scode = "LKA" if country == "SRI LANKA" (1 real change made) . replace scode = "SDN" if country == "SUDAN" (1 real change made) . replace scode = "SUR" if country == "SURINAME" (1 real change made) . replace scode = "SWE" if country == "SWEDEN" (1 real change made) . replace scode = "CHE" if country == "SWITZERLAND" (1 real change made) . replace scode = "SYR" if country == "SYRIA" (1 real change made) . replace scode = "TZA" if country == "TANZANIA" (1 real change made) . replace scode = "THA" if country == "THAILAND" (1 real change made) . replace scode = "TGO" if country == "TOGO" (1 real change made) . replace scode = "TTO" if country == "TRINIDAD & TOBAGO" (1 real change made) . replace scode = "TUN" if country == "TUNISIA" (1 real change made) . replace scode = "TUR" if country == "TURKEY" (1 real change made) . replace scode = "UGA" if country == "UGANDA" (1 real change made) . replace scode = "UKR" if country == "UKRAINE" (1 real change made) . replace scode = "GBR" if country == "UNITED KINGDOM" (1 real change made) . replace scode = "USA" if country == "UNITED STATES" (1 real change made) . replace scode = "URY" if country == "URUGUAY" (1 real change made) . replace scode = "VEN" if country == "VENEZUELA" (1 real change made) . replace scode = "VNM" if country == "VIETNAM" (1 real change made) . replace scode = "YEM" if country == "YEMEN" (1 real change made) . replace scode = "ZMB" if country == "ZAMBIA" (1 real change made) . replace scode = "ZWE" if country == "ZIMBABWE" (1 real change made) . replace scode = "DNK" if country == "DENMARK" (1 real change made) . replace scode = "TWN" if country == "TAIWAN" (1 real change made) . replace scode = "USR" if country == "USSR" (1 real change made) . reshape long law, i(scode) j(year) (note: j = 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 200 > 0 2001 2002) Data wide -> long ----------------------------------------------------------------------------- Number of obs. 144 -> 2736 Number of variables 21 -> 4 j variable (19 values) -> year xij variables: law1984 law1985 ... law2002 -> law ----------------------------------------------------------------------------- . sort scode year . save "C:\Panda\temp\lawordercooked.dta", replace file C:\Panda\temp\lawordercooked.dta saved . . /* Merge ICRG datasets */ . . use "C:\Panda\temp\bureauqualitycooked.dta" . merge scode year using "C:\Panda\temp\corruptioncooked.dta" . drop _merge . sort scode year . merge scode year using "C:\Panda\temp\govstabilitycooked.dta" . drop _merge . sort scode year . merge scode year using "C:\Panda\temp\lawordercooked.dta" . drop _merge . sort scode year . save "C:\Panda\temp\ICRGcooked.dta", replace file C:\Panda\temp\ICRGcooked.dta saved . . /* Merge all datasets */ . . use "C:\Panda\temp\democracycooked.dta" . merge scode year using "C:\Panda\temp\bothpennworldtablescooked.dta" scode was str3 now str14 . drop _merge . sort scode year . merge scode year using "C:\Panda\temp\ICRGcooked.dta" scode was str14 now str18 . drop _merge . sort scode year . merge scode year using "C:\Panda\temp\governancecooked.dta" country was str24 now str30 . drop _merge . sort scode year . merge scode year using "C:\Panda\temp\polconcooked.dta" . drop _merge . sort scode year . merge scode year using "C:\Panda\temp\institutionscooked.dta" . drop _merge . sort scode year . merge scode using "C:\Panda\temp\distancecooked.dta" variable scode does not uniquely identify observations in the master data country was str30 now str39 . drop _merge . sort scode year . replace scode = "TYR" if scode == "0" (30 real changes made) . drop if scode == ".M" (30 observations deleted) . encode scode, gen(scode2) . save "C:\Panda\cooked2.dta", replace file C:\Panda\cooked2.dta saved . . /* Generate additional variables */ . . gen govspeci = abs(govspec - 1) (15265 missing values generated) . gen coalspeci = abs(coalspec - 1) (15266 missing values generated) . gen fraudi = abs(fraud - 1) (16616 missing values generated) . gen lrule = ln(legelec + exelec + govspeci + coalspeci + fraudi + .25*(checks)) (16798 missing values generated) . gen lrule2 = ln(3*(bureau) + 2*(corrupt) + gov + 2*(law)) (18065 missing values generated) . gen rule3 = (0.2*stability + 0.2*effective + 0.2*regulatory + 0.2*rule + 0.2*control) (19015 missing values generated) . gen lpolinstit3 = law___order + xconst (18192 missing values generated) . gen ldisteq = ln(abs(lat)) (2166 missing values generated) . gen lopenc = ln(openc) (13138 missing values generated) . gen ldemoc=ln(democ+1) (6336 missing values generated) . label variable ldemoc "Log of Democracy" . gen ldemoc2=ln(fh_stand) (15048 missing values generated) . gen ldemoc3=ln(vanhanen) (13015 missing values generated) . gen ldemoc4=ln(cheibub+1) (12698 missing values generated) . gen lrgdpch=ln(rgdpch) (13056 missing values generated) . label variable lrgdpch "Log Real GDP per Capita" . local i=1975 . while `i' <= 2006 { 2. gen yr`i' = 0 3. replace yr`i' = 1 if year == `i' 4. local i=`i'+1 5. } (220 real changes made) (219 real changes made) (219 real changes made) (219 real changes made) (219 real changes made) (219 real changes made) (219 real changes made) (219 real changes made) (219 real changes made) (219 real changes made) (219 real changes made) (220 real changes made) (220 real changes made) (220 real changes made) (220 real changes made) (220 real changes made) (220 real changes made) (220 real changes made) (222 real changes made) (222 real changes made) (222 real changes made) (239 real changes made) (222 real changes made) (239 real changes made) (222 real changes made) (239 real changes made) (222 real changes made) (239 real changes made) (235 real changes made) (235 real changes made) (212 real changes made) (212 real changes made) . xtset scode2 year panel variable: scode2 (unbalanced) time variable: year, 1800 to 2006, but with gaps . . /* Provide descriptive statistics */ . . preserve . drop if democ==. | lrgdpch == . | lrule2 == . | lopenc == . | ldisteq == . (18453 observations deleted) . sum lrgdpch lrule2 lopenc ldisteq if democ>5 Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- lrgdpch | 1131 8.965828 .9545039 6.588813 10.44478 lrule2 | 1131 3.386982 .3470979 1.791759 3.850147 lopenc | 1131 4.099755 .5318802 2.461313 5.53685 ldisteq | 1131 3.229552 .8945264 -1.455287 4.096564 . sum lrgdpch lrule2 lopenc ldisteq if democ<=5 Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- lrgdpch | 960 8.006094 1.108228 5.805631 10.50681 lrule2 | 960 3.098357 .3889499 1.386294 3.78419 lopenc | 960 4.047919 .6199907 1.314798 5.93406 ldisteq | 960 2.575292 1.133022 -1.098612 4.020877 . pwcorr lrgdpch lrule2 lopenc ldisteq | lrgdpch lrule2 lopenc ldisteq -------------+------------------------------------ lrgdpch | 1.0000 lrule2 | 0.6211 1.0000 lopenc | 0.2765 0.2453 1.0000 ldisteq | 0.4134 0.3202 -0.0625 1.0000 . restore . . /* Generate graphs */ . . graph twoway scatter lrgdpch ldemoc, title("Democracy and GDP Per Capita") msymbol(o) msize( > medium) scale(0.7) saving("C:\Panda\Output\gdpdemoc2", replace) (file C:\Panda\Output\gdpdemoc2.gph saved) . graph export "C:\Panda\Output\gdpdemoc2.eps", replace (file C:\Panda\Output\gdpdemoc2.eps written in EPS format) . . /* Benchmark regressions */ . . reg lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20*, robust cluster(scode2) /* Co > efficient estimates biased upward (upper bound) */ Linear regression Number of obs = 2085 F( 23, 124) =27525.00 Prob > F = 0.0000 R-squared = 0.9969 Number of clusters (scode2) = 125 Root MSE = .06393 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9922336 .0031075 319.31 0.000 .986083 .9983841 ldisteq | .0041208 .0018695 2.20 0.029 .0004206 .007821 lopenc | .0056049 .0032314 1.73 0.085 -.000791 .0120007 lrule2 | .0300738 .0082736 3.63 0.000 .0136981 .0464496 ldemoc | .0025878 .0017772 1.46 0.148 -.0009298 .0061055 yr1975 | (dropped) yr1976 | (dropped) yr1977 | (dropped) yr1978 | (dropped) yr1979 | (dropped) yr1980 | (dropped) yr1981 | (dropped) yr1982 | (dropped) yr1983 | (dropped) yr1984 | .0147625 .0132734 1.11 0.268 -.0115092 .0410343 yr1985 | .0124131 .0130498 0.95 0.343 -.0134162 .0382423 yr1986 | .0218505 .0142753 1.53 0.128 -.0064044 .0501053 yr1987 | .0192197 .0143317 1.34 0.182 -.0091466 .0475861 yr1988 | .0278419 .0132174 2.11 0.037 .001681 .0540028 yr1989 | .0165865 .0130393 1.27 0.206 -.0092218 .0423949 yr1990 | .0196716 .0126068 1.56 0.121 -.0052808 .0446239 yr1991 | (dropped) yr1992 | .006653 .0133552 0.50 0.619 -.0197806 .0330867 yr1993 | .0180091 .0162835 1.11 0.271 -.0142206 .0502388 yr1994 | .022358 .0138345 1.62 0.109 -.0050243 .0497402 yr1995 | .0154012 .0125976 1.22 0.224 -.009533 .0403353 yr1996 | .0239572 .0143268 1.67 0.097 -.0043996 .052314 yr1997 | .0264382 .0109382 2.42 0.017 .0047884 .0480881 yr1998 | .0233711 .0157044 1.49 0.139 -.0077122 .0544545 yr1999 | .0175193 .0156724 1.12 0.266 -.0135008 .0485393 yr2000 | .0332278 .0129166 2.57 0.011 .0076622 .0587934 yr2001 | .014513 .0136058 1.07 0.288 -.0124166 .0414426 yr2002 | .0141637 .0130027 1.09 0.278 -.0115724 .0398997 yr2003 | (dropped) yr2004 | (dropped) yr2005 | (dropped) yr2006 | (dropped) _cons | -.0754405 .0228119 -3.31 0.001 -.1205917 -.0302894 ------------------------------------------------------------------------------ . estimates store P1, title(Benchmark panel regressions, P1) . xtreg lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20*, fe robust cluster(scode2) > /* Coefficient estimates biased downward (lower bound) */ Fixed-effects (within) regression Number of obs = 2085 Group variable (i): scode2 Number of groups = 125 R-sq: within = 0.8570 Obs per group: min = 4 between = 0.9995 avg = 16.7 overall = 0.9966 max = 19 F(22,124) = 299.09 corr(u_i, Xb) = 0.9783 Prob > F = 0.0000 (Std. Err. adjusted for 125 clusters in scode2) ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .8573059 .0250422 34.23 0.000 .8077404 .9068714 ldisteq | (dropped) lopenc | .0234152 .0107423 2.18 0.031 .0021532 .0446771 lrule2 | .0305187 .0117318 2.60 0.010 .0072983 .0537391 ldemoc | -.0031855 .0038557 -0.83 0.410 -.010817 .004446 yr1975 | (dropped) yr1976 | (dropped) yr1977 | (dropped) yr1978 | (dropped) yr1979 | (dropped) yr1980 | (dropped) yr1981 | (dropped) yr1982 | (dropped) yr1983 | (dropped) yr1984 | .0035135 .0116033 0.30 0.763 -.0194528 .0264797 yr1985 | .0054493 .0114659 0.48 0.635 -.0172449 .0281436 yr1986 | .0164309 .0128518 1.28 0.203 -.0090065 .0418683 yr1987 | .0145891 .0130502 1.12 0.266 -.0112408 .040419 yr1988 | .0243094 .012137 2.00 0.047 .0002869 .0483319 yr1989 | .0147087 .0120528 1.22 0.225 -.0091471 .0385645 yr1990 | .019216 .0118211 1.63 0.107 -.0041812 .0426132 yr1991 | (dropped) yr1992 | .0082288 .0118974 0.69 0.490 -.0153194 .031777 yr1993 | .0201027 .0143884 1.40 0.165 -.008376 .0485815 yr1994 | .0259811 .0125192 2.08 0.040 .0012022 .0507601 yr1995 | .0212205 .0117493 1.81 0.073 -.0020346 .0444756 yr1996 | .0315019 .0130898 2.41 0.018 .0055935 .0574102 yr1997 | .0346234 .0099279 3.49 0.001 .0149733 .0542734 yr1998 | .0314129 .01485 2.12 0.036 .0020206 .0608051 yr1999 | .0291275 .0157943 1.84 0.068 -.0021338 .0603888 yr2000 | .0455715 .0137098 3.32 0.001 .018436 .072707 yr2001 | .0319235 .014916 2.14 0.034 .0024006 .0614464 yr2002 | .03288 .0147832 2.22 0.028 .0036199 .0621401 yr2003 | (dropped) yr2004 | (dropped) yr2005 | (dropped) yr2006 | (dropped) _cons | 1.015437 .1700483 5.97 0.000 .678864 1.352011 -------------+---------------------------------------------------------------- sigma_u | .15556018 sigma_e | .05978868 rho | .8712922 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store P2, title(Benchmark panel regressions, P2) . ivreg D.lrgdpch (D.L.lrgdpch = LL.lrgdpch) D.(lopenc L.lopenc lrule2 L.lrule2 ldemoc L.ldemo > c) yr19* yr20*, robust cluster(scode2) Instrumental variables (2SLS) regression Number of obs = 1794 F( 23, 124) = 9.82 Prob > F = 0.0000 R-squared = . Number of clusters (scode2) = 125 Root MSE = .07775 ------------------------------------------------------------------------------ | Robust D.lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | LD. | .8744646 .2083669 4.20 0.000 .4620481 1.286881 lopenc | D1. | .0082541 .0281961 0.29 0.770 -.0475539 .0640621 LD. | -.0019304 .0490226 -0.04 0.969 -.0989599 .095099 lrule2 | D1. | .0995386 .0624725 1.59 0.114 -.024112 .2231893 LD. | -.0522347 .0476308 -1.10 0.275 -.1465095 .0420401 ldemoc | D1. | .004439 .0058383 0.76 0.449 -.0071166 .0159945 LD. | -.0118028 .0105549 -1.12 0.266 -.032694 .0090883 yr1975 | (dropped) yr1976 | (dropped) yr1977 | (dropped) yr1978 | (dropped) yr1979 | (dropped) yr1980 | (dropped) yr1981 | (dropped) yr1982 | (dropped) yr1983 | (dropped) yr1984 | (dropped) yr1985 | (dropped) yr1986 | .0264421 .0131795 2.01 0.047 .0003562 .0525279 yr1987 | .0129333 .0093143 1.39 0.167 -.0055023 .0313689 yr1988 | .0230762 .0112591 2.05 0.043 .0007913 .0453611 yr1989 | .0055738 .0105582 0.53 0.599 -.015324 .0264715 yr1990 | .0177781 .0113885 1.56 0.121 -.004763 .0403191 yr1991 | (dropped) yr1992 | .0165445 .0153159 1.08 0.282 -.01377 .0468589 yr1993 | .031734 .0141152 2.25 0.026 .0037961 .0596719 yr1994 | .0178035 .0089373 1.99 0.049 .000114 .0354929 yr1995 | .0094933 .0106624 0.89 0.375 -.0116106 .0305972 yr1996 | .0213247 .012465 1.71 0.090 -.0033469 .0459963 yr1997 | .0165026 .0082741 1.99 0.048 .0001258 .0328795 yr1998 | .0181988 .0173085 1.05 0.295 -.0160596 .0524572 yr1999 | .0101907 .0113094 0.90 0.369 -.0121937 .0325752 yr2000 | .0292206 .0082243 3.55 0.001 .0129425 .0454987 yr2001 | .0093904 .0178248 0.53 0.599 -.0258898 .0446706 yr2002 | .0125854 .0082489 1.53 0.130 -.0037416 .0289124 yr2003 | (dropped) yr2004 | (dropped) yr2005 | (dropped) yr2006 | (dropped) _cons | -.0141032 .0085886 -1.64 0.103 -.0311024 .002896 ------------------------------------------------------------------------------ Instrumented: LD.lrgdpch Instruments: D.lopenc LD.lopenc D.lrule2 LD.lrule2 D.ldemoc LD.ldemoc yr1975 yr1976 yr1977 yr1978 yr1979 yr1980 yr1981 yr1982 yr1983 yr1984 yr1985 yr1986 yr1987 yr1988 yr1989 yr1990 yr1991 yr1992 yr1993 yr1994 yr1995 yr1996 yr1997 yr1998 yr1999 yr2000 yr2001 yr2002 yr2003 yr2004 yr2005 yr2006 L2.lrgdpch ------------------------------------------------------------------------------ . preserve . keep lrgdpch lopenc lrule2 ldemoc ldist yr19* yr20* scode2 year . drop if lrgdpch == . | lopenc == . | lrule2 == . | ldemoc == . | ldist == . (18453 observations deleted) . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20*, gmm(L.(lrgdpch lopenc l > rule2 ldemoc)) iv(ldisteq) robust orthog /* (Autocorrelation) Insignificant p-value: No auto > correlation, significant p-value: Autocorrelation present. (Overidentification) Insignifican > t p-value: Instruments OK, significant p-value: Not all instruments valid */ Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 682 Obs per group: min = 2 Wald chi2(22) = 272305.44 avg = 15.50 Prob > chi2 = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9955637 .0035758 278.42 0.000 .9885552 1.002572 ldisteq | .0034426 .0024838 1.39 0.166 -.0014255 .0083107 lopenc | .0015204 .0067217 0.23 0.821 -.0116538 .0146946 lrule2 | .0336099 .010054 3.34 0.001 .0139045 .0533153 ldemoc | -.0004498 .0038835 -0.12 0.908 -.0080613 .0071616 yr1985 | -.0034352 .0075703 -0.45 0.650 -.0182728 .0114024 yr1986 | .0055374 .0071143 0.78 0.436 -.0084063 .0194812 yr1987 | .0054019 .006367 0.85 0.396 -.0070772 .017881 yr1988 | .013484 .0059376 2.27 0.023 .0018465 .0251216 yr1989 | .0033741 .0075705 0.45 0.656 -.0114639 .018212 yr1990 | .0075935 .0067214 1.13 0.259 -.0055803 .0207673 yr1991 | -.0173001 .013691 -1.26 0.206 -.0441341 .0095338 yr1992 | -.0070115 .0087917 -0.80 0.425 -.024243 .01022 yr1993 | .0040114 .0076221 0.53 0.599 -.0109277 .0189505 yr1994 | .0093041 .0071361 1.30 0.192 -.0046824 .0232906 yr1995 | .00255 .0059433 0.43 0.668 -.0090987 .0141986 yr1996 | .0112856 .0061853 1.82 0.068 -.0008374 .0234085 yr1997 | .0093156 .0066862 1.39 0.164 -.0037891 .0224203 yr1998 | .0100907 .0065661 1.54 0.124 -.0027786 .02296 yr1999 | .00243 .0078145 0.31 0.756 -.012886 .0177461 yr2000 | .0162133 .0052024 3.12 0.002 .0060169 .0264098 yr2001 | .0005841 .0044421 0.13 0.895 -.0081221 .0092904 _cons | -.0786365 .0439924 -1.79 0.074 -.1648599 .007587 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.22 Pr > z = 0.026 Arellano-Bond test for AR(2) in first differences: z = -0.98 Pr > z = 0.329 Hansen test of overid. restrictions: chi2(659) = 107.50 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(591) = 111.91 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(68) = -4.41 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(658) = 112.06 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = -4.56 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20*, gmm(L.(lrgdpch lopenc l > rule2 ldemoc)) iv(ldisteq) twostep robust orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate optimal weighting matrix for two-step estimation. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, two-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 682 Obs per group: min = 2 Wald chi2(22) = 119473.74 avg = 15.50 Prob > chi2 = 0.000 max = 18 ------------------------------------------------------------------------------ | Corrected lrgdpch | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9929492 .0093795 105.86 0.000 .9745657 1.011333 ldisteq | .0048131 .0048856 0.99 0.325 -.0047624 .0143886 lopenc | .0056054 .0083943 0.67 0.504 -.010847 .0220579 lrule2 | .0338842 .0115206 2.94 0.003 .0113042 .0564642 ldemoc | .0000247 .004431 0.01 0.996 -.00866 .0087093 yr1985 | .0014847 .007798 0.19 0.849 -.0137992 .0167685 yr1986 | .009106 .0070604 1.29 0.197 -.0047321 .022944 yr1987 | .0062928 .006798 0.93 0.355 -.0070309 .0196166 yr1988 | .0140584 .0066085 2.13 0.033 .001106 .0270109 yr1989 | .0024351 .0074714 0.33 0.744 -.0122085 .0170787 yr1990 | .0087064 .0069731 1.25 0.212 -.0049607 .0223734 yr1991 | -.0135777 .012231 -1.11 0.267 -.03755 .0103946 yr1992 | -.0030315 .0088973 -0.34 0.733 -.0204698 .0144068 yr1993 | .0041471 .0074402 0.56 0.577 -.0104354 .0187296 yr1994 | .0095151 .0069292 1.37 0.170 -.0040658 .023096 yr1995 | .0059553 .0060371 0.99 0.324 -.0058771 .0177877 yr1996 | .0117177 .006255 1.87 0.061 -.0005419 .0239774 yr1997 | .0131927 .0061372 2.15 0.032 .001164 .0252214 yr1998 | .010661 .0058832 1.81 0.070 -.0008699 .022192 yr1999 | .0027823 .0075646 0.37 0.713 -.0120441 .0176087 yr2000 | .0170407 .0056466 3.02 0.003 .0059737 .0281078 yr2001 | .0006529 .0041293 0.16 0.874 -.0074404 .0087461 _cons | -.0800959 .0780503 -1.03 0.305 -.2330717 .0728799 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.22 Pr > z = 0.026 Arellano-Bond test for AR(2) in first differences: z = -0.96 Pr > z = 0.335 Hansen test of overid. restrictions: chi2(659) = 107.50 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(591) = 111.91 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(68) = -4.41 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(658) = 112.06 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = -4.56 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20*, gmm(L.(lrgdpch lopenc l > rule2 ldemoc)) iv(ldisteq) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 682 Obs per group: min = 2 F(22, 124) = 12377.52 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9955637 .0035758 278.42 0.000 .9884861 1.002641 ldisteq | .0034426 .0024838 1.39 0.168 -.0014735 .0083586 lopenc | .0015204 .0067217 0.23 0.821 -.0117836 .0148245 lrule2 | .0336099 .010054 3.34 0.001 .0137103 .0535095 ldemoc | -.0004498 .0038835 -0.12 0.908 -.0081363 .0072367 yr1985 | -.0034352 .0075703 -0.45 0.651 -.018419 .0115486 yr1986 | .0055374 .0071143 0.78 0.438 -.0085438 .0196186 yr1987 | .0054019 .006367 0.85 0.398 -.0072002 .018004 yr1988 | .013484 .0059376 2.27 0.025 .0017318 .0252363 yr1989 | .0033741 .0075705 0.45 0.657 -.0116101 .0183582 yr1990 | .0075935 .0067214 1.13 0.261 -.0057101 .0208972 yr1991 | -.0173001 .013691 -1.26 0.209 -.0443985 .0097983 yr1992 | -.0070115 .0087917 -0.80 0.427 -.0244128 .0103898 yr1993 | .0040114 .0076221 0.53 0.600 -.0110749 .0190977 yr1994 | .0093041 .0071361 1.30 0.195 -.0048203 .0234284 yr1995 | .00255 .0059433 0.43 0.669 -.0092135 .0143134 yr1996 | .0112856 .0061853 1.82 0.070 -.0009569 .023528 yr1997 | .0093156 .0066862 1.39 0.166 -.0039183 .0225494 yr1998 | .0100907 .0065661 1.54 0.127 -.0029054 .0230868 yr1999 | .00243 .0078145 0.31 0.756 -.013037 .0178971 yr2000 | .0162133 .0052024 3.12 0.002 .0059164 .0265103 yr2001 | .0005841 .0044421 0.13 0.896 -.0082079 .0093762 _cons | -.0786365 .0439924 -1.79 0.076 -.1657097 .0084368 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.22 Pr > z = 0.026 Arellano-Bond test for AR(2) in first differences: z = -0.98 Pr > z = 0.329 Hansen test of overid. restrictions: chi2(659) = 107.50 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(591) = 111.91 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(68) = -4.41 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(658) = 112.06 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = -4.56 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store P3, title(Benchmark panel regressions, P3) . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20*, gmm(L.(lrgdpch lopenc l > rule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 699 Obs per group: min = 2 F(22, 124) = 14900.19 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9969974 .0033671 296.10 0.000 .9903329 1.003662 ldisteq | .0031389 .0024438 1.28 0.201 -.0016981 .0079759 lopenc | .0012094 .0059981 0.20 0.841 -.0106624 .0130813 lrule2 | .0295861 .0091179 3.24 0.002 .0115393 .0476329 ldemoc | -.0000192 .0040147 -0.00 0.996 -.0079654 .007927 yr1985 | -.0034112 .0074081 -0.46 0.646 -.018074 .0112515 yr1986 | .0058688 .0069332 0.85 0.399 -.0078538 .0195915 yr1987 | .0043502 .006641 0.66 0.514 -.0087943 .0174947 yr1988 | .0126736 .0061776 2.05 0.042 .0004464 .0249009 yr1989 | .0015059 .0078611 0.19 0.848 -.0140535 .0170653 yr1990 | .0063192 .0067708 0.93 0.352 -.007082 .0197204 yr1991 | -.0183975 .0140846 -1.31 0.194 -.0462749 .0094799 yr1992 | -.0080346 .0086545 -0.93 0.355 -.0251642 .009095 yr1993 | .0044472 .008009 0.56 0.580 -.0114048 .0202992 yr1994 | .0088411 .0073724 1.20 0.233 -.005751 .0234332 yr1995 | .0019932 .0062802 0.32 0.751 -.0104371 .0144234 yr1996 | .0110926 .0063573 1.74 0.083 -.0014904 .0236755 yr1997 | .0074106 .0068994 1.07 0.285 -.0062452 .0210664 yr1998 | .0084905 .0066368 1.28 0.203 -.0046456 .0216266 yr1999 | .0037837 .0077956 0.49 0.628 -.011646 .0192133 yr2000 | .0171429 .0053311 3.22 0.002 .0065911 .0276946 yr2001 | .0000278 .0044617 0.01 0.995 -.0088031 .0088588 _cons | -.0756977 .0330724 -2.29 0.024 -.1411572 -.0102383 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.22 Pr > z = 0.027 Arellano-Bond test for AR(2) in first differences: z = -0.99 Pr > z = 0.324 Hansen test of overid. restrictions: chi2(676) = 112.46 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(608) = 111.09 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(68) = 1.38 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(658) = 113.99 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = -1.53 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store P4, title(Benchmark panel regressions, P4) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/1).(lopenc lrule2 ldemoc) yr19* yr20*, gmm(L(0/2).(lr > gdpch lopenc lrule2 ldemoc)) iv(ldisteq) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 992 Obs per group: min = 2 F(25, 124) = 16187.84 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9914886 .0031903 310.79 0.000 .9851742 .997803 ldisteq | .0039848 .0021808 1.83 0.070 -.0003317 .0083013 lopenc | --. | .0310723 .0360581 0.86 0.391 -.0402968 .1024414 L1. | -.0141439 .0367828 -0.38 0.701 -.0869474 .0586597 lrule2 | --. | .0867342 .0227394 3.81 0.000 .0417266 .1317418 L1. | -.0547386 .0229125 -2.39 0.018 -.1000889 -.0093882 ldemoc | --. | .0157146 .0110627 1.42 0.158 -.0061816 .0376108 L1. | -.0126763 .011584 -1.09 0.276 -.0356044 .0102518 yr1985 | -.0011899 .0077414 -0.15 0.878 -.0165122 .0141325 yr1986 | .0111039 .0080647 1.38 0.171 -.0048585 .0270662 yr1987 | .0100871 .007737 1.30 0.195 -.0052266 .0254008 yr1988 | .0231457 .0102021 2.27 0.025 .0029529 .0433386 yr1989 | .0019105 .0088569 0.22 0.830 -.0156198 .0194409 yr1990 | -.0081694 .0153609 -0.53 0.596 -.038573 .0222342 yr1991 | -.0058191 .0121359 -0.48 0.632 -.0298395 .0182013 yr1992 | -.0162644 .0096387 -1.69 0.094 -.035342 .0028132 yr1993 | -.0016521 .0117603 -0.14 0.889 -.0249291 .0216249 yr1994 | .0023034 .0125653 0.18 0.855 -.0225668 .0271736 yr1995 | .0032692 .0117013 0.28 0.780 -.019891 .0264293 yr1996 | .0111934 .0131239 0.85 0.395 -.0147826 .0371693 yr1997 | -.001118 .0085634 -0.13 0.896 -.0180674 .0158314 yr1998 | .0202975 .0140251 1.45 0.150 -.007462 .0480571 yr1999 | .0034357 .0090361 0.38 0.704 -.0144493 .0213208 yr2000 | .0158311 .0081999 1.93 0.056 -.0003988 .032061 yr2001 | .0015756 .0052492 0.30 0.765 -.0088142 .0119653 _cons | -.1078891 .0457142 -2.36 0.020 -.1983703 -.0174078 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.36 Pr > z = 0.018 Arellano-Bond test for AR(2) in first differences: z = -0.89 Pr > z = 0.372 Hansen test of overid. restrictions: chi2(966) = 104.28 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(769) = 110.30 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(197) = -6.02 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(965) = 108.27 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = -3.98 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/1).(lopenc lrule2 ldemoc) yr19* yr20*, gmm(L(0/2).(lr > gdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 1009 Obs per group: min = 2 F(25, 124) = 18285.43 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9921834 .0030704 323.14 0.000 .9861062 .9982606 ldisteq | .0038765 .0022341 1.74 0.085 -.0005455 .0082985 lopenc | --. | .0316775 .0359933 0.88 0.381 -.0395633 .1029182 L1. | -.0146341 .0365003 -0.40 0.689 -.0868784 .0576102 lrule2 | --. | .089451 .0215688 4.15 0.000 .0467604 .1321416 L1. | -.0572483 .0219225 -2.61 0.010 -.1006391 -.0138575 ldemoc | --. | .0147146 .01062 1.39 0.168 -.0063053 .0357345 L1. | -.0127626 .0112857 -1.13 0.260 -.0351001 .009575 yr1985 | -.0010367 .007894 -0.13 0.896 -.0166611 .0145877 yr1986 | .0107956 .0081009 1.33 0.185 -.0052384 .0268295 yr1987 | .00937 .008016 1.17 0.245 -.006496 .025236 yr1988 | .0222553 .0106064 2.10 0.038 .0012622 .0432483 yr1989 | .0013908 .0092175 0.15 0.880 -.0168531 .0196347 yr1990 | -.0081819 .0151484 -0.54 0.590 -.0381648 .0218011 yr1991 | -.004305 .012842 -0.34 0.738 -.0297229 .0211128 yr1992 | -.0165743 .009901 -1.67 0.097 -.0361711 .0030225 yr1993 | -.0015503 .0121928 -0.13 0.899 -.0256832 .0225825 yr1994 | .002269 .013227 0.17 0.864 -.0239109 .028449 yr1995 | .0040542 .0124984 0.32 0.746 -.0206837 .0287921 yr1996 | .0143029 .0139141 1.03 0.306 -.0132371 .0418428 yr1997 | .0008546 .0077996 0.11 0.913 -.0145831 .0162922 yr1998 | .0183488 .0147219 1.25 0.215 -.01079 .0474876 yr1999 | .0030853 .0090765 0.34 0.734 -.0148797 .0210503 yr2000 | .0151926 .0081296 1.87 0.064 -.0008981 .0312833 yr2001 | -.001025 .0057957 -0.18 0.860 -.0124963 .0104463 _cons | -.1129658 .0453048 -2.49 0.014 -.2026366 -.023295 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.36 Pr > z = 0.018 Arellano-Bond test for AR(2) in first differences: z = -0.89 Pr > z = 0.375 Hansen test of overid. restrictions: chi2(983) = 112.34 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(786) = 112.03 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(197) = 0.31 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(965) = 113.48 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = -1.14 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store P5, title(Benchmark panel regressions, P5) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/2).(lopenc lrule2 ldemoc) yr19* yr20*, gmm(L(0/2).(lr > gdpch lopenc lrule2 ldemoc)) iv(ldisteq) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1794 Time variable : year Number of groups = 125 Number of instruments = 975 Obs per group: min = 1 F(27, 124) = 18111.54 avg = 14.35 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9872887 .0047813 206.49 0.000 .9778253 .9967522 ldisteq | .0034741 .0021882 1.59 0.115 -.0008569 .0078052 lopenc | --. | .0098151 .0390543 0.25 0.802 -.0674843 .0871144 L1. | -.0233117 .0556923 -0.42 0.676 -.1335424 .086919 L2. | .019127 .0217125 0.88 0.380 -.0238482 .0621022 lrule2 | --. | .1072864 .0290473 3.69 0.000 .0497937 .1647791 L1. | .0007774 .0497086 0.02 0.988 -.0976099 .0991648 L2. | -.0663255 .0319961 -2.07 0.040 -.1296548 -.0029963 ldemoc | --. | .0204038 .0157548 1.30 0.198 -.0107793 .0515869 L1. | -.0040637 .0123732 -0.33 0.743 -.0285537 .0204263 L2. | -.0085103 .0172774 -0.49 0.623 -.0427072 .0256866 yr1986 | .0100959 .0103778 0.97 0.333 -.0104447 .0306364 yr1987 | .0091771 .0094159 0.97 0.332 -.0094595 .0278137 yr1988 | .0014764 .0128578 0.11 0.909 -.0239728 .0269256 yr1989 | .0002737 .0116248 0.02 0.981 -.0227349 .0232823 yr1990 | .0151863 .0093345 1.63 0.106 -.0032893 .0336619 yr1991 | .0035607 .0109422 0.33 0.745 -.0180971 .0252185 yr1992 | -.0251101 .0097764 -2.57 0.011 -.0444603 -.0057598 yr1993 | -.0152117 .00917 -1.66 0.100 -.0333617 .0029383 yr1994 | .0094978 .0127787 0.74 0.459 -.0157947 .0347904 yr1995 | .0103513 .0144807 0.71 0.476 -.0183101 .0390127 yr1996 | .0075722 .0174332 0.43 0.665 -.026933 .0420773 yr1997 | -.009983 .0127835 -0.78 0.436 -.0352852 .0153192 yr1998 | .0146512 .0213076 0.69 0.493 -.0275225 .056825 yr1999 | .0015415 .009824 0.16 0.876 -.017903 .020986 yr2000 | .0193639 .008836 2.19 0.030 .001875 .0368528 yr2001 | .0164674 .0101832 1.62 0.108 -.003688 .0366228 _cons | -.0640997 .0370507 -1.73 0.086 -.1374335 .009234 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.28 Pr > z = 0.023 Arellano-Bond test for AR(2) in first differences: z = -0.94 Pr > z = 0.346 Hansen test of overid. restrictions: chi2(947) = 102.89 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(751) = 106.41 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(196) = -3.52 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(946) = 108.40 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = -5.52 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/2).(lopenc lrule2 ldemoc) yr19* yr20*, gmm(L(0/2).(lr > gdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1794 Time variable : year Number of groups = 125 Number of instruments = 991 Obs per group: min = 1 F(27, 124) = 18900.88 avg = 14.35 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9861651 .0049594 198.85 0.000 .9763491 .9959812 ldisteq | .0037263 .0021439 1.74 0.085 -.0005171 .0079697 lopenc | --. | .0048897 .035557 0.14 0.891 -.0654875 .0752669 L1. | .008997 .0531596 0.17 0.866 -.0962207 .1142147 L2. | -.0083806 .0208231 -0.40 0.688 -.0495954 .0328343 lrule2 | --. | .1141891 .0286028 3.99 0.000 .0575761 .170802 L1. | -.0012514 .0489981 -0.03 0.980 -.0982323 .0957295 L2. | -.0687455 .0350603 -1.96 0.052 -.1381396 .0006486 ldemoc | --. | .0164631 .0143794 1.14 0.254 -.0119978 .0449239 L1. | -.0005334 .0146023 -0.04 0.971 -.0294356 .0283687 L2. | -.009326 .0161188 -0.58 0.564 -.0412295 .0225776 yr1986 | .014695 .0116168 1.26 0.208 -.0082979 .0376879 yr1987 | .0146775 .0110423 1.33 0.186 -.0071783 .0365332 yr1988 | .0030876 .0149277 0.21 0.836 -.0264585 .0326337 yr1989 | .0046277 .012891 0.36 0.720 -.0208871 .0301425 yr1990 | .0177083 .0105122 1.68 0.095 -.0030984 .0385149 yr1991 | .0079507 .0119859 0.66 0.508 -.0157727 .031674 yr1992 | -.0189371 .011716 -1.62 0.109 -.0421264 .0042522 yr1993 | -.0123061 .0109448 -1.12 0.263 -.0339689 .0093566 yr1994 | .011012 .0145407 0.76 0.450 -.0177682 .0397922 yr1995 | .0125758 .0158325 0.79 0.429 -.0187612 .0439127 yr1996 | .0142847 .0207622 0.69 0.493 -.0268095 .0553789 yr1997 | -.0043177 .0137733 -0.31 0.754 -.0315789 .0229434 yr1998 | .0136235 .0250477 0.54 0.587 -.0359529 .0632 yr1999 | .0018152 .0096928 0.19 0.852 -.0173695 .0209999 yr2000 | .0232215 .0092664 2.51 0.014 .0048807 .0415624 yr2001 | .0159681 .0102845 1.55 0.123 -.0043879 .0363241 _cons | -.0639718 .031531 -2.03 0.045 -.1263805 -.0015631 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.23 Pr > z = 0.026 Arellano-Bond test for AR(2) in first differences: z = -1.15 Pr > z = 0.252 Hansen test of overid. restrictions: chi2(963) = 102.33 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(767) = 111.51 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(196) = -9.17 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(946) = 116.26 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(17) = -13.92 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store P6, title(Benchmark panel regressions, P6) . xtabond2 lrgdpch lopenc lrule2 ldemoc L2.lrgdpch ldisteq L2.(lopenc lrule2 ldemoc) yr19* yr2 > 0*, gmm(L(0/2).(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1812 Time variable : year Number of groups = 125 Number of instruments = 973 Obs per group: min = 2 F(24, 124) = 5349.88 avg = 14.50 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lopenc | .0208424 .0278565 0.75 0.456 -.0342935 .0759783 lrule2 | .0642224 .0337274 1.90 0.059 -.0025337 .1309784 ldemoc | .0713439 .0413932 1.72 0.087 -.0105849 .1532727 lrgdpch | L2. | .9880833 .0071548 138.10 0.000 .9739219 1.002245 ldisteq | .0051663 .004518 1.14 0.255 -.0037762 .0141087 lopenc | L2. | -.0114068 .0307496 -0.37 0.711 -.0722688 .0494552 lrule2 | L2. | -.0162515 .0273259 -0.59 0.553 -.0703371 .0378341 ldemoc | L2. | -.061135 .0445834 -1.37 0.173 -.1493779 .027108 yr1986 | .0372975 .0257397 1.45 0.150 -.0136486 .0882436 yr1987 | .0479939 .0286012 1.68 0.096 -.0086158 .1046036 yr1988 | .0474086 .0258124 1.84 0.069 -.0036814 .0984985 yr1989 | .0083612 .0205291 0.41 0.685 -.0322717 .048994 yr1990 | .0164876 .0229534 0.72 0.474 -.0289437 .0619188 yr1991 | .0716734 .0308329 2.32 0.022 .0106464 .1327004 yr1992 | -.0411614 .0174503 -2.36 0.020 -.0757005 -.0066224 yr1993 | -.0085342 .0171578 -0.50 0.620 -.0424944 .025426 yr1994 | .06688 .0428939 1.56 0.121 -.018019 .1517791 yr1995 | .0955074 .0508986 1.88 0.063 -.0052351 .1962498 yr1996 | .0845961 .0384339 2.20 0.030 .0085247 .1606676 yr1997 | .007088 .0192523 0.37 0.713 -.0310176 .0451937 yr1998 | .0527826 .0263559 2.00 0.047 .0006168 .1049483 yr1999 | .0446805 .0263008 1.70 0.092 -.0073762 .0967372 yr2000 | .1168573 .05755 2.03 0.044 .0029498 .2307648 yr2001 | .0648566 .0285538 2.27 0.025 .0083406 .1213726 _cons | -.1420771 .0757043 -1.88 0.063 -.2919172 .0077629 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -0.03 Pr > z = 0.976 Arellano-Bond test for AR(2) in first differences: z = -2.77 Pr > z = 0.006 Hansen test of overid. restrictions: chi2(948) = 119.13 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(753) = 113.99 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(195) = 5.14 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(947) = 115.14 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = 3.99 Prob > chi2 = 0.046 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch lopenc lrule2 ldemoc L2.lrgdpch ldisteq L2.(lopenc lrule2 ldemoc) yr19* yr2 > 0*, gmm(L(0/2).(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robu > st small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1812 Time variable : year Number of groups = 125 Number of instruments = 990 Obs per group: min = 2 F(24, 124) = 6257.61 avg = 14.50 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lopenc | .0345351 .0386469 0.89 0.373 -.0419578 .1110281 lrule2 | .0678166 .0549021 1.24 0.219 -.0408501 .1764833 ldemoc | .0580759 .0347831 1.67 0.098 -.0107695 .1269213 lrgdpch | L2. | .9844346 .0155851 63.17 0.000 .9535874 1.015282 ldisteq | .0113886 .0059013 1.93 0.056 -.0002916 .0230689 lopenc | L2. | -.0060513 .0374205 -0.16 0.872 -.080117 .0680144 lrule2 | L2. | -.0362008 .0559584 -0.65 0.519 -.1469581 .0745566 ldemoc | L2. | -.053168 .0418843 -1.27 0.207 -.1360689 .0297328 yr1986 | .0468455 .0274855 1.70 0.091 -.0075559 .101247 yr1987 | .0548302 .0323845 1.69 0.093 -.0092678 .1189281 yr1988 | .0525921 .0296298 1.77 0.078 -.0060536 .1112378 yr1989 | .0481506 .0307109 1.57 0.119 -.0126349 .108936 yr1990 | .0063532 .0548661 0.12 0.908 -.1022423 .1149486 yr1991 | .1134272 .0396691 2.86 0.005 .0349109 .1919434 yr1992 | .0428316 .0378451 1.13 0.260 -.0320745 .1177376 yr1993 | .0496443 .028836 1.72 0.088 -.0074303 .1067188 yr1994 | .0594881 .0429472 1.39 0.168 -.0255165 .1444927 yr1995 | .0984145 .0573287 1.72 0.089 -.015055 .2118841 yr1996 | .0754586 .0437806 1.72 0.087 -.0111955 .1621127 yr1997 | -.004627 .0215856 -0.21 0.831 -.047351 .0380969 yr1998 | .0512924 .0396301 1.29 0.198 -.0271467 .1297315 yr1999 | .0642205 .0358807 1.79 0.076 -.0067974 .1352384 yr2000 | .0468876 .0744668 0.63 0.530 -.1005031 .1942783 yr2001 | .0700989 .0365485 1.92 0.057 -.0022407 .1424386 _cons | -.1540235 .0729545 -2.11 0.037 -.2984208 -.0096261 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -0.80 Pr > z = 0.421 Arellano-Bond test for AR(2) in first differences: z = -2.54 Pr > z = 0.011 Hansen test of overid. restrictions: chi2(965) = 116.14 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(768) = 118.10 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(197) = -1.95 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(948) = 120.10 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(17) = -3.95 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store P7, title(Benchmark panel regressions, P7) . xtabond2 lrgdpch L2.lrgdpch ldisteq lopenc lrule2 ldemoc L2.(lopenc lrule2 ldemoc) L4.(lopen > c lrule2 ldemoc) yr19* yr20*, gmm(L2.(lrgdpch lopenc lrule2 ldemoc) L4.(lrgdpch lopenc lrule > 2 ldemoc)) iv(ldisteq) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr1986 dropped due to collinearity yr1987 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1544 Time variable : year Number of groups = 125 Number of instruments = 730 Obs per group: min = 1 F(25, 124) = 4135.66 avg = 12.35 Prob > F = 0.000 max = 15 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L2. | .9884622 .0060871 162.39 0.000 .976414 1.00051 ldisteq | .0042333 .0046874 0.90 0.368 -.0050444 .0135109 lopenc | .0079547 .0267219 0.30 0.766 -.0449354 .0608448 lrule2 | .1155633 .0407899 2.83 0.005 .0348286 .1962979 ldemoc | -.0030249 .0078283 -0.39 0.700 -.0185194 .0124695 lopenc | L2. | .0381883 .0361574 1.06 0.293 -.0333774 .109754 lrule2 | L2. | -.090286 .0488459 -1.85 0.067 -.1869657 .0063937 ldemoc | L2. | .0180888 .0079059 2.29 0.024 .0024409 .0337367 lopenc | L4. | -.0452335 .0178361 -2.54 0.012 -.0805361 -.0099308 lrule2 | L4. | .028139 .022626 1.24 0.216 -.0166441 .0729221 ldemoc | L4. | -.0059475 .0076109 -0.78 0.436 -.0210116 .0091167 yr1988 | .0193173 .0112724 1.71 0.089 -.0029938 .0416285 yr1989 | .0141596 .0125692 1.13 0.262 -.0107184 .0390377 yr1990 | .0047465 .0125163 0.38 0.705 -.0200267 .0295198 yr1991 | -.013274 .0186075 -0.71 0.477 -.0501034 .0235555 yr1992 | -.0324855 .0171398 -1.90 0.060 -.06641 .001439 yr1993 | -.0172049 .0122157 -1.41 0.162 -.0413831 .0069733 yr1994 | .0015072 .0123378 0.12 0.903 -.0229128 .0259271 yr1995 | .0075879 .014012 0.54 0.589 -.0201458 .0353215 yr1996 | .0052941 .0118632 0.45 0.656 -.0181866 .0287747 yr1997 | .0029749 .0111076 0.27 0.789 -.0190101 .0249598 yr1998 | .0135954 .0101484 1.34 0.183 -.0064911 .033682 yr1999 | .0063625 .0107791 0.59 0.556 -.0149724 .0276975 yr2000 | .0159978 .013326 1.20 0.232 -.0103782 .0423738 yr2001 | .0140685 .0075105 1.87 0.063 -.0007969 .0289339 _cons | -.08168 .0644604 -1.27 0.207 -.2092652 .0459052 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -0.33 Pr > z = 0.742 Arellano-Bond test for AR(2) in first differences: z = -2.42 Pr > z = 0.016 Hansen test of overid. restrictions: chi2(704) = 113.12 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(588) = 102.94 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(116) = 10.18 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(703) = 108.45 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = 4.67 Prob > chi2 = 0.031 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L2.lrgdpch ldisteq lopenc lrule2 ldemoc L2.(lopenc lrule2 ldemoc) L4.(lopen > c lrule2 ldemoc) yr19* yr20*, gmm(L2.(lrgdpch lopenc lrule2 ldemoc) L4.(lrgdpch lopenc lrule > 2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr1986 dropped due to collinearity yr1987 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1544 Time variable : year Number of groups = 125 Number of instruments = 744 Obs per group: min = 1 F(25, 124) = 4618.54 avg = 12.35 Prob > F = 0.000 max = 15 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L2. | .989433 .0059211 167.10 0.000 .9777136 1.001152 ldisteq | .0044275 .0046542 0.95 0.343 -.0047845 .0136394 lopenc | .0057681 .0260461 0.22 0.825 -.0457844 .0573206 lrule2 | .1200122 .0386031 3.11 0.002 .0436058 .1964185 ldemoc | -.00612 .0069142 -0.89 0.378 -.0198052 .0075652 lopenc | L2. | .045923 .0358495 1.28 0.203 -.0250332 .1168792 lrule2 | L2. | -.0974455 .0439935 -2.21 0.029 -.184521 -.0103701 ldemoc | L2. | .0194539 .0073703 2.64 0.009 .0048661 .0340418 lopenc | L4. | -.049904 .0180384 -2.77 0.007 -.0856071 -.0142009 lrule2 | L4. | .0293944 .0206932 1.42 0.158 -.0115633 .070352 ldemoc | L4. | -.0055275 .0071277 -0.78 0.440 -.0196353 .0085802 yr1988 | .0170425 .0112904 1.51 0.134 -.0053044 .0393894 yr1989 | .0115487 .0127858 0.90 0.368 -.0137581 .0368554 yr1990 | -.0002237 .0126694 -0.02 0.986 -.0253 .0248525 yr1991 | -.0143005 .0182565 -0.78 0.435 -.0504351 .0218342 yr1992 | -.0346484 .0165812 -2.09 0.039 -.0674673 -.0018295 yr1993 | -.0137673 .0124493 -1.11 0.271 -.0384078 .0108733 yr1994 | -.0021769 .012496 -0.17 0.862 -.0269101 .0225562 yr1995 | .0065575 .0143154 0.46 0.648 -.0217767 .0348918 yr1996 | .0038763 .011842 0.33 0.744 -.0195623 .0273149 yr1997 | -.0000371 .0109204 -0.00 0.997 -.0216517 .0215775 yr1998 | .0096819 .010064 0.96 0.338 -.0102377 .0296014 yr1999 | .0032983 .0107579 0.31 0.760 -.0179947 .0245913 yr2000 | .0128727 .0132666 0.97 0.334 -.0133857 .0391311 yr2001 | .0123358 .0078036 1.58 0.116 -.0031096 .0277813 _cons | -.0854193 .0609196 -1.40 0.163 -.2059963 .0351577 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -0.38 Pr > z = 0.703 Arellano-Bond test for AR(2) in first differences: z = -2.43 Pr > z = 0.015 Hansen test of overid. restrictions: chi2(718) = 112.94 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(602) = 107.32 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(116) = 5.62 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(703) = 108.94 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(15) = 4.01 Prob > chi2 = 0.998 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store P8, title(Benchmark panel regressions, P8) . estout * using "C:\Panda\Output\table6.tex", replace style(tex) varlabels(_cons Constant) ce > lls (b(star fmt(%9.3f)) se(par fmt(%9.2f))) stats (r2 r2_a sargan sarganp ar2 ar2p N, labels > ("R$^2$" "Adjusted R$^2$" "Sargan $\chi^2$" "Sargan p-value" "AR(2) $\chi^2$" "AR(2) p-value > " "N")) starlevels(* 0.10 ** 0.05 *** 0.01) & P1 & P2 & P3 & P4 & P5 & > P6 & P7 & P8 \\ & b/se & b/se & b/se & b/se & b/se & > b/se & b/se & b/se \\ L.lrgdpch & 0.992***& 0.857***& 0.996***& 0.997***& 0.992***& > 0.986***& & \\ & (0.00) & (0.03) & (0.00) & (0.00) & (0.00) & > (0.00) & & \\ L2.lrgdpch & & & & & & > & 0.984***& 0.989***\\ & & & & & & > & (0.02) & (0.01) \\ ldisteq & 0.004** & 0.000 & 0.003 & 0.003 & 0.004* & > 0.004* & 0.011* & 0.004 \\ & (0.00) & (0.00) & (0.00) & (0.00) & (0.00) & > (0.00) & (0.01) & (0.00) \\ lopenc & 0.006* & 0.023** & 0.002 & 0.001 & 0.032 & > 0.005 & 0.035 & 0.006 \\ & (0.00) & (0.01) & (0.01) & (0.01) & (0.04) & > (0.04) & (0.04) & (0.03) \\ lrule2 & 0.030***& 0.031** & 0.034***& 0.030***& 0.089***& > 0.114***& 0.068 & 0.120***\\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.02) & > (0.03) & (0.05) & (0.04) \\ ldemoc & 0.003 & -0.003 & -0.000 & -0.000 & 0.015 & > 0.016 & 0.058* & -0.006 \\ & (0.00) & (0.00) & (0.00) & (0.00) & (0.01) & > (0.01) & (0.03) & (0.01) \\ yr1975 & 0.000 & 0.000 & & & & > & & \\ & (0.00) & (0.00) & & & & > & & \\ yr1976 & 0.000 & 0.000 & & & & > & & \\ & (0.00) & (0.00) & & & & > & & \\ yr1977 & 0.000 & 0.000 & & & & > & & \\ & (0.00) & (0.00) & & & & > & & \\ yr1978 & 0.000 & 0.000 & & & & > & & \\ & (0.00) & (0.00) & & & & > & & \\ yr1979 & 0.000 & 0.000 & & & & > & & \\ & (0.00) & (0.00) & & & & > & & \\ yr1980 & 0.000 & 0.000 & & & & > & & \\ & (0.00) & (0.00) & & & & > & & \\ yr1981 & 0.000 & 0.000 & & & & > & & \\ & (0.00) & (0.00) & & & & > & & \\ yr1982 & 0.000 & 0.000 & & & & > & & \\ & (0.00) & (0.00) & & & & > & & \\ yr1983 & 0.000 & 0.000 & & & & > & & \\ & (0.00) & (0.00) & & & & > & & \\ yr1984 & 0.015 & 0.004 & & & & > & & \\ & (0.01) & (0.01) & & & & > & & \\ yr1985 & 0.012 & 0.005 & -0.003 & -0.003 & -0.001 & > & & \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > & & \\ yr1986 & 0.022 & 0.016 & 0.006 & 0.006 & 0.011 & > 0.015 & 0.047* & \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.03) & \\ yr1987 & 0.019 & 0.015 & 0.005 & 0.004 & 0.009 & > 0.015 & 0.055* & \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.03) & \\ yr1988 & 0.028** & 0.024** & 0.013** & 0.013** & 0.022** & > 0.003 & 0.053* & 0.017 \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.03) & (0.01) \\ yr1989 & 0.017 & 0.015 & 0.003 & 0.002 & 0.001 & > 0.005 & 0.048 & 0.012 \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.03) & (0.01) \\ yr1990 & 0.020 & 0.019 & 0.008 & 0.006 & -0.008 & > 0.018* & 0.006 & -0.000 \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.02) & > (0.01) & (0.05) & (0.01) \\ yr1991 & 0.000 & 0.000 & -0.017 & -0.018 & -0.004 & > 0.008 & 0.113***& -0.014 \\ & (0.00) & (0.00) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.04) & (0.02) \\ yr1992 & 0.007 & 0.008 & -0.007 & -0.008 & -0.017* & > -0.019 & 0.043 & -0.035** \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.04) & (0.02) \\ yr1993 & 0.018 & 0.020 & 0.004 & 0.004 & -0.002 & > -0.012 & 0.050* & -0.014 \\ & (0.02) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.03) & (0.01) \\ yr1994 & 0.022 & 0.026** & 0.009 & 0.009 & 0.002 & > 0.011 & 0.059 & -0.002 \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.04) & (0.01) \\ yr1995 & 0.015 & 0.021* & 0.003 & 0.002 & 0.004 & > 0.013 & 0.098* & 0.007 \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.02) & (0.06) & (0.01) \\ yr1996 & 0.024* & 0.032** & 0.011* & 0.011* & 0.014 & > 0.014 & 0.075* & 0.004 \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.02) & (0.04) & (0.01) \\ yr1997 & 0.026** & 0.035***& 0.009 & 0.007 & 0.001 & > -0.004 & -0.005 & -0.000 \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.02) & (0.01) \\ yr1998 & 0.023 & 0.031** & 0.010 & 0.008 & 0.018 & > 0.014 & 0.051 & 0.010 \\ & (0.02) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.03) & (0.04) & (0.01) \\ yr1999 & 0.018 & 0.029* & 0.002 & 0.004 & 0.003 & > 0.002 & 0.064* & 0.003 \\ & (0.02) & (0.02) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.04) & (0.01) \\ yr2000 & 0.033** & 0.046***& 0.016***& 0.017***& 0.015* & > 0.023** & 0.047 & 0.013 \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.07) & (0.01) \\ yr2001 & 0.015 & 0.032** & 0.001 & 0.000 & -0.001 & > 0.016 & 0.070* & 0.012 \\ & (0.01) & (0.01) & (0.00) & (0.00) & (0.01) & > (0.01) & (0.04) & (0.01) \\ yr2002 & 0.014 & 0.033** & & & & > & & \\ & (0.01) & (0.01) & & & & > & & \\ yr2003 & 0.000 & 0.000 & & & & > & & \\ & (0.00) & (0.00) & & & & > & & \\ yr2004 & 0.000 & 0.000 & & & & > & & \\ & (0.00) & (0.00) & & & & > & & \\ yr2005 & 0.000 & 0.000 & & & & > & & \\ & (0.00) & (0.00) & & & & > & & \\ yr2006 & 0.000 & 0.000 & & & & > & & \\ & (0.00) & (0.00) & & & & > & & \\ L.lopenc & & & & & -0.015 & > 0.009 & & \\ & & & & & (0.04) & > (0.05) & & \\ L2.lopenc & & & & & & > -0.008 & -0.006 & 0.046 \\ & & & & & & > (0.02) & (0.04) & (0.04) \\ L4.lopenc & & & & & & > & & -0.050***\\ & & & & & & > & & (0.02) \\ L.lrule2 & & & & & -0.057** & > -0.001 & & \\ & & & & & (0.02) & > (0.05) & & \\ L2.lrule2 & & & & & & > -0.069* & -0.036 & -0.097** \\ & & & & & & > (0.04) & (0.06) & (0.04) \\ L4.lrule2 & & & & & & > & & 0.029 \\ & & & & & & > & & (0.02) \\ L.ldemoc & & & & & -0.013 & > -0.001 & & \\ & & & & & (0.01) & > (0.01) & & \\ L2.ldemoc & & & & & & > -0.009 & -0.053 & 0.019***\\ & & & & & & > (0.02) & (0.04) & (0.01) \\ L4.ldemoc & & & & & & > & & -0.006 \\ & & & & & & > & & (0.01) \\ Constant & -0.075***& 1.015***& -0.079* & -0.076** & -0.113** & > -0.064** & -0.154** & -0.085 \\ & (0.02) & (0.17) & (0.04) & (0.03) & (0.05) & > (0.03) & (0.07) & (0.06) \\ R$^2$ & 0.997 & 0.857 & & & & > & & \\ Adjusted R$^2$& 0.997 & 0.855 & & & > & & & \\ Sargan $\chi^2$& & & 107.498 & 112.463 & 112.344 > & 102.335 & 116.144 & 112.944 \\ Sargan p-value& & & 1.000 & 1.000 & 1.000 > & 1.000 & 1.000 & 1.000 \\ AR(2) $\chi^2$& & & -0.975 & -0.985 & -0.886 > & -1.145 & -2.537 & -2.431 \\ AR(2) p-value& & & 0.329 & 0.324 & 0.375 & > 0.252 & 0.011 & 0.015 \\ N & 2085.000 & 2085.000 & 1938.000 & 1938.000 & 1938.000 & > 1794.000 & 1812.000 & 1544.000 \\ . estimates clear . restore . . /* Robustness checks */ . . /* Robustness to other deep determinants */ . . preserve . keep lrgdpch lopenc lrule2 ldemoc ldist yr19* yr20* scode2 year region . drop if lrgdpch == . | lopenc == . | lrule2 == . | ldemoc == . | ldist == . (18453 observations deleted) . xtset scode2 year panel variable: scode2 (unbalanced) time variable: year, 1984 to 2002, but with gaps . label define region 2 "SW Asia" 4 "SE Asia", modify . tab region, gen(reg_) world | region | Freq. Percent Cum. ------------+----------------------------------- Africa | 522 24.96 24.96 SW Asia | 76 3.63 28.60 Asia | 73 3.49 32.09 SE Asia | 108 5.16 37.25 Pacific | 38 1.82 39.07 M East | 200 9.56 48.64 L.Americ | 340 16.26 64.90 C Americ | 72 3.44 68.34 C&E Euro | 155 7.41 75.75 W.Europe | 374 17.89 93.64 Gulf | 114 5.45 99.09 N.Americ | 19 0.91 100.00 ------------+----------------------------------- Total | 2,091 100.00 . gen reg_13 = 0 . replace reg_13 = 1 if reg_3 == 1 | reg_4 == 1 (181 real changes made) . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20* reg_*, gmm(L.(lrgdpch lo > penc lrule2 ldemoc)) iv(ldisteq) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity reg_12 dropped due to collinearity reg_13 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 682 Obs per group: min = 2 F(33, 124) = 6971.75 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9772256 .0127149 76.86 0.000 .9520593 1.002392 ldisteq | -.0053944 .0051261 -1.05 0.295 -.0155403 .0047515 lopenc | -.0057117 .007984 -0.72 0.476 -.0215142 .0100909 lrule2 | .0421992 .0108429 3.89 0.000 .0207382 .0636603 ldemoc | -.00242 .0042707 -0.57 0.572 -.010873 .006033 yr1985 | -.0080429 .0083698 -0.96 0.338 -.0246091 .0085233 yr1986 | .0010751 .0078657 0.14 0.892 -.0144934 .0166436 yr1987 | .0013903 .0070134 0.20 0.843 -.0124912 .0152719 yr1988 | .0096875 .0067093 1.44 0.151 -.003592 .0229671 yr1989 | .000368 .0083066 0.04 0.965 -.016073 .016809 yr1990 | .0048842 .0072673 0.67 0.503 -.0094997 .0192681 yr1991 | -.0205862 .0140556 -1.46 0.146 -.0484062 .0072337 yr1992 | -.0116459 .0088264 -1.32 0.189 -.0291158 .005824 yr1993 | -.000136 .0076649 -0.02 0.986 -.015307 .015035 yr1994 | .0053643 .0075155 0.71 0.477 -.009511 .0202395 yr1995 | -.0008194 .0067847 -0.12 0.904 -.0142483 .0126095 yr1996 | .0075534 .0057338 1.32 0.190 -.0037955 .0189023 yr1997 | .006284 .0075474 0.83 0.407 -.0086544 .0212225 yr1998 | .0070872 .0059661 1.19 0.237 -.0047213 .0188957 yr1999 | -.0005528 .0075619 -0.07 0.942 -.01552 .0144143 yr2000 | .0144291 .0053099 2.72 0.008 .0039193 .0249389 yr2001 | 8.78e-06 .0043623 0.00 0.998 -.0086255 .008643 reg_1 | -.1727314 .1777865 -0.97 0.333 -.5246208 .1791579 reg_2 | -.140046 .173597 -0.81 0.421 -.4836431 .203551 reg_3 | -.1395965 .1866559 -0.75 0.456 -.5090408 .2298479 reg_4 | -.0669766 .1786761 -0.37 0.708 -.4206267 .2866734 reg_5 | -.2426499 .2305778 -1.05 0.295 -.6990279 .2137281 reg_6 | -.1196567 .1726428 -0.69 0.490 -.4613652 .2220518 reg_7 | -.1262227 .177284 -0.71 0.478 -.4771175 .224672 reg_8 | -.1472557 .1719617 -0.86 0.393 -.487616 .1931046 reg_9 | -.0880016 .1742512 -0.51 0.614 -.4328935 .2568903 reg_10 | -.0819667 .1798234 -0.46 0.649 -.4378875 .2739542 reg_11 | -.0938053 .1729979 -0.54 0.589 -.4362166 .248606 _cons | .2350784 .2145821 1.10 0.275 -.1896396 .6597965 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.27 Pr > z = 0.023 Arellano-Bond test for AR(2) in first differences: z = -0.98 Pr > z = 0.327 Hansen test of overid. restrictions: chi2(648) = 102.69 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(580) = 112.07 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(68) = -9.38 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(647) = 107.44 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = -4.75 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20* reg_1 reg_7 reg_13, gmm( > L.(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 682 Obs per group: min = 2 F(25, 124) = 11559.32 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9857188 .0059757 164.95 0.000 .9738911 .9975464 ldisteq | -.0033743 .0033478 -1.01 0.315 -.0100004 .0032519 lopenc | .0009503 .0069475 0.14 0.891 -.0128006 .0147013 lrule2 | .0411315 .0098812 4.16 0.000 .0215737 .0606892 ldemoc | -.0019823 .0041074 -0.48 0.630 -.010112 .0061473 yr1985 | -.0051466 .0076861 -0.67 0.504 -.0203596 .0100663 yr1986 | .0043795 .0071737 0.61 0.543 -.0098192 .0185782 yr1987 | .0042355 .0063057 0.67 0.503 -.0082453 .0167163 yr1988 | .0126282 .0059003 2.14 0.034 .0009498 .0243065 yr1989 | .0029408 .0074171 0.40 0.692 -.0117397 .0176213 yr1990 | .0077247 .0066542 1.16 0.248 -.0054458 .0208951 yr1991 | -.0181087 .0134271 -1.35 0.180 -.0446847 .0084672 yr1992 | -.0090204 .0088124 -1.02 0.308 -.0264626 .0084217 yr1993 | .0023958 .0074759 0.32 0.749 -.0124011 .0171926 yr1994 | .007575 .0071715 1.06 0.293 -.0066194 .0217693 yr1995 | .0008879 .0061014 0.15 0.885 -.0111886 .0129643 yr1996 | .0091376 .005918 1.54 0.125 -.0025757 .0208509 yr1997 | .007281 .0070495 1.03 0.304 -.006672 .021234 yr1998 | .0079788 .0061571 1.30 0.197 -.0042078 .0201653 yr1999 | .0007275 .0075684 0.10 0.924 -.0142526 .0157075 yr2000 | .0149484 .0052302 2.86 0.005 .0045964 .0253004 yr2001 | .0003543 .0044024 0.08 0.936 -.0083593 .0090679 reg_1 | -.0487082 .0169647 -2.87 0.005 -.0822862 -.0151303 reg_7 | -.0243768 .0134284 -1.82 0.072 -.0509554 .0022018 reg_13 | .0026658 .0169019 0.16 0.875 -.0307878 .0361193 _cons | .0222916 .0608051 0.37 0.715 -.0980587 .1426419 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.24 Pr > z = 0.025 Arellano-Bond test for AR(2) in first differences: z = -0.98 Pr > z = 0.328 Hansen test of overid. restrictions: chi2(656) = 114.80 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(588) = 113.67 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(68) = 1.12 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(655) = 108.91 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = 5.89 Prob > chi2 = 0.015 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20* reg_1 reg_7 reg_13, gmm( > L.(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orth > og Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 699 Obs per group: min = 2 F(25, 124) = 13795.41 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9858222 .0061209 161.06 0.000 .9737072 .9979372 ldisteq | -.0044695 .0035468 -1.26 0.210 -.0114896 .0025507 lopenc | -.00037 .0061096 -0.06 0.952 -.0124627 .0117226 lrule2 | .0365364 .0092872 3.93 0.000 .0181545 .0549183 ldemoc | -.0011329 .0038958 -0.29 0.772 -.0088438 .006578 yr1985 | -.0051174 .0073431 -0.70 0.487 -.0196514 .0094166 yr1986 | .0051232 .0069069 0.74 0.460 -.0085475 .0187939 yr1987 | .0039227 .0065375 0.60 0.550 -.0090169 .0168623 yr1988 | .012585 .005956 2.11 0.037 .0007964 .0243735 yr1989 | .0020838 .0075537 0.28 0.783 -.0128671 .0170346 yr1990 | .0066673 .0066385 1.00 0.317 -.0064721 .0198066 yr1991 | -.0192364 .0137601 -1.40 0.165 -.0464716 .0079988 yr1992 | -.0104743 .0086818 -1.21 0.230 -.027658 .0067094 yr1993 | .0026025 .0077938 0.33 0.739 -.0128236 .0180285 yr1994 | .0067246 .0073981 0.91 0.365 -.0079182 .0213674 yr1995 | .0002465 .0063399 0.04 0.969 -.0123019 .0127949 yr1996 | .0091417 .0062025 1.47 0.143 -.0031347 .0214181 yr1997 | .0057378 .0070847 0.81 0.420 -.0082847 .0197604 yr1998 | .0069072 .0063361 1.09 0.278 -.0056337 .019448 yr1999 | .0019802 .007631 0.26 0.796 -.0131237 .0170841 yr2000 | .0158323 .005382 2.94 0.004 .0051799 .0264848 yr2001 | -.0000669 .004415 -0.02 0.988 -.0088055 .0086717 reg_1 | -.053062 .0183112 -2.90 0.004 -.089305 -.0168189 reg_7 | -.0273132 .014426 -1.89 0.061 -.0558662 .0012399 reg_13 | -.0035541 .0164508 -0.22 0.829 -.0361149 .0290066 _cons | .0463387 .0564385 0.82 0.413 -.0653689 .1580462 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.23 Pr > z = 0.026 Arellano-Bond test for AR(2) in first differences: z = -0.99 Pr > z = 0.322 Hansen test of overid. restrictions: chi2(673) = 113.43 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(605) = 113.56 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(68) = -0.13 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(655) = 106.76 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = 6.66 Prob > chi2 = 0.993 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Ta11, title(Robustness panel regressions, Ta11) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/1).(lopenc lrule2 ldemoc) yr19* yr20* reg_1 reg_7 reg > _13, gmm(L(0/2).(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 992 Obs per group: min = 2 F(28, 124) = 17246.64 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9851726 .0041169 239.30 0.000 .977024 .9933211 ldisteq | -.0019817 .0028735 -0.69 0.492 -.0076691 .0037057 lopenc | --. | .0285764 .0366186 0.78 0.437 -.043902 .1010549 L1. | -.0135471 .036192 -0.37 0.709 -.0851812 .058087 lrule2 | --. | .0886725 .023667 3.75 0.000 .0418288 .1355162 L1. | -.0579964 .0231208 -2.51 0.013 -.1037589 -.0122339 ldemoc | --. | .0161724 .0113488 1.43 0.157 -.00629 .0386348 L1. | -.0113932 .01163 -0.98 0.329 -.0344121 .0116257 yr1985 | -.0020339 .0077339 -0.26 0.793 -.0173414 .0132737 yr1986 | .0106766 .0082527 1.29 0.198 -.0056579 .0270111 yr1987 | .0099126 .0076582 1.29 0.198 -.0052452 .0250703 yr1988 | .0231143 .01025 2.26 0.026 .0028266 .0434019 yr1989 | .0013976 .0086833 0.16 0.872 -.0157891 .0185844 yr1990 | -.009867 .0147862 -0.67 0.506 -.039133 .0193991 yr1991 | -.0078488 .0122659 -0.64 0.523 -.0321265 .0164289 yr1992 | -.0194624 .0094213 -2.07 0.041 -.0381098 -.000815 yr1993 | -.0042296 .0114141 -0.37 0.712 -.0268214 .0183621 yr1994 | -.0003763 .0122225 -0.03 0.975 -.024568 .0238153 yr1995 | .00202 .0117895 0.17 0.864 -.0213148 .0253549 yr1996 | .0119132 .0135212 0.88 0.380 -.0148489 .0386754 yr1997 | -.0018541 .0089792 -0.21 0.837 -.0196265 .0159183 yr1998 | .0198989 .0136954 1.45 0.149 -.0072082 .0470059 yr1999 | .0025654 .0089 0.29 0.774 -.0150502 .0201809 yr2000 | .0150982 .0081985 1.84 0.068 -.0011289 .0313254 yr2001 | .001293 .0052496 0.25 0.806 -.0090974 .0116835 reg_1 | -.035605 .0122386 -2.91 0.004 -.0598286 -.0113814 reg_7 | -.0289177 .0103486 -2.79 0.006 -.0494006 -.0084349 reg_13 | .0074552 .0140541 0.53 0.597 -.0203618 .0352723 _cons | -.0129697 .0445588 -0.29 0.771 -.101164 .0752245 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.38 Pr > z = 0.017 Arellano-Bond test for AR(2) in first differences: z = -0.88 Pr > z = 0.378 Hansen test of overid. restrictions: chi2(963) = 110.23 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(766) = 109.81 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(197) = 0.42 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(962) = 108.01 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = 2.21 Prob > chi2 = 0.137 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/1).(lopenc lrule2 ldemoc) yr19* yr20* reg_1 reg_7 reg > _13, gmm(L(0/2).(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) rob > ust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 1009 Obs per group: min = 2 F(28, 124) = 20213.13 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .985927 .0039747 248.05 0.000 .9780599 .9937941 ldisteq | -.0018778 .0028809 -0.65 0.516 -.00758 .0038244 lopenc | --. | .0288847 .0365762 0.79 0.431 -.0435098 .1012793 L1. | -.0138053 .0360025 -0.38 0.702 -.0850643 .0574537 lrule2 | --. | .0907523 .0223986 4.05 0.000 .0464192 .1350853 L1. | -.0595651 .0222019 -2.68 0.008 -.1035089 -.0156214 ldemoc | --. | .01495 .0107906 1.39 0.168 -.0064076 .0363077 L1. | -.0114796 .011341 -1.01 0.313 -.0339266 .0109674 yr1985 | -.0020713 .0077994 -0.27 0.791 -.0175084 .0133659 yr1986 | .0105182 .008212 1.28 0.203 -.0057356 .0267719 yr1987 | .0094722 .0078474 1.21 0.230 -.0060599 .0250043 yr1988 | .022514 .0105494 2.13 0.035 .0016339 .0433942 yr1989 | .001162 .0090333 0.13 0.898 -.0167174 .0190414 yr1990 | -.0099006 .0146204 -0.68 0.500 -.0388385 .0190372 yr1991 | -.0060795 .0129121 -0.47 0.639 -.0316362 .0194771 yr1992 | -.0194266 .0096683 -2.01 0.047 -.038563 -.0002902 yr1993 | -.0038321 .0118562 -0.32 0.747 -.0272987 .0196346 yr1994 | -.0002996 .0128874 -0.02 0.981 -.0258075 .0252083 yr1995 | .0027537 .0125231 0.22 0.826 -.022033 .0275404 yr1996 | .0148234 .0141585 1.05 0.297 -.0132003 .0428471 yr1997 | .0004091 .0080494 0.05 0.960 -.0155229 .0163411 yr1998 | .0181942 .0142759 1.27 0.205 -.0100618 .0464502 yr1999 | .0022897 .0089279 0.26 0.798 -.015381 .0199605 yr2000 | .014606 .0080974 1.80 0.074 -.001421 .0306331 yr2001 | -.0014073 .0058125 -0.24 0.809 -.0129119 .0100972 reg_1 | -.0351428 .0118368 -2.97 0.004 -.058571 -.0117145 reg_7 | -.0271856 .0102014 -2.66 0.009 -.047377 -.0069943 reg_13 | .0091498 .013869 0.66 0.511 -.0183009 .0366005 _cons | -.0202254 .0459132 -0.44 0.660 -.1111004 .0706496 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.38 Pr > z = 0.017 Arellano-Bond test for AR(2) in first differences: z = -0.88 Pr > z = 0.381 Hansen test of overid. restrictions: chi2(980) = 109.84 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(783) = 113.51 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(197) = -3.67 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(962) = 102.93 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = 6.92 Prob > chi2 = 0.991 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Ta12, title(Robustness panel regressions, Ta12) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/2).(lopenc lrule2 ldemoc) yr19* yr20* reg_1 reg_7 reg > _13, gmm(L(0/2).(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq) robust orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1794 Time variable : year Number of groups = 125 Number of instruments = 975 Obs per group: min = 1 Wald chi2(30) = 509697.49 avg = 14.35 Prob > chi2 = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9792109 .0066591 147.05 0.000 .9661594 .9922624 ldisteq | -.0046332 .0031332 -1.48 0.139 -.0107742 .0015079 lopenc | --. | .0081643 .0397453 0.21 0.837 -.0697351 .0860637 L1. | -.021822 .0556015 -0.39 0.695 -.130799 .0871549 L2. | .0179702 .0220084 0.82 0.414 -.0251655 .0611059 lrule2 | --. | .1019428 .0279098 3.65 0.000 .0472406 .1566449 L1. | .0033558 .0490145 0.07 0.945 -.0927108 .0994224 L2. | -.0665579 .0324486 -2.05 0.040 -.130156 -.0029599 ldemoc | --. | .020319 .015562 1.31 0.192 -.0101819 .05082 L1. | -.0018051 .0122183 -0.15 0.883 -.0257524 .0221422 L2. | -.0085965 .0167398 -0.51 0.608 -.041406 .024213 yr1986 | .0098801 .0106719 0.93 0.355 -.0110363 .0307966 yr1987 | .0092881 .0094062 0.99 0.323 -.0091477 .0277238 yr1988 | .0023195 .0122142 0.19 0.849 -.0216199 .0262589 yr1989 | .0002205 .0112404 0.02 0.984 -.0218103 .0222513 yr1990 | .0139124 .0094579 1.47 0.141 -.0046249 .0324496 yr1991 | .0027861 .0104547 0.27 0.790 -.0177047 .0232769 yr1992 | -.0261683 .0096551 -2.71 0.007 -.0450919 -.0072447 yr1993 | -.0160568 .0093089 -1.72 0.085 -.034302 .0021883 yr1994 | .0090119 .012635 0.71 0.476 -.0157522 .033776 yr1995 | .0106063 .0139408 0.76 0.447 -.0167172 .0379299 yr1996 | .0085394 .0165319 0.52 0.605 -.0238626 .0409415 yr1997 | -.0100679 .0122756 -0.82 0.412 -.0341276 .0139917 yr1998 | .0125443 .0205309 0.61 0.541 -.0276955 .0527842 yr1999 | .0022783 .0097577 0.23 0.815 -.0168464 .021403 yr2000 | .0190228 .0087255 2.18 0.029 .0019212 .0361245 yr2001 | .0154274 .0100896 1.53 0.126 -.004348 .0352027 reg_1 | -.0486916 .0128829 -3.78 0.000 -.0739416 -.0234416 reg_7 | -.0364062 .0109646 -3.32 0.001 -.0578964 -.014916 reg_13 | -.0000117 .0145242 -0.00 0.999 -.0284787 .0284552 _cons | .0592993 .0461251 1.29 0.199 -.0311043 .1497028 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.27 Pr > z = 0.023 Arellano-Bond test for AR(2) in first differences: z = -0.94 Pr > z = 0.348 Hansen test of overid. restrictions: chi2(944) = 110.77 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(748) = 106.32 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(196) = 4.45 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(943) = 115.18 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = -4.41 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/2).(lopenc lrule2 ldemoc) yr19* yr20* reg_1 reg_7 reg > _13, gmm(L(0/2).(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) rob > ust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1794 Time variable : year Number of groups = 125 Number of instruments = 991 Obs per group: min = 1 F(30, 124) = 20528.99 avg = 14.35 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9774768 .0068184 143.36 0.000 .9639812 .9909724 ldisteq | -.0040518 .0030973 -1.31 0.193 -.0101822 .0020785 lopenc | --. | .0038218 .036094 0.11 0.916 -.0676183 .0752619 L1. | .006598 .0529386 0.12 0.901 -.0981824 .1113784 L2. | -.0056016 .0209772 -0.27 0.790 -.0471213 .0359182 lrule2 | --. | .1087797 .027319 3.98 0.000 .0547077 .1628517 L1. | .0015085 .0481128 0.03 0.975 -.0937202 .0967373 L2. | -.068054 .0352706 -1.93 0.056 -.1378644 .0017564 ldemoc | --. | .0157186 .0140261 1.12 0.265 -.012043 .0434803 L1. | .0021694 .0141281 0.15 0.878 -.025794 .0301328 L2. | -.0096632 .0156359 -0.62 0.538 -.0406111 .0212847 yr1986 | .014276 .0118581 1.20 0.231 -.0091945 .0377465 yr1987 | .0145699 .0110431 1.32 0.189 -.0072875 .0364273 yr1988 | .0043139 .0143028 0.30 0.763 -.0239954 .0326232 yr1989 | .0051318 .0125225 0.41 0.683 -.0196538 .0299174 yr1990 | .0168879 .0106331 1.59 0.115 -.0041579 .0379337 yr1991 | .0069882 .0115747 0.60 0.547 -.0159214 .0298978 yr1992 | -.0204081 .0117848 -1.73 0.086 -.0437336 .0029173 yr1993 | -.0133081 .0110822 -1.20 0.232 -.035243 .0086268 yr1994 | .0100185 .0143696 0.70 0.487 -.0184229 .0384599 yr1995 | .0129009 .0152311 0.85 0.399 -.0172457 .0430476 yr1996 | .0154183 .0196037 0.79 0.433 -.023383 .0542196 yr1997 | -.0053559 .013233 -0.40 0.686 -.0315477 .020836 yr1998 | .0126321 .0235453 0.54 0.593 -.0339707 .059235 yr1999 | .0030048 .0096151 0.31 0.755 -.0160261 .0220358 yr2000 | .0225671 .0090162 2.50 0.014 .0047215 .0404127 yr2001 | .0153566 .0101491 1.51 0.133 -.0047313 .0354445 reg_1 | -.0495645 .013123 -3.78 0.000 -.0755385 -.0235904 reg_7 | -.0327208 .0104522 -3.13 0.002 -.0534086 -.012033 reg_13 | -.0005807 .0149417 -0.04 0.969 -.0301545 .0289931 _cons | .0580454 .0406105 1.43 0.155 -.0223342 .138425 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.23 Pr > z = 0.025 Arellano-Bond test for AR(2) in first differences: z = -1.12 Pr > z = 0.264 Hansen test of overid. restrictions: chi2(960) = 110.36 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(764) = 111.67 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(196) = -1.30 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(943) = 109.88 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(17) = 0.48 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Ta13, title(Robustness panel regressions, Ta13) . xtabond2 lrgdpch lopenc lrule2 ldemoc L2.lrgdpch ldisteq L2.(lopenc lrule2 ldemoc) yr19* yr2 > 0* reg_1 reg_7 reg_13, gmm(L(0/2).(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq) robust small o > rthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1812 Time variable : year Number of groups = 125 Number of instruments = 973 Obs per group: min = 2 F(27, 124) = 5143.06 avg = 14.50 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lopenc | .0148124 .0290181 0.51 0.611 -.0426225 .0722473 lrule2 | .0555541 .0311822 1.78 0.077 -.0061643 .1172725 ldemoc | .0726378 .0416254 1.75 0.083 -.0097505 .1550261 lrgdpch | L2. | .9773875 .0081215 120.35 0.000 .9613127 .9934623 ldisteq | -.0065543 .0060133 -1.09 0.278 -.0184564 .0053477 lopenc | L2. | -.0101132 .0305469 -0.33 0.741 -.070574 .0503477 lrule2 | L2. | -.0170784 .0260481 -0.66 0.513 -.0686349 .0344782 ldemoc | L2. | -.058278 .0439288 -1.33 0.187 -.1452254 .0286694 yr1986 | .0365775 .0256766 1.42 0.157 -.0142436 .0873986 yr1987 | .0476092 .0284767 1.67 0.097 -.0087542 .1039726 yr1988 | .046946 .0252561 1.86 0.065 -.0030429 .0969349 yr1989 | .0086108 .02001 0.43 0.668 -.0309946 .0482163 yr1990 | .0146719 .0226589 0.65 0.518 -.0301764 .0595203 yr1991 | .0677891 .0296993 2.28 0.024 .0090059 .1265722 yr1992 | -.0425354 .0174448 -2.44 0.016 -.0770636 -.0080072 yr1993 | -.0109394 .0174712 -0.63 0.532 -.0455197 .0236409 yr1994 | .0637113 .0422624 1.51 0.134 -.0199378 .1473605 yr1995 | .0943505 .0499079 1.89 0.061 -.0044312 .1931321 yr1996 | .085066 .0373206 2.28 0.024 .0111981 .1589339 yr1997 | .0063517 .0194344 0.33 0.744 -.0321145 .0448178 yr1998 | .0514441 .0260259 1.98 0.050 -.0000685 .1029567 yr1999 | .0450265 .0261084 1.72 0.087 -.0066494 .0967023 yr2000 | .1131637 .0569072 1.99 0.049 .0005285 .2257989 yr2001 | .0641857 .0280867 2.29 0.024 .0085943 .1197771 reg_1 | -.0712979 .0181848 -3.92 0.000 -.1072908 -.035305 reg_7 | -.0579428 .0173401 -3.34 0.001 -.0922638 -.0236218 reg_13 | .0255374 .0264422 0.97 0.336 -.0267992 .077874 _cons | .0542715 .0662762 0.82 0.414 -.0769076 .1854506 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = 0.03 Pr > z = 0.977 Arellano-Bond test for AR(2) in first differences: z = -2.78 Pr > z = 0.005 Hansen test of overid. restrictions: chi2(945) = 108.03 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(750) = 112.48 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(195) = -4.46 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(944) = 114.11 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = -6.08 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch lopenc lrule2 ldemoc L2.lrgdpch ldisteq L2.(lopenc lrule2 ldemoc) yr19* yr2 > 0* reg_1 reg_7 reg_13, gmm(L(0/2).(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, eq > uation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1812 Time variable : year Number of groups = 125 Number of instruments = 990 Obs per group: min = 2 F(27, 124) = 5401.43 avg = 14.50 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lopenc | .0275689 .0378959 0.73 0.468 -.0474378 .1025755 lrule2 | .0599289 .0515405 1.16 0.247 -.0420842 .1619421 ldemoc | .0589241 .0345044 1.71 0.090 -.0093697 .1272179 lrgdpch | L2. | .9664208 .0188302 51.32 0.000 .9291505 1.003691 ldisteq | -.0031901 .0064615 -0.49 0.622 -.0159793 .009599 lopenc | L2. | -.0002493 .0357077 -0.01 0.994 -.0709249 .0704264 lrule2 | L2. | -.0298815 .0539122 -0.55 0.580 -.1365889 .0768259 ldemoc | L2. | -.0523116 .041096 -1.27 0.205 -.1336521 .0290288 yr1986 | .0451764 .0267406 1.69 0.094 -.0077507 .0981035 yr1987 | .0542664 .0315287 1.72 0.088 -.0081377 .1166705 yr1988 | .0520499 .0284411 1.83 0.070 -.004243 .1083429 yr1989 | .0470926 .0298403 1.58 0.117 -.0119696 .1061549 yr1990 | .0087422 .0524344 0.17 0.868 -.0950402 .1125247 yr1991 | .1094395 .0372677 2.94 0.004 .0356764 .1832027 yr1992 | .0389153 .0360138 1.08 0.282 -.0323661 .1101966 yr1993 | .0450988 .0276834 1.63 0.106 -.0096945 .099892 yr1994 | .0580576 .0418155 1.39 0.167 -.024707 .1408221 yr1995 | .096896 .0554671 1.75 0.083 -.0128889 .2066808 yr1996 | .076686 .042113 1.82 0.071 -.0066675 .1600394 yr1997 | -.0030082 .020634 -0.15 0.884 -.0438486 .0378322 yr1998 | .0483903 .0381987 1.27 0.208 -.0272157 .1239964 yr1999 | .0634396 .0348423 1.82 0.071 -.005523 .1324022 yr2000 | .0426215 .072271 0.59 0.556 -.100423 .1856661 yr2001 | .0680204 .0354502 1.92 0.057 -.0021453 .1381862 reg_1 | -.0999017 .0266709 -3.75 0.000 -.1526908 -.0471126 reg_7 | -.0537202 .0194001 -2.77 0.006 -.0921183 -.015322 reg_13 | .0044352 .0315602 0.14 0.888 -.0580312 .0669015 _cons | .0846981 .0775488 1.09 0.277 -.0687927 .2381889 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -0.74 Pr > z = 0.460 Arellano-Bond test for AR(2) in first differences: z = -2.54 Pr > z = 0.011 Hansen test of overid. restrictions: chi2(962) = 115.65 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(765) = 112.39 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(197) = 3.26 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(945) = 118.60 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(17) = -2.94 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L2.lrgdpch ldisteq lopenc lrule2 ldemoc L2.(lopenc lrule2 ldemoc) L4.(lopen > c lrule2 ldemoc) yr19* yr20* reg_1 reg_7 reg_13, gmm(L2.(lrgdpch lopenc lrule2 ldemoc) L4.(l > rgdpch lopenc lrule2 ldemoc)) iv(ldisteq) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr1986 dropped due to collinearity yr1987 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1544 Time variable : year Number of groups = 125 Number of instruments = 730 Obs per group: min = 1 F(28, 124) = 4411.79 avg = 12.35 Prob > F = 0.000 max = 15 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L2. | .9782645 .0079724 122.71 0.000 .9624849 .9940441 ldisteq | -.0049921 .0057414 -0.87 0.386 -.016356 .0063717 lopenc | .0079634 .0271923 0.29 0.770 -.0458578 .0617846 lrule2 | .0922458 .0395501 2.33 0.021 .013965 .1705265 ldemoc | -.000354 .0081758 -0.04 0.966 -.0165362 .0158281 lopenc | L2. | .0356732 .0345366 1.03 0.304 -.0326845 .1040309 lrule2 | L2. | -.0801668 .0467383 -1.72 0.089 -.1726751 .0123414 ldemoc | L2. | .018615 .0079004 2.36 0.020 .0029779 .0342521 lopenc | L4. | -.0433722 .017674 -2.45 0.016 -.078354 -.0083905 lrule2 | L4. | .0352083 .0243851 1.44 0.151 -.0130566 .0834732 ldemoc | L4. | -.0054796 .0076738 -0.71 0.477 -.0206683 .009709 yr1988 | .0208912 .0107023 1.95 0.053 -.0002917 .042074 yr1989 | .0156382 .012077 1.29 0.198 -.0082655 .0395419 yr1990 | .0058988 .0120769 0.49 0.626 -.0180048 .0298023 yr1991 | -.012571 .0178146 -0.71 0.482 -.0478312 .0226891 yr1992 | -.0291458 .0164735 -1.77 0.079 -.0617516 .0034599 yr1993 | -.0135375 .0121756 -1.11 0.268 -.0376364 .0105614 yr1994 | .0046731 .0128033 0.36 0.716 -.0206682 .0300144 yr1995 | .0099714 .0138881 0.72 0.474 -.0175169 .0374598 yr1996 | .0086004 .011494 0.75 0.456 -.0141495 .0313503 yr1997 | .006242 .0110357 0.57 0.573 -.0156009 .0280848 yr1998 | .0154131 .0100798 1.53 0.129 -.0045377 .0353639 yr1999 | .0090597 .010952 0.83 0.410 -.0126174 .0307368 yr2000 | .0178463 .0131485 1.36 0.177 -.0081781 .0438708 yr2001 | .0152153 .0073298 2.08 0.040 .0007075 .0297231 reg_1 | -.0575915 .0206962 -2.78 0.006 -.098555 -.016628 reg_7 | -.0440311 .0188543 -2.34 0.021 -.081349 -.0067133 reg_13 | .000768 .0262736 0.03 0.977 -.0512347 .0527708 _cons | .0698377 .0824428 0.85 0.399 -.0933397 .2330152 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -0.30 Pr > z = 0.768 Arellano-Bond test for AR(2) in first differences: z = -2.41 Pr > z = 0.016 Hansen test of overid. restrictions: chi2(701) = 102.50 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(585) = 96.89 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(116) = 5.61 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(700) = 102.77 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = -0.27 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L2.lrgdpch ldisteq lopenc lrule2 ldemoc L2.(lopenc lrule2 ldemoc) L4.(lopen > c lrule2 ldemoc) yr19* yr20* reg_1 reg_7 reg_13, gmm(L2.(lrgdpch lopenc lrule2 ldemoc) L4.(l > rgdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr1986 dropped due to collinearity yr1987 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1544 Time variable : year Number of groups = 125 Number of instruments = 744 Obs per group: min = 1 F(28, 124) = 4678.03 avg = 12.35 Prob > F = 0.000 max = 15 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L2. | .9779839 .0079202 123.48 0.000 .9623076 .9936601 ldisteq | -.0047091 .0057659 -0.82 0.416 -.0161215 .0067033 lopenc | .0061426 .0266667 0.23 0.818 -.0466384 .0589235 lrule2 | .09487 .038009 2.50 0.014 .0196395 .1701006 ldemoc | -.0040886 .0074759 -0.55 0.585 -.0188854 .0107083 lopenc | L2. | .0428907 .034342 1.25 0.214 -.0250817 .1108632 lrule2 | L2. | -.0859116 .0424692 -2.02 0.045 -.1699699 -.0018532 ldemoc | L2. | .0199318 .0074747 2.67 0.009 .0051373 .0347263 lopenc | L4. | -.0476778 .0178013 -2.68 0.008 -.0829114 -.0124441 lrule2 | L4. | .0382187 .0224693 1.70 0.091 -.0062543 .0826918 ldemoc | L4. | -.0050496 .0072244 -0.70 0.486 -.0193487 .0092496 yr1988 | .0190084 .0106836 1.78 0.078 -.0021374 .0401543 yr1989 | .0138411 .0122674 1.13 0.261 -.0104395 .0381217 yr1990 | .0019468 .0121779 0.16 0.873 -.0221566 .0260502 yr1991 | -.0125834 .0173624 -0.72 0.470 -.0469485 .0217817 yr1992 | -.0308776 .0159207 -1.94 0.055 -.0623891 .000634 yr1993 | -.0095318 .0126197 -0.76 0.451 -.0345098 .0154462 yr1994 | .0020724 .0129708 0.16 0.873 -.0236004 .0277452 yr1995 | .0096686 .0141799 0.68 0.497 -.0183975 .0377347 yr1996 | .0079067 .0114692 0.69 0.492 -.0147941 .0306076 yr1997 | .0042348 .0108174 0.39 0.696 -.0171759 .0256456 yr1998 | .012536 .0100127 1.25 0.213 -.007282 .032354 yr1999 | .0067403 .0109293 0.62 0.539 -.0148918 .0283723 yr2000 | .0152617 .0130315 1.17 0.244 -.0105313 .0410547 yr2001 | .0139042 .0075225 1.85 0.067 -.000985 .0287934 reg_1 | -.0615994 .020925 -2.94 0.004 -.1030158 -.0201829 reg_7 | -.0404208 .0185245 -2.18 0.031 -.0770859 -.0037557 reg_13 | .0034033 .026292 0.13 0.897 -.048636 .0554426 _cons | .0718345 .0792023 0.91 0.366 -.0849291 .2285981 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -0.34 Pr > z = 0.733 Arellano-Bond test for AR(2) in first differences: z = -2.42 Pr > z = 0.015 Hansen test of overid. restrictions: chi2(715) = 100.26 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(599) = 94.44 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(116) = 5.82 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(700) = 95.34 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(15) = 4.92 Prob > chi2 = 0.993 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . restore . preserve . keep lrgdpch lopenc lrule2 ldemoc ldist yr19* yr20* scode2 year colonizer* . drop if lrgdpch == . | lopenc == . | lrule2 == . | ldemoc == . | ldist == . (18453 observations deleted) . xtset scode2 year panel variable: scode2 (unbalanced) time variable: year, 1984 to 2002, but with gaps . gen col_fr = 0 . replace col_fr = 1 if colonizer1 == "FRA" | colonizer2 == "FRA" | colonizer3 == "FRA" | colo > nizer4 == "FRA" (356 real changes made) . gen col_eng = 0 . replace col_eng = 1 if colonizer1 == "GBR" | colonizer2 == "GBR" | colonizer3 == "GBR" | col > onizer4 == "GBR" (669 real changes made) . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20* col_eng col_fr, gmm(L.(l > rgdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 699 Obs per group: min = 2 F(24, 124) = 14971.62 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9947594 .0037645 264.25 0.000 .9873083 1.00221 ldisteq | .0022187 .0022062 1.01 0.317 -.002148 .0065854 lopenc | .0026406 .0059239 0.45 0.657 -.0090844 .0143655 lrule2 | .0340174 .0095298 3.57 0.001 .0151552 .0528796 ldemoc | -.0013767 .0048866 -0.28 0.779 -.0110486 .0082952 yr1985 | -.003043 .0074638 -0.41 0.684 -.0178159 .0117298 yr1986 | .0065816 .0067871 0.97 0.334 -.006852 .0200152 yr1987 | .0048872 .0065866 0.74 0.459 -.0081496 .017924 yr1988 | .0132006 .0060926 2.17 0.032 .0011417 .0252595 yr1989 | .00214 .0077525 0.28 0.783 -.0132044 .0174844 yr1990 | .0069814 .0066442 1.05 0.295 -.0061694 .0201322 yr1991 | -.01821 .0138239 -1.32 0.190 -.0455715 .0091514 yr1992 | -.0084336 .008643 -0.98 0.331 -.0255404 .0086733 yr1993 | .004479 .0079078 0.57 0.572 -.0111728 .0201308 yr1994 | .008902 .007348 1.21 0.228 -.0056417 .0234457 yr1995 | .0020253 .006208 0.33 0.745 -.010262 .0143127 yr1996 | .0108032 .0063721 1.70 0.093 -.001809 .0234154 yr1997 | .0071129 .0069851 1.02 0.311 -.0067126 .0209383 yr1998 | .0084674 .0065336 1.30 0.197 -.0044644 .0213991 yr1999 | .0033382 .0077234 0.43 0.666 -.0119486 .018625 yr2000 | .0167438 .0053748 3.12 0.002 .0061056 .027382 yr2001 | .0001155 .0044427 0.03 0.979 -.0086778 .0089087 col_eng | -.0068515 .011018 -0.62 0.535 -.0286592 .0149563 col_fr | -.0231334 .0114756 -2.02 0.046 -.0458469 -.0004199 _cons | -.0662473 .0344674 -1.92 0.057 -.134468 .0019734 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.23 Pr > z = 0.026 Arellano-Bond test for AR(2) in first differences: z = -0.98 Pr > z = 0.326 Hansen test of overid. restrictions: chi2(674) = 109.69 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(606) = 114.00 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(68) = -4.31 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(656) = 111.72 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = -2.02 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Ta21, title(Robustness panel regressions, Ta21) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/1).(lopenc lrule2 ldemoc) yr19* yr20* col_eng col_fr, > gmm(L(0/2).(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust > small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 1009 Obs per group: min = 2 F(27, 124) = 17939.67 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9906117 .0035062 282.53 0.000 .9836719 .9975515 ldisteq | .0037882 .0019426 1.95 0.053 -.0000569 .0076332 lopenc | --. | .0317654 .0356788 0.89 0.375 -.038853 .1023838 L1. | -.0131552 .0363304 -0.36 0.718 -.0850632 .0587528 lrule2 | --. | .0906698 .0218436 4.15 0.000 .0474351 .1339045 L1. | -.0551336 .0225592 -2.44 0.016 -.0997845 -.0104826 ldemoc | --. | .0133645 .0109041 1.23 0.223 -.0082177 .0349468 L1. | -.0126658 .011448 -1.11 0.271 -.0353246 .0099931 yr1985 | -.0014965 .0079527 -0.19 0.851 -.0172371 .0142442 yr1986 | .0104413 .0080498 1.30 0.197 -.0054914 .026374 yr1987 | .0086995 .0082287 1.06 0.292 -.0075875 .0249864 yr1988 | .0214445 .0110742 1.94 0.055 -.0004745 .0433635 yr1989 | .0010943 .0092028 0.12 0.906 -.0171206 .0193092 yr1990 | -.0084715 .0152244 -0.56 0.579 -.0386048 .0216618 yr1991 | -.0049274 .0132493 -0.37 0.711 -.0311514 .0212966 yr1992 | -.0172032 .0099546 -1.73 0.086 -.0369062 .0024998 yr1993 | -.0018143 .0121721 -0.15 0.882 -.0259063 .0222777 yr1994 | .0019937 .0131461 0.15 0.880 -.0240261 .0280135 yr1995 | .003098 .0124644 0.25 0.804 -.0215725 .0277685 yr1996 | .0131453 .0143209 0.92 0.360 -.0151997 .0414903 yr1997 | .0006902 .0078756 0.09 0.930 -.0148977 .0162782 yr1998 | .0187311 .0141855 1.32 0.189 -.0093459 .0468081 yr1999 | .0028239 .0091319 0.31 0.758 -.0152508 .0208985 yr2000 | .0150082 .008147 1.84 0.068 -.0011169 .0311333 yr2001 | -.0008949 .0057029 -0.16 0.876 -.0121826 .0103928 col_eng | .0052989 .0070194 0.75 0.452 -.0085946 .0191923 col_fr | -.0204102 .0097604 -2.09 0.039 -.0397287 -.0010917 _cons | -.1126159 .0430683 -2.61 0.010 -.1978601 -.0273717 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.36 Pr > z = 0.018 Arellano-Bond test for AR(2) in first differences: z = -0.88 Pr > z = 0.381 Hansen test of overid. restrictions: chi2(981) = 111.03 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(784) = 113.08 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(197) = -2.05 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(963) = 112.26 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = -1.23 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Ta22, title(Robustness panel regressions, Ta22) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/2).(lopenc lrule2 ldemoc) yr19* yr20* col_eng col_fr, > gmm(L(0/2).(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust > small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1794 Time variable : year Number of groups = 125 Number of instruments = 991 Obs per group: min = 1 F(29, 124) = 18731.26 avg = 14.35 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9844722 .0053184 185.11 0.000 .9739457 .9949988 ldisteq | .0035135 .0019921 1.76 0.080 -.0004294 .0074564 lopenc | --. | .0052555 .0357132 0.15 0.883 -.065431 .075942 L1. | .0071833 .0532058 0.14 0.893 -.0981259 .1124925 L2. | -.0055512 .0206633 -0.27 0.789 -.0464497 .0353473 lrule2 | --. | .1132907 .0277646 4.08 0.000 .0583367 .1682447 L1. | .0016704 .0483986 0.03 0.973 -.0941239 .0974648 L2. | -.0680742 .0345617 -1.97 0.051 -.1364816 .0003331 ldemoc | --. | .0157209 .0146251 1.07 0.284 -.0132263 .0446681 L1. | -.0008653 .0147397 -0.06 0.953 -.0300392 .0283087 L2. | -.0097798 .0160253 -0.61 0.543 -.0414984 .0219388 yr1986 | .0143636 .0115772 1.24 0.217 -.0085509 .037278 yr1987 | .0143997 .0108578 1.33 0.187 -.0070909 .0358902 yr1988 | .002749 .0143706 0.19 0.849 -.0256944 .0311925 yr1989 | .0037934 .0127148 0.30 0.766 -.0213728 .0289595 yr1990 | .0166424 .0103441 1.61 0.110 -.0038314 .0371163 yr1991 | .0080094 .011788 0.68 0.498 -.0153223 .0313411 yr1992 | -.0204511 .011716 -1.75 0.083 -.0436403 .0027382 yr1993 | -.013851 .0109081 -1.27 0.207 -.0354413 .0077392 yr1994 | .0111518 .0144077 0.77 0.440 -.0173652 .0396687 yr1995 | .0129508 .015565 0.83 0.407 -.0178567 .0437583 yr1996 | .0146152 .0205877 0.71 0.479 -.0261337 .0553642 yr1997 | -.0045806 .0136013 -0.34 0.737 -.0315013 .0223401 yr1998 | .0126936 .024582 0.52 0.607 -.0359611 .0613484 yr1999 | .0015801 .0096573 0.16 0.870 -.0175344 .0206945 yr2000 | .0228132 .0093117 2.45 0.016 .0043827 .0412436 yr2001 | .0160078 .0102539 1.56 0.121 -.0042875 .0363031 col_eng | .0009658 .0069126 0.14 0.889 -.0127163 .0146478 col_fr | -.0223762 .0092052 -2.43 0.016 -.0405959 -.0041564 _cons | -.0572616 .031068 -1.84 0.068 -.1187538 .0042306 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.23 Pr > z = 0.026 Arellano-Bond test for AR(2) in first differences: z = -1.15 Pr > z = 0.249 Hansen test of overid. restrictions: chi2(961) = 112.89 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(765) = 107.13 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(196) = 5.76 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(944) = 107.06 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(17) = 5.83 Prob > chi2 = 0.994 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Ta23, title(Robustness panel regressions, Ta23) . restore . preserve . keep lrgdpch lopenc lrule2 ldemoc ldist yr19* yr20* scode scode2 year . drop if lrgdpch == . | lopenc == . | lrule2 == . | ldemoc == . | ldist == . (18453 observations deleted) . xtset scode2 year panel variable: scode2 (unbalanced) time variable: year, 1984 to 2002, but with gaps . gen neoeurope = 0 . replace neoeurope = 1 if scode == "USA" | scode == "AUS" | scode == "CAN" | scode == "NZL" (76 real changes made) . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20* neoeurope, gmm(L.(lrgdpc > h lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 699 Obs per group: min = 2 F(23, 124) = 10432.11 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9989795 .0037432 266.88 0.000 .9915706 1.006388 ldisteq | .0047799 .0026301 1.82 0.072 -.0004258 .0099857 lopenc | -.0031549 .0068486 -0.46 0.646 -.0167102 .0104003 lrule2 | .0378978 .0100818 3.76 0.000 .0179431 .0578524 ldemoc | .0011576 .0037704 0.31 0.759 -.0063051 .0086204 yr1985 | -.000754 .0071471 -0.11 0.916 -.0149 .0133921 yr1986 | .008127 .0069498 1.17 0.244 -.0056286 .0218826 yr1987 | .0068819 .0067005 1.03 0.306 -.0063803 .0201442 yr1988 | .0152238 .0060786 2.50 0.014 .0031926 .027255 yr1989 | .0044939 .0076868 0.58 0.560 -.0107204 .0197082 yr1990 | .0095567 .0066174 1.44 0.151 -.0035409 .0226544 yr1991 | -.016272 .0134669 -1.21 0.229 -.0429268 .0103829 yr1992 | -.0070571 .0086657 -0.81 0.417 -.0242088 .0100947 yr1993 | .0051144 .0081718 0.63 0.533 -.0110599 .0212886 yr1994 | .0093147 .0074221 1.25 0.212 -.0053758 .0240051 yr1995 | .0022341 .0062535 0.36 0.722 -.0101434 .0146115 yr1996 | .0107785 .0063459 1.70 0.092 -.0017819 .0233388 yr1997 | .0071165 .0069577 1.02 0.308 -.0066548 .0208878 yr1998 | .0081393 .0066367 1.23 0.222 -.0049967 .0212752 yr1999 | .0028921 .0076792 0.38 0.707 -.0123072 .0180914 yr2000 | .016739 .0053159 3.15 0.002 .0062172 .0272607 yr2001 | .0000338 .0044572 0.01 0.994 -.0087882 .0088557 neoeurope | -.1613631 .0968303 -1.67 0.098 -.3530174 .0302912 _cons | -.103221 .0323818 -3.19 0.002 -.1673137 -.0391282 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.21 Pr > z = 0.027 Arellano-Bond test for AR(2) in first differences: z = -0.99 Pr > z = 0.321 Hansen test of overid. restrictions: chi2(675) = 106.50 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(607) = 108.45 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(68) = -1.95 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(657) = 113.85 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = -7.35 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Ta31, title(Robustness panel regressions, Ta31) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/1).(lopenc lrule2 ldemoc) yr19* yr20* neoeurope, gmm( > L(0/2).(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small > orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 1009 Obs per group: min = 2 F(26, 124) = 15063.79 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9922486 .0031377 316.23 0.000 .9860381 .9984591 ldisteq | .0045122 .0022792 1.98 0.050 1.04e-06 .0090233 lopenc | --. | .0299329 .0358319 0.84 0.405 -.0409886 .1008543 L1. | -.0141231 .0364275 -0.39 0.699 -.0862233 .0579771 lrule2 | --. | .0885221 .021887 4.04 0.000 .0452015 .1318427 L1. | -.0528158 .02287 -2.31 0.023 -.0980819 -.0075497 ldemoc | --. | .014365 .0104426 1.38 0.171 -.0063037 .0350338 L1. | -.0111969 .0108095 -1.04 0.302 -.032592 .0101982 yr1985 | .0003927 .0082328 0.05 0.962 -.0159022 .0166877 yr1986 | .0118464 .0083088 1.43 0.156 -.004599 .0282919 yr1987 | .0105104 .0082491 1.27 0.205 -.0058169 .0268378 yr1988 | .0233765 .010748 2.17 0.032 .0021032 .0446499 yr1989 | .0028598 .0094986 0.30 0.764 -.0159407 .0216602 yr1990 | -.0062109 .0149081 -0.42 0.678 -.0357182 .0232964 yr1991 | -.0031437 .0131582 -0.24 0.812 -.0291875 .0229 yr1992 | -.0155986 .0099962 -1.56 0.121 -.0353839 .0041866 yr1993 | -.0011341 .0122484 -0.09 0.926 -.0253772 .0231089 yr1994 | .0025131 .0131843 0.19 0.849 -.0235823 .0286085 yr1995 | .0040271 .012437 0.32 0.747 -.0205891 .0286433 yr1996 | .0139685 .0142626 0.98 0.329 -.0142612 .0421982 yr1997 | .000715 .0077917 0.09 0.927 -.0147069 .0161369 yr1998 | .0184129 .014288 1.29 0.200 -.0098671 .0466929 yr1999 | .00254 .0089321 0.28 0.777 -.0151391 .0202192 yr2000 | .0148929 .0080235 1.86 0.066 -.0009877 .0307736 yr2001 | -.0010886 .0057644 -0.19 0.851 -.012498 .0103209 neoeurope | -.0577112 .0417545 -1.38 0.169 -.140355 .0249326 _cons | -.1217638 .0472441 -2.58 0.011 -.2152731 -.0282545 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.35 Pr > z = 0.019 Arellano-Bond test for AR(2) in first differences: z = -0.89 Pr > z = 0.375 Hansen test of overid. restrictions: chi2(982) = 109.73 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(785) = 115.52 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(197) = -5.79 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(964) = 108.59 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = 1.14 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Ta32, title(Robustness panel regressions, Ta32) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/2).(lopenc lrule2 ldemoc) yr19* yr20* neoeurope, gmm( > L(0/2).(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small > orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1794 Time variable : year Number of groups = 125 Number of instruments = 991 Obs per group: min = 1 F(28, 124) = 19288.58 avg = 14.35 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9861763 .0049917 197.56 0.000 .9762964 .9960563 ldisteq | .0037482 .0021123 1.77 0.078 -.0004327 .0079291 lopenc | --. | .0048804 .035545 0.14 0.891 -.0654731 .0752339 L1. | .0089141 .0533277 0.17 0.868 -.0966364 .1144646 L2. | -.0083776 .0208223 -0.40 0.688 -.0495907 .0328355 lrule2 | --. | .1142617 .0286507 3.99 0.000 .0575539 .1709694 L1. | -.0012352 .0489534 -0.03 0.980 -.0981277 .0956573 L2. | -.0686283 .0355065 -1.93 0.056 -.1389057 .001649 ldemoc | --. | .0164919 .0143878 1.15 0.254 -.0119856 .0449695 L1. | -.0005119 .0146094 -0.04 0.972 -.0294281 .0284043 L2. | -.0093149 .0161067 -0.58 0.564 -.0411945 .0225647 yr1986 | .0147657 .0118552 1.25 0.215 -.0086992 .0382305 yr1987 | .014731 .0112128 1.31 0.191 -.0074623 .0369243 yr1988 | .0031271 .0151483 0.21 0.837 -.0268556 .0331098 yr1989 | .0047141 .0132894 0.35 0.723 -.0215894 .0310175 yr1990 | .0178104 .0107004 1.66 0.099 -.0033688 .0389895 yr1991 | .0080552 .0117956 0.68 0.496 -.0152917 .0314021 yr1992 | -.0188326 .0116663 -1.61 0.109 -.0419235 .0042583 yr1993 | -.0122275 .011173 -1.09 0.276 -.034342 .0098871 yr1994 | .0110608 .0146219 0.76 0.451 -.01788 .0400016 yr1995 | .0126026 .0159222 0.79 0.430 -.0189118 .044117 yr1996 | .0142274 .0205055 0.69 0.489 -.0263587 .0548136 yr1997 | -.0043718 .0134664 -0.32 0.746 -.0310256 .022282 yr1998 | .0135489 .0246684 0.55 0.584 -.0352768 .0623747 yr1999 | .0018131 .0096895 0.19 0.852 -.0173651 .0209912 yr2000 | .0232064 .009231 2.51 0.013 .0049356 .0414772 yr2001 | .0159644 .0102744 1.55 0.123 -.0043716 .0363003 neoeurope | -.0029742 .0245209 -0.12 0.904 -.0515079 .0455594 _cons | -.0644398 .0331758 -1.94 0.054 -.130104 .0012244 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.23 Pr > z = 0.026 Arellano-Bond test for AR(2) in first differences: z = -1.15 Pr > z = 0.252 Hansen test of overid. restrictions: chi2(962) = 101.73 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(766) = 111.39 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(196) = -9.66 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(945) = 114.83 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(17) = -13.10 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Ta33, title(Robustness panel regressions, Ta33) . restore . preserve . keep lrgdpch lopenc lrule2 ldemoc ldist yr19* yr20* scode scode2 year . drop if lrgdpch == . | lopenc == . | lrule2 == . | ldemoc == . | ldist == . (18453 observations deleted) . xtset scode2 year panel variable: scode2 (unbalanced) time variable: year, 1984 to 2002, but with gaps . gen oil = 0 . replace oil = 1 if scode == "NOR" | scode == "ECU" | scode == "BEL" | scode == "BHR" | scode > == "COL" | scode == "CAN" | scode == "IRQ" | scode == "TUN" | scode == "IDN" | scode == "TT > O" | scode == "LBY" | scode == "USA" | scode == "BOL" | scode == "KWT" | scode == "DZA" | sc > ode == "COG" | scode == "GBR" | scode == "ROM" | scode == "MEX" | scode == "VEN" | scode == > "IRN" | scode == "NGA" | scode == "QAT" | scode == "UAE" | scode == "OMN" | scode == "RUS" | > scode == "USR" | scode == "SAU" (482 real changes made) . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20* oil, gmm(L.(lrgdpch lope > nc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 699 Obs per group: min = 2 F(23, 124) = 13523.57 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9947161 .0035159 282.92 0.000 .9877572 1.001675 ldisteq | .0035058 .0025012 1.40 0.164 -.0014448 .0084565 lopenc | .0020139 .0058256 0.35 0.730 -.0095165 .0135444 lrule2 | .0316306 .0093532 3.38 0.001 .013118 .0501433 ldemoc | .0013167 .0033094 0.40 0.691 -.0052335 .0078669 yr1985 | -.002935 .0071922 -0.41 0.684 -.0171703 .0113003 yr1986 | .006251 .0068886 0.91 0.366 -.0073834 .0198855 yr1987 | .0047934 .0065615 0.73 0.466 -.0081936 .0177805 yr1988 | .0130747 .0060514 2.16 0.033 .0010973 .0250521 yr1989 | .0021151 .0076767 0.28 0.783 -.0130792 .0173094 yr1990 | .0071057 .0065232 1.09 0.278 -.0058056 .0200171 yr1991 | -.017859 .0136024 -1.31 0.192 -.044782 .0090641 yr1992 | -.0079304 .0086689 -0.91 0.362 -.0250886 .0092278 yr1993 | .0042522 .0080506 0.53 0.598 -.0116822 .0201867 yr1994 | .0085372 .007349 1.16 0.248 -.0060085 .023083 yr1995 | .0016075 .0063101 0.25 0.799 -.0108821 .014097 yr1996 | .0105298 .0062183 1.69 0.093 -.0017779 .0228376 yr1997 | .0067897 .0071108 0.95 0.342 -.0072846 .020864 yr1998 | .0080421 .0064818 1.24 0.217 -.0047872 .0208714 yr1999 | .0036337 .007757 0.47 0.640 -.0117195 .0189869 yr2000 | .0167882 .0053183 3.16 0.002 .0062618 .0273146 yr2001 | -.0000801 .0044518 -0.02 0.986 -.0088915 .0087313 oil | .0133627 .0110356 1.21 0.228 -.0084798 .0352053 _cons | -.0722601 .0330453 -2.19 0.031 -.137666 -.0068543 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.22 Pr > z = 0.026 Arellano-Bond test for AR(2) in first differences: z = -0.99 Pr > z = 0.324 Hansen test of overid. restrictions: chi2(675) = 116.63 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(607) = 113.62 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(68) = 3.01 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(657) = 106.52 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = 10.12 Prob > chi2 = 0.928 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Ta41, title(Robustness panel regressions, Ta41) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/1).(lopenc lrule2 ldemoc) yr19* yr20* oil, gmm(L(0/2) > .(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small ortho > g Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 1009 Obs per group: min = 2 F(26, 124) = 17919.67 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9949964 .0035189 282.76 0.000 .9880316 1.001961 ldisteq | .0036019 .0024683 1.46 0.147 -.0012835 .0084874 lopenc | --. | .0314804 .0355334 0.89 0.377 -.0388501 .101811 L1. | -.0147483 .0365673 -0.40 0.687 -.0871253 .0576287 lrule2 | --. | .089624 .021611 4.15 0.000 .0468498 .1323981 L1. | -.0609516 .0218707 -2.79 0.006 -.1042399 -.0176634 ldemoc | --. | .0127988 .0106176 1.21 0.230 -.0082164 .0338141 L1. | -.0125269 .0112753 -1.11 0.269 -.0348439 .0097901 yr1985 | -.0020069 .0079398 -0.25 0.801 -.017722 .0137082 yr1986 | .0100064 .0080369 1.25 0.215 -.0059009 .0259137 yr1987 | .0083759 .0079775 1.05 0.296 -.0074139 .0241657 yr1988 | .0212542 .0103854 2.05 0.043 .0006986 .0418098 yr1989 | .0007962 .0093002 0.09 0.932 -.0176115 .0192039 yr1990 | -.0083717 .0149923 -0.56 0.578 -.0380457 .0213022 yr1991 | -.0060592 .0126336 -0.48 0.632 -.0310646 .0189463 yr1992 | -.0173978 .0099486 -1.75 0.083 -.0370889 .0022932 yr1993 | -.0018507 .0121747 -0.15 0.879 -.0259479 .0222465 yr1994 | .0020947 .0133051 0.16 0.875 -.0242398 .0284292 yr1995 | .00396 .0124927 0.32 0.752 -.0207666 .0286865 yr1996 | .0144169 .0138662 1.04 0.300 -.0130281 .0418619 yr1997 | .0015359 .0077928 0.20 0.844 -.0138882 .01696 yr1998 | .019175 .014587 1.31 0.191 -.0096967 .0480466 yr1999 | .0031069 .0091039 0.34 0.733 -.0149122 .0211261 yr2000 | .0154135 .0081226 1.90 0.060 -.0006635 .0314904 yr2001 | -.0006617 .0058027 -0.11 0.909 -.0121469 .0108235 oil | -.0139984 .0079389 -1.76 0.080 -.0297117 .001715 _cons | -.1174926 .0469806 -2.50 0.014 -.2104802 -.0245049 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.37 Pr > z = 0.018 Arellano-Bond test for AR(2) in first differences: z = -0.88 Pr > z = 0.381 Hansen test of overid. restrictions: chi2(982) = 110.61 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(785) = 109.67 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(197) = 0.95 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(964) = 110.90 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = -0.29 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Ta42, title(Robustness panel regressions, Ta42) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/2).(lopenc lrule2 ldemoc) yr19* yr20* oil, gmm(L(0/2) > .(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small ortho > g Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1794 Time variable : year Number of groups = 125 Number of instruments = 991 Obs per group: min = 1 F(28, 124) = 18681.95 avg = 14.35 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9860037 .0053626 183.87 0.000 .9753896 .9966178 ldisteq | .0037371 .0021563 1.73 0.086 -.0005308 .008005 lopenc | --. | .0047821 .0356416 0.13 0.893 -.0657626 .0753269 L1. | .0090559 .0531625 0.17 0.865 -.0961677 .1142795 L2. | -.0083511 .0208353 -0.40 0.689 -.0495899 .0328878 lrule2 | --. | .114161 .0285869 3.99 0.000 .0575794 .1707426 L1. | -.0011774 .049028 -0.02 0.981 -.0982176 .0958628 L2. | -.0685918 .0351272 -1.95 0.053 -.1381183 .0009347 ldemoc | --. | .0166 .0140732 1.18 0.240 -.0112548 .0444548 L1. | -.000534 .0145876 -0.04 0.971 -.029407 .028339 L2. | -.0093578 .0160282 -0.58 0.560 -.0410821 .0223664 yr1986 | .0147438 .0116411 1.27 0.208 -.0082972 .0377849 yr1987 | .0147343 .0111189 1.33 0.188 -.0072731 .0367417 yr1988 | .0031571 .0149199 0.21 0.833 -.0263735 .0326877 yr1989 | .0046818 .0129565 0.36 0.718 -.0209627 .0303262 yr1990 | .0177829 .0106552 1.67 0.098 -.0033067 .0388726 yr1991 | .0080851 .0121212 0.67 0.506 -.0159061 .0320764 yr1992 | -.0188646 .0119067 -1.58 0.116 -.0424314 .0047022 yr1993 | -.0122259 .0110845 -1.10 0.272 -.0341652 .0097134 yr1994 | .0110512 .0144779 0.76 0.447 -.0176046 .039707 yr1995 | .0125981 .0157949 0.80 0.427 -.0186644 .0438606 yr1996 | .0143132 .0207445 0.69 0.491 -.026746 .0553724 yr1997 | -.0043318 .0137331 -0.32 0.753 -.0315133 .0228498 yr1998 | .0135526 .0248539 0.55 0.587 -.0356403 .0627454 yr1999 | .0018493 .0097277 0.19 0.850 -.0174044 .0211031 yr2000 | .023253 .0093251 2.49 0.014 .0047961 .0417099 yr2001 | .0159783 .0102928 1.55 0.123 -.0043941 .0363508 oil | .0009702 .0063145 0.15 0.878 -.0115279 .0134683 _cons | -.0636103 .0314893 -2.02 0.046 -.1259365 -.0012841 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.23 Pr > z = 0.026 Arellano-Bond test for AR(2) in first differences: z = -1.15 Pr > z = 0.251 Hansen test of overid. restrictions: chi2(962) = 111.54 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(766) = 102.85 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(196) = 8.69 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(945) = 115.33 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(17) = -3.79 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Ta43, title(Robustness panel regressions, Ta43) . restore . . /* Robustness to additional geography controls */ . . preserve . keep lrgdpch lopenc lrule2 ldemoc ldist yr19* yr20* scode scode2 year lat . drop if lrgdpch == . | lopenc == . | lrule2 == . | ldemoc == . | ldist == . (18453 observations deleted) . xtset scode2 year panel variable: scode2 (unbalanced) time variable: year, 1984 to 2002, but with gaps . gen tropics = 0 . replace tropics = 1 if abs(lat) < 23.5 (940 real changes made) . replace tropics = 0.1 if scode == "CHL" | scode == "CHN" | scode == "BHS" | scode == "BGD" (57 real changes made) . replace tropics = 0.2 if scode == "UAE" (19 real changes made) . replace tropics = 0.5 if scode == "BRA" | scode == "NAM" | scode == "BWA" | scode == "SAU" > | scode == "IND" | scode == "PRY" | scode == "OMN" | scode == "MEX" | scode == "TWN" (165 real changes made) . replace tropics = 0.6 if scode == "MOZ" (19 real changes made) . replace tropics = 0.8 if scode == "MRT" (0 real changes made) . replace tropics = 0.9 if scode == "MDG" (18 real changes made) . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20* tropics, gmm(L.(lrgdpch > lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 699 Obs per group: min = 2 F(23, 124) = 16696.95 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9936023 .0046425 214.02 0.000 .9844135 1.002791 ldisteq | -.0039567 .0045194 -0.88 0.383 -.0129018 .0049885 lopenc | .0029244 .0057281 0.51 0.611 -.0084132 .014262 lrule2 | .0264173 .0090256 2.93 0.004 .0085531 .0442814 ldemoc | .00094 .0037108 0.25 0.800 -.0064048 .0082848 yr1985 | -.0031634 .0071602 -0.44 0.659 -.0173355 .0110086 yr1986 | .0062296 .0068775 0.91 0.367 -.0073828 .019842 yr1987 | .0044561 .0065668 0.68 0.499 -.0085414 .0174537 yr1988 | .0127102 .0060279 2.11 0.037 .0007794 .0246411 yr1989 | .0015182 .007748 0.20 0.845 -.0138172 .0168535 yr1990 | .006414 .0066483 0.96 0.337 -.0067449 .0195729 yr1991 | -.0183706 .0138555 -1.33 0.187 -.0457945 .0090532 yr1992 | -.0076917 .0088766 -0.87 0.388 -.025261 .0098776 yr1993 | .0049754 .0081237 0.61 0.541 -.0111036 .0210544 yr1994 | .0094181 .0073161 1.29 0.200 -.0050626 .0238988 yr1995 | .0025738 .0061495 0.42 0.676 -.0095977 .0147453 yr1996 | .0119275 .0065332 1.83 0.070 -.0010037 .0248586 yr1997 | .008345 .0067796 1.23 0.221 -.0050736 .0217637 yr1998 | .0094477 .0068623 1.38 0.171 -.0041347 .0230302 yr1999 | .0040415 .007775 0.52 0.604 -.0113474 .0194304 yr2000 | .0171794 .0053306 3.22 0.002 .0066286 .0277302 yr2001 | -.000032 .0044517 -0.01 0.994 -.0088433 .0087792 tropics | -.0264083 .0163856 -1.61 0.110 -.05884 .0060235 _cons | -.0115602 .0571779 -0.20 0.840 -.1247314 .1016109 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.22 Pr > z = 0.026 Arellano-Bond test for AR(2) in first differences: z = -0.98 Pr > z = 0.327 Hansen test of overid. restrictions: chi2(675) = 105.51 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(607) = 117.93 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(68) = -12.42 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(657) = 112.37 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = -6.86 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Tb11, title(Robustness panel regressions, Tb11) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/1).(lopenc lrule2 ldemoc) yr19* yr20* tropics, gmm(L( > 0/2).(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small o > rthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 1009 Obs per group: min = 2 F(26, 124) = 22565.86 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9862547 .0042276 233.29 0.000 .9778871 .9946223 ldisteq | -.0065893 .0041535 -1.59 0.115 -.0148102 .0016316 lopenc | --. | .0298928 .0356535 0.84 0.403 -.0406754 .100461 L1. | -.0094595 .0359428 -0.26 0.793 -.0806004 .0616814 lrule2 | --. | .0861346 .0216558 3.98 0.000 .0432717 .1289976 L1. | -.0601284 .0216631 -2.78 0.006 -.1030057 -.017251 ldemoc | --. | .0149739 .0107988 1.39 0.168 -.0064 .0363478 L1. | -.0098487 .0112445 -0.88 0.383 -.0321047 .0124073 yr1985 | .0002708 .0077952 0.03 0.972 -.015158 .0156996 yr1986 | .0120427 .0081658 1.47 0.143 -.0041198 .0282052 yr1987 | .0103559 .0079515 1.30 0.195 -.0053825 .0260942 yr1988 | .0225476 .0106182 2.12 0.036 .0015313 .0435639 yr1989 | .0023974 .0091621 0.26 0.794 -.0157369 .0205317 yr1990 | -.0052611 .0148285 -0.35 0.723 -.0346108 .0240886 yr1991 | -.0043779 .012529 -0.35 0.727 -.0291764 .0204206 yr1992 | -.0148553 .0100547 -1.48 0.142 -.0347563 .0050457 yr1993 | .0005256 .0123418 0.04 0.966 -.0239023 .0249535 yr1994 | .0047079 .0132475 0.36 0.723 -.0215125 .0309283 yr1995 | .0054726 .0123104 0.44 0.657 -.0188931 .0298382 yr1996 | .0151529 .0138331 1.10 0.275 -.0122266 .0425325 yr1997 | .0030113 .0075972 0.40 0.693 -.0120256 .0180483 yr1998 | .0181307 .0151997 1.19 0.235 -.0119538 .0482152 yr1999 | .0039297 .0090526 0.43 0.665 -.013988 .0218473 yr2000 | .0156979 .0081661 1.92 0.057 -.000465 .0318608 yr2001 | -.0010862 .0058013 -0.19 0.852 -.0125686 .0103962 tropics | -.0397416 .0132509 -3.00 0.003 -.0659688 -.0135144 _cons | -.0116733 .0472722 -0.25 0.805 -.1052381 .0818916 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.35 Pr > z = 0.019 Arellano-Bond test for AR(2) in first differences: z = -0.92 Pr > z = 0.359 Hansen test of overid. restrictions: chi2(982) = 108.96 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(785) = 110.65 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(197) = -1.69 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(964) = 111.35 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = -2.39 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Tb12, title(Robustness panel regressions, Tb12) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/2).(lopenc lrule2 ldemoc) yr19* yr20* tropics, gmm(L( > 0/2).(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small o > rthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1794 Time variable : year Number of groups = 125 Number of instruments = 991 Obs per group: min = 1 F(28, 124) = 19713.50 avg = 14.35 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9792995 .0063167 155.03 0.000 .9667969 .9918021 ldisteq | -.00747 .0039543 -1.89 0.061 -.0152966 .0003565 lopenc | --. | .004596 .0360688 0.13 0.899 -.0667942 .0759862 L1. | .0061921 .0530541 0.12 0.907 -.0988167 .111201 L2. | -.0007818 .0207035 -0.04 0.970 -.0417598 .0401962 lrule2 | --. | .1107871 .0276774 4.00 0.000 .0560058 .1655684 L1. | -.0016181 .047732 -0.03 0.973 -.0960932 .092857 L2. | -.0711979 .0344099 -2.07 0.041 -.1393048 -.0030911 ldemoc | --. | .0170619 .014416 1.18 0.239 -.0114715 .0455952 L1. | .0013919 .0143466 0.10 0.923 -.0270041 .0297878 L2. | -.0084427 .0161566 -0.52 0.602 -.0404212 .0235358 yr1986 | .017165 .011913 1.44 0.152 -.0064142 .0407441 yr1987 | .0165498 .0111981 1.48 0.142 -.0056143 .0387139 yr1988 | .0056089 .0147331 0.38 0.704 -.023552 .0347698 yr1989 | .0071084 .0129069 0.55 0.583 -.0184379 .0326547 yr1990 | .0198343 .0107695 1.84 0.068 -.0014814 .0411501 yr1991 | .009756 .0121831 0.80 0.425 -.0143577 .0338697 yr1992 | -.0158015 .0120808 -1.31 0.193 -.0397127 .0081098 yr1993 | -.0087206 .0115682 -0.75 0.452 -.0316173 .014176 yr1994 | .0144656 .0146575 0.99 0.326 -.0145457 .0434769 yr1995 | .0168773 .0156265 1.08 0.282 -.0140519 .0478065 yr1996 | .0171348 .0208234 0.82 0.412 -.0240807 .0583502 yr1997 | -.0023991 .013746 -0.17 0.862 -.0296063 .0248081 yr1998 | .0165609 .025112 0.66 0.511 -.0331427 .0662645 yr1999 | .0050551 .0098931 0.51 0.610 -.0145262 .0246364 yr2000 | .0247312 .0094297 2.62 0.010 .0060672 .0433953 yr2001 | .0170794 .0103428 1.65 0.101 -.0033919 .0375507 tropics | -.0433772 .013491 -3.22 0.002 -.0700797 -.0166747 _cons | .043144 .047256 0.91 0.363 -.0503889 .1366769 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.24 Pr > z = 0.025 Arellano-Bond test for AR(2) in first differences: z = -1.10 Pr > z = 0.271 Hansen test of overid. restrictions: chi2(962) = 102.01 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(766) = 102.25 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(196) = -0.24 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(945) = 107.46 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(17) = -5.44 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Tb13, title(Robustness panel regressions, Tb13) . restore . preserve . keep lrgdpch lopenc lrule2 ldemoc ldist yr19* yr20* scode2 year landlocked . drop if lrgdpch == . | lopenc == . | lrule2 == . | ldemoc == . | ldist == . (18453 observations deleted) . xtset scode2 year panel variable: scode2 (unbalanced) time variable: year, 1984 to 2002, but with gaps . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20* landlocked, gmm(L.(lrgdp > ch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 699 Obs per group: min = 2 F(23, 124) = 14453.74 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9951424 .0033628 295.93 0.000 .9884865 1.001798 ldisteq | .0036384 .0026955 1.35 0.180 -.0016968 .0089736 lopenc | .0028652 .0064222 0.45 0.656 -.0098462 .0155766 lrule2 | .0309585 .0091096 3.40 0.001 .0129281 .0489889 ldemoc | .0004718 .0039211 0.12 0.904 -.0072891 .0082327 yr1985 | -.0034156 .0074083 -0.46 0.646 -.0180787 .0112474 yr1986 | .0060211 .0069081 0.87 0.385 -.007652 .0196942 yr1987 | .0046661 .0066612 0.70 0.485 -.0085182 .0178504 yr1988 | .0129538 .0061164 2.12 0.036 .0008477 .0250599 yr1989 | .0016701 .0078119 0.21 0.831 -.0137918 .017132 yr1990 | .0065237 .0067452 0.97 0.335 -.0068268 .0198743 yr1991 | -.0186032 .0140812 -1.32 0.189 -.0464738 .0092673 yr1992 | -.008316 .0087183 -0.95 0.342 -.025572 .00894 yr1993 | .004189 .0079955 0.52 0.601 -.0116364 .0200144 yr1994 | .0085418 .0073717 1.16 0.249 -.0060489 .0231325 yr1995 | .001612 .0062918 0.26 0.798 -.0108413 .0140653 yr1996 | .0106782 .0063684 1.68 0.096 -.0019266 .0232829 yr1997 | .0070358 .0069286 1.02 0.312 -.0066779 .0207495 yr1998 | .0081688 .0066211 1.23 0.220 -.0049361 .0212738 yr1999 | .0037128 .0077692 0.48 0.634 -.0116646 .0190902 yr2000 | .0169406 .0053029 3.19 0.002 .0064447 .0274366 yr2001 | -.0000643 .0044689 -0.01 0.989 -.0089095 .0087808 landlocked | -.0147665 .0105948 -1.39 0.166 -.0357366 .0062035 _cons | -.0710783 .0327628 -2.17 0.032 -.1359252 -.0062315 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.22 Pr > z = 0.026 Arellano-Bond test for AR(2) in first differences: z = -0.98 Pr > z = 0.325 Hansen test of overid. restrictions: chi2(675) = 105.54 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(607) = 104.98 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(68) = 0.56 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(657) = 110.16 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = -4.62 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Tb21, title(Robustness panel regressions, Tb21) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/1).(lopenc lrule2 ldemoc) yr19* yr20* landlocked, gmm > (L(0/2).(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust smal > l orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1938 Time variable : year Number of groups = 125 Number of instruments = 1009 Obs per group: min = 2 F(26, 124) = 16881.05 avg = 15.50 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9906802 .0034312 288.72 0.000 .9838888 .9974716 ldisteq | .0043581 .0024157 1.80 0.074 -.0004232 .0091394 lopenc | --. | .0312004 .0361273 0.86 0.389 -.0403057 .1027066 L1. | -.0128205 .0367738 -0.35 0.728 -.0856062 .0599652 lrule2 | --. | .0897678 .0217964 4.12 0.000 .0466266 .132909 L1. | -.0562099 .0223459 -2.52 0.013 -.1004387 -.0119812 ldemoc | --. | .0149683 .0105413 1.42 0.158 -.005896 .0358325 L1. | -.0127889 .0113225 -1.13 0.261 -.0351993 .0096215 yr1985 | -.001053 .0079629 -0.13 0.895 -.0168139 .0147079 yr1986 | .0108076 .0081018 1.33 0.185 -.0052281 .0268432 yr1987 | .009552 .0080961 1.18 0.240 -.0064724 .0255764 yr1988 | .0222029 .0107675 2.06 0.041 .0008909 .0435149 yr1989 | .0015448 .0092148 0.17 0.867 -.0166939 .0197835 yr1990 | -.007662 .0152524 -0.50 0.616 -.0378507 .0225267 yr1991 | -.0046014 .012956 -0.36 0.723 -.0302449 .0210421 yr1992 | -.0164568 .0098486 -1.67 0.097 -.0359498 .0030363 yr1993 | -.001474 .0121828 -0.12 0.904 -.0255872 .0226393 yr1994 | .002305 .0132076 0.17 0.862 -.0238365 .0284465 yr1995 | .0036959 .012551 0.29 0.769 -.0211461 .0285378 yr1996 | .0136144 .0140826 0.97 0.336 -.014259 .0414878 yr1997 | .0006863 .0078711 0.09 0.931 -.0148929 .0162655 yr1998 | .0182703 .0146134 1.25 0.214 -.0106538 .0471943 yr1999 | .0030232 .0090898 0.33 0.740 -.0149681 .0210145 yr2000 | .0152199 .0081692 1.86 0.065 -.0009492 .0313891 yr2001 | -.0013537 .0057831 -0.23 0.815 -.0128001 .0100927 landlocked | -.0116136 .0086999 -1.33 0.184 -.0288332 .005606 _cons | -.1100448 .0452852 -2.43 0.017 -.1996769 -.0204127 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.36 Pr > z = 0.018 Arellano-Bond test for AR(2) in first differences: z = -0.89 Pr > z = 0.374 Hansen test of overid. restrictions: chi2(982) = 113.51 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(785) = 106.56 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(197) = 6.95 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(964) = 107.27 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = 6.24 Prob > chi2 = 0.995 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Tb22, title(Robustness panel regressions, Tb22) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/2).(lopenc lrule2 ldemoc) yr19* yr20* landlocked, gmm > (L(0/2).(lrgdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust smal > l orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1794 Time variable : year Number of groups = 125 Number of instruments = 991 Obs per group: min = 1 F(28, 124) = 17901.96 avg = 14.35 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9846946 .005143 191.46 0.000 .9745152 .994874 ldisteq | .0041633 .002394 1.74 0.085 -.0005752 .0089018 lopenc | --. | .0036567 .0357457 0.10 0.919 -.067094 .0744074 L1. | .0101405 .0533041 0.19 0.849 -.0953633 .1156442 L2. | -.007218 .0207029 -0.35 0.728 -.0481948 .0337589 lrule2 | --. | .1131507 .0282537 4.00 0.000 .0572287 .1690727 L1. | .0011515 .0491361 0.02 0.981 -.0961027 .0984056 L2. | -.068775 .0349093 -1.97 0.051 -.1378702 .0003203 ldemoc | --. | .0168124 .014272 1.18 0.241 -.0114359 .0450607 L1. | -.0001362 .01454 -0.01 0.993 -.0289149 .0286426 L2. | -.0097204 .0158064 -0.61 0.540 -.0410057 .0215649 yr1986 | .0150138 .0115922 1.30 0.198 -.0079304 .0379579 yr1987 | .0150826 .011019 1.37 0.174 -.0067271 .0368923 yr1988 | .003857 .0147067 0.26 0.794 -.0252517 .0329657 yr1989 | .0051277 .0129234 0.40 0.692 -.0204514 .0307067 yr1990 | .0182212 .0105134 1.73 0.086 -.0025877 .0390301 yr1991 | .0083406 .0119637 0.70 0.487 -.015339 .0320202 yr1992 | -.0182322 .0118987 -1.53 0.128 -.0417831 .0053188 yr1993 | -.0116017 .0110634 -1.05 0.296 -.0334993 .010296 yr1994 | .0115862 .0144076 0.80 0.423 -.0169305 .0401029 yr1995 | .0134085 .015599 0.86 0.392 -.0174662 .0442833 yr1996 | .015298 .0204374 0.75 0.456 -.0251534 .0557494 yr1997 | -.0040658 .0135156 -0.30 0.764 -.030817 .0226855 yr1998 | .0133568 .0247035 0.54 0.590 -.0355382 .0622519 yr1999 | .0023897 .0096513 0.25 0.805 -.0167129 .0214923 yr2000 | .0238929 .0092448 2.58 0.011 .0055949 .042191 yr2001 | .016458 .0102728 1.60 0.112 -.0038747 .0367907 landlocked | -.013478 .0087195 -1.55 0.125 -.0307364 .0037804 _cons | -.0605263 .0315226 -1.92 0.057 -.1229184 .0018657 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.23 Pr > z = 0.026 Arellano-Bond test for AR(2) in first differences: z = -1.15 Pr > z = 0.249 Hansen test of overid. restrictions: chi2(962) = 111.98 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(766) = 109.52 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(196) = 2.46 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(945) = 109.69 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(17) = 2.29 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Tb23, title(Robustness panel regressions, Tb23) . restore . . /* Robustness to alternative institutions measures */ . . reg lrgdpch L.lrgdpch ldisteq lopenc rule3 ldemoc yr*, robust cluster(scode2) /* Coefficient > estimates biased upward (upper bound) */ Linear regression Number of obs = 618 F( 11, 130) =31513.84 Prob > F = 0.0000 R-squared = 0.9979 Number of clusters (scode2) = 131 Root MSE = .05248 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9969682 .0039649 251.45 0.000 .9891242 1.004812 ldisteq | .0056478 .0033253 1.70 0.092 -.000931 .0122266 lopenc | .0179984 .0079747 2.26 0.026 .0022214 .0337753 rule3 | .0003275 .0047811 0.07 0.945 -.0091313 .0097863 ldemoc | -.0006227 .0040648 -0.15 0.878 -.0086645 .0074191 yrsoffc | .0006663 .0004197 1.59 0.115 -.0001641 .0014966 yrcurnt | -.0009272 .0014181 -0.65 0.514 -.0037328 .0018784 yr1975 | (dropped) yr1976 | (dropped) yr1977 | (dropped) yr1978 | (dropped) yr1979 | (dropped) yr1980 | (dropped) yr1981 | (dropped) yr1982 | (dropped) yr1983 | (dropped) yr1984 | (dropped) yr1985 | (dropped) yr1986 | (dropped) yr1987 | (dropped) yr1988 | (dropped) yr1989 | (dropped) yr1990 | (dropped) yr1991 | (dropped) yr1992 | (dropped) yr1993 | (dropped) yr1994 | (dropped) yr1995 | (dropped) yr1996 | -.0129568 .0069343 -1.87 0.064 -.0266754 .0007619 yr1997 | (dropped) yr1998 | -.017699 .0056636 -3.13 0.002 -.0289037 -.0064943 yr1999 | (dropped) yr2000 | (dropped) yr2001 | (dropped) yr2002 | -.0239365 .0060932 -3.93 0.000 -.0359912 -.0118818 yr2003 | -.0109122 .0062686 -1.74 0.084 -.0233139 .0014895 yr2004 | (dropped) yr2005 | (dropped) yr2006 | (dropped) _cons | -.0316223 .0452827 -0.70 0.486 -.1212088 .0579642 ------------------------------------------------------------------------------ . xtreg lrgdpch L.lrgdpch ldisteq lopenc rule3 ldemoc yr*, fe robust cluster(scode2) /* Coeffi > cient estimates biased downward (lower bound) */ Fixed-effects (within) regression Number of obs = 618 Group variable (i): scode2 Number of groups = 131 R-sq: within = 0.8742 Obs per group: min = 1 between = 0.9985 avg = 4.7 overall = 0.9970 max = 5 F(10,130) = 332.61 corr(u_i, Xb) = 0.9439 Prob > F = 0.0000 (Std. Err. adjusted for 131 clusters in scode2) ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .8532859 .0219751 38.83 0.000 .8098108 .8967609 ldisteq | (dropped) lopenc | .0196549 .0194099 1.01 0.313 -.0187452 .058055 rule3 | .0396796 .0217544 1.82 0.070 -.0033589 .0827181 ldemoc | .0109294 .0087397 1.25 0.213 -.0063611 .02822 yrsoffc | .000372 .0006183 0.60 0.548 -.0008512 .0015952 yrcurnt | -.0009078 .0015365 -0.59 0.556 -.0039477 .002132 yr1975 | (dropped) yr1976 | (dropped) yr1977 | (dropped) yr1978 | (dropped) yr1979 | (dropped) yr1980 | (dropped) yr1981 | (dropped) yr1982 | (dropped) yr1983 | (dropped) yr1984 | (dropped) yr1985 | (dropped) yr1986 | (dropped) yr1987 | (dropped) yr1988 | (dropped) yr1989 | (dropped) yr1990 | (dropped) yr1991 | (dropped) yr1992 | (dropped) yr1993 | (dropped) yr1994 | (dropped) yr1995 | (dropped) yr1996 | -.0273894 .0067905 -4.03 0.000 -.0408236 -.0139551 yr1997 | (dropped) yr1998 | -.0235559 .0058838 -4.00 0.000 -.0351964 -.0119155 yr1999 | (dropped) yr2000 | (dropped) yr2001 | (dropped) yr2002 | -.0166327 .0064322 -2.59 0.011 -.0293581 -.0039074 yr2003 | -.0006847 .0055586 -0.12 0.902 -.0116816 .0103123 yr2004 | (dropped) yr2005 | (dropped) yr2006 | (dropped) _cons | 1.18287 .2371707 4.99 0.000 .7136556 1.652084 -------------+---------------------------------------------------------------- sigma_u | .13853162 sigma_e | .04652958 rho | .89862332 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . /* ivreg D.lrgdpch (D.L.rgdpch = LL.rgdpch) D.(lopenc L.lopenc rule3 L.rule3 ldemoc L.ldemoc > ) yr*, robust cluster(scode2) */ . preserve . keep lrgdpch lopenc rule3 ldemoc ldist yr* scode2 year . drop if lrgdpch == . | lopenc == . | rule3 == . | ldemoc == . | ldist == . (19834 observations deleted) . xtset scode2 year panel variable: scode2 (unbalanced) time variable: year, 1996 to 2003, but with gaps . sort scode2 year . by scode2: gen laglrgdpch = lrgdpch[_n-1] (152 missing values generated) . by scode2: gen lag2lrgdpch = lrgdpch[_n-2] (300 missing values generated) . by scode2: gen laglopenc = lopenc[_n-1] (152 missing values generated) . by scode2: gen lag2lopenc = lopenc[_n-2] (300 missing values generated) . by scode2: gen lagrule3 = rule3[_n-1] (152 missing values generated) . by scode2: gen lag2rule3 = rule3[_n-2] (300 missing values generated) . by scode2: gen lagldemoc = ldemoc[_n-1] (152 missing values generated) . by scode2: gen lag2ldemoc = ldemoc[_n-2] (300 missing values generated) . xtabond2 lrgdpch laglrgdpch ldisteq lopenc rule3 ldemoc yr1996 yr1998 yr2000 yr2002 yr2003, > gmm(laglrgdpch laglopenc lagrule3 lagldemoc) iv(ldisteq) robust orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1996 dropped due to collinearity yr2003 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 558 Time variable : year Number of groups = 148 Number of instruments = 30 Obs per group: min = 1 Wald chi2(8) = 555.69 avg = 3.77 Prob > chi2 = 0.000 max = 4 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- laglrgdpch | .8429463 .1032278 8.17 0.000 .6406234 1.045269 ldisteq | .1154356 .0673081 1.72 0.086 -.0164859 .2473571 lopenc | -.001429 .114552 -0.01 0.990 -.2259469 .2230888 rule3 | -.0704036 .1240759 -0.57 0.570 -.3135879 .1727808 ldemoc | -.0672707 .0852378 -0.79 0.430 -.2343337 .0997923 yr1998 | .0014901 .0181789 0.08 0.935 -.0341399 .0371201 yr2000 | .0166023 .0133392 1.24 0.213 -.009542 .0427466 yr2002 | -.0006081 .008997 -0.07 0.946 -.0182419 .0170257 _cons | 1.126116 .9113647 1.24 0.217 -.660126 2.912358 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = . Pr > z = . Arellano-Bond test for AR(2) in first differences: z = . Pr > z = . Hansen test of overid. restrictions: chi2(21) = 16.99 Prob > chi2 = 0.712 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(17) = 10.91 Prob > chi2 = 0.861 Difference (null H = exogenous): chi2(4) = 6.07 Prob > chi2 = 0.194 ivstyle(ldisteq) Hansen test excluding group: chi2(20) = 15.19 Prob > chi2 = 0.765 Difference (null H = exogenous): chi2(1) = 1.79 Prob > chi2 = 0.180 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch laglrgdpch ldisteq lopenc rule3 ldemoc yr1996 yr1998 yr2000 yr2002 yr2003, > gmm(laglrgdpch laglopenc lagrule3 lagldemoc) iv(ldisteq) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1996 dropped due to collinearity yr2003 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 558 Time variable : year Number of groups = 148 Number of instruments = 30 Obs per group: min = 1 F(8, 147) = 69.46 avg = 3.77 Prob > F = 0.000 max = 4 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- laglrgdpch | .8429463 .1032278 8.17 0.000 .638944 1.046949 ldisteq | .1154356 .0673081 1.72 0.088 -.017581 .2484522 lopenc | -.001429 .114552 -0.01 0.990 -.2278106 .2249525 rule3 | -.0704036 .1240759 -0.57 0.571 -.3156065 .1747994 ldemoc | -.0672707 .0852378 -0.79 0.431 -.2357204 .101179 yr1998 | .0014901 .0181789 0.08 0.935 -.0344357 .0374159 yr2000 | .0166023 .0133392 1.24 0.215 -.009759 .0429636 yr2002 | -.0006081 .008997 -0.07 0.946 -.0183883 .0171721 _cons | 1.126116 .9113647 1.24 0.219 -.6749533 2.927185 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = . Pr > z = . Arellano-Bond test for AR(2) in first differences: z = . Pr > z = . Hansen test of overid. restrictions: chi2(21) = 16.99 Prob > chi2 = 0.712 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(17) = 10.91 Prob > chi2 = 0.861 Difference (null H = exogenous): chi2(4) = 6.07 Prob > chi2 = 0.194 ivstyle(ldisteq) Hansen test excluding group: chi2(20) = 15.19 Prob > chi2 = 0.765 Difference (null H = exogenous): chi2(1) = 1.79 Prob > chi2 = 0.180 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch laglrgdpch ldisteq lopenc rule3 ldemoc yr1996 yr1998 yr2000 yr2002 yr2003, > gmm(laglrgdpch laglopenc lagrule3 lagldemoc) iv(ldisteq yr1996 yr1998 yr2000 yr2002 yr2003, > equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1996 dropped due to collinearity yr2003 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 558 Time variable : year Number of groups = 148 Number of instruments = 33 Obs per group: min = 1 F(8, 147) = 517.98 avg = 3.77 Prob > F = 0.000 max = 4 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- laglrgdpch | 1.033204 .0422027 24.48 0.000 .9498019 1.116607 ldisteq | -.0107524 .0229857 -0.47 0.641 -.0561774 .0346727 lopenc | .058499 .031209 1.87 0.063 -.0031773 .1201753 rule3 | -.0113423 .0509721 -0.22 0.824 -.112075 .0893905 ldemoc | .0317729 .0338778 0.94 0.350 -.0351775 .0987234 yr1998 | .0338614 .0123084 2.75 0.007 .0095372 .0581856 yr2000 | .0280975 .0107072 2.62 0.010 .0069375 .0492575 yr2002 | .0013778 .0104264 0.13 0.895 -.0192273 .0219829 _cons | -.5256184 .4107886 -1.28 0.203 -1.337433 .2861957 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = . Pr > z = . Arellano-Bond test for AR(2) in first differences: z = . Pr > z = . Hansen test of overid. restrictions: chi2(24) = 21.12 Prob > chi2 = 0.632 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(20) = 17.52 Prob > chi2 = 0.619 Difference (null H = exogenous): chi2(4) = 3.60 Prob > chi2 = 0.463 ivstyle(ldisteq yr1996 yr1998 yr2000 yr2002 yr2003, equation(level)) Hansen test excluding group: chi2(20) = 15.90 Prob > chi2 = 0.723 Difference (null H = exogenous): chi2(4) = 5.22 Prob > chi2 = 0.265 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Tb31, title(Robustness panel regressions, Tb31) . xtabond2 lrgdpch laglrgdpch ldisteq lopenc rule3 ldemoc laglrgdpch laglopenc lagrule3 laglde > moc yr1996 yr1998 yr2000 yr2002 yr2003, gmm(lopenc rule3 ldemoc laglrgdpch laglopenc lagrule > 3 lagldemoc) iv(ldisteq) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. laglrgdpch dropped due to collinearity yr1996 dropped due to collinearity yr2003 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 558 Time variable : year Number of groups = 148 Number of instruments = 49 Obs per group: min = 1 F(11, 147) = 922.75 avg = 3.77 Prob > F = 0.000 max = 4 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- laglrgdpch | .9829205 .0383011 25.66 0.000 .9072286 1.058612 ldisteq | .0126159 .0140364 0.90 0.370 -.0151233 .040355 lopenc | .0251583 .0393669 0.64 0.524 -.0526399 .1029565 rule3 | .0686421 .0337176 2.04 0.044 .0020082 .1352759 ldemoc | -.0394413 .0293097 -1.35 0.180 -.0973641 .0184815 laglopenc | .0263305 .043093 0.61 0.542 -.0588313 .1114924 lagrule3 | -.0524929 .0392911 -1.34 0.184 -.1301412 .0251554 lagldemoc | .0233165 .0204196 1.14 0.255 -.0170374 .0636704 yr1998 | .0240498 .0097756 2.46 0.015 .004731 .0433686 yr2000 | .0297309 .0105685 2.81 0.006 .0088451 .0506168 yr2002 | .001351 .0096681 0.14 0.889 -.0177555 .0204574 _cons | -.0611988 .3431612 -0.18 0.859 -.7393653 .6169677 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = . Pr > z = . Arellano-Bond test for AR(2) in first differences: z = . Pr > z = . Hansen test of overid. restrictions: chi2(37) = 36.02 Prob > chi2 = 0.515 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(30) = 28.30 Prob > chi2 = 0.554 Difference (null H = exogenous): chi2(7) = 7.72 Prob > chi2 = 0.358 ivstyle(ldisteq) Hansen test excluding group: chi2(36) = 32.51 Prob > chi2 = 0.635 Difference (null H = exogenous): chi2(1) = 3.51 Prob > chi2 = 0.061 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch laglrgdpch ldisteq lopenc rule3 ldemoc laglrgdpch laglopenc lagrule3 laglde > moc yr1996 yr1998 yr2000 yr2002 yr2003, gmm(lopenc rule3 ldemoc laglrgdpch laglopenc lagrule > 3 lagldemoc) iv(ldisteq yr1996 yr1998 yr2000 yr2002 yr2003, equation(level)) robust small or > thog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. laglrgdpch dropped due to collinearity yr1996 dropped due to collinearity yr2003 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 558 Time variable : year Number of groups = 148 Number of instruments = 52 Obs per group: min = 1 F(11, 147) = 512.51 avg = 3.77 Prob > F = 0.000 max = 4 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- laglrgdpch | 1.02414 .0373606 27.41 0.000 .950307 1.097973 ldisteq | -.0109698 .0187073 -0.59 0.559 -.0479399 .0260003 lopenc | .0413323 .028212 1.47 0.145 -.0144212 .0970859 rule3 | .0671394 .0388216 1.73 0.086 -.0095811 .1438599 ldemoc | -.0188852 .0345005 -0.55 0.585 -.0870663 .0492959 laglopenc | .0207627 .0422182 0.49 0.624 -.0626703 .1041956 lagrule3 | -.0540356 .0397982 -1.36 0.177 -.1326861 .024615 lagldemoc | .0313177 .0199154 1.57 0.118 -.0080398 .0706751 yr1998 | .0336188 .0135447 2.48 0.014 .0068512 .0603863 yr2000 | .0317039 .0112424 2.82 0.005 .0094862 .0539215 yr2002 | .0021026 .0099493 0.21 0.833 -.0175595 .0217647 _cons | -.4321281 .3819042 -1.13 0.260 -1.18686 .3226038 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = . Pr > z = . Arellano-Bond test for AR(2) in first differences: z = . Pr > z = . Hansen test of overid. restrictions: chi2(40) = 40.14 Prob > chi2 = 0.464 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(33) = 29.70 Prob > chi2 = 0.632 Difference (null H = exogenous): chi2(7) = 10.44 Prob > chi2 = 0.165 ivstyle(ldisteq yr1996 yr1998 yr2000 yr2002 yr2003, equation(level)) Hansen test excluding group: chi2(36) = 36.03 Prob > chi2 = 0.467 Difference (null H = exogenous): chi2(4) = 4.12 Prob > chi2 = 0.390 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Tb32, title(Robustness panel regressions, Tb32) . xtabond2 lrgdpch laglrgdpch ldisteq lopenc rule3 ldemoc laglrgdpch laglopenc lagrule3 laglde > moc lag2lopenc lag2rule3 lag2ldemoc yr1996 yr1998 yr2000 yr2002 yr2003, gmm(lopenc rule3 lde > moc laglrgdpch laglopenc lagrule3 lagldemoc) iv(ldisteq) robust orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. laglrgdpch dropped due to collinearity yr1996 dropped due to collinearity yr1998 dropped due to collinearity yr2003 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 410 Time variable : year Number of groups = 145 Number of instruments = 38 Obs per group: min = 1 Wald chi2(13) = 6040.57 avg = 2.83 Prob > chi2 = 0.000 max = 3 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- laglrgdpch | .9663959 .0487462 19.83 0.000 .8708551 1.061937 ldisteq | .0253762 .0211853 1.20 0.231 -.0161463 .0668987 lopenc | .0155544 .0637491 0.24 0.807 -.1093916 .1405005 rule3 | .1262783 .041622 3.03 0.002 .0447006 .207856 ldemoc | -.0445823 .0373325 -1.19 0.232 -.1177526 .0285881 laglopenc | .0081235 .0651663 0.12 0.901 -.1196001 .1358472 lagrule3 | -.0907613 .0678181 -1.34 0.181 -.2236823 .0421597 lagldemoc | .0231581 .0156853 1.48 0.140 -.0075845 .0539006 lag2lopenc | .0001523 .0478895 0.00 0.997 -.0937094 .094014 lag2rule3 | .0129665 .0423678 0.31 0.760 -.0700729 .0960059 lag2ldemoc | -.0511699 .0401067 -1.28 0.202 -.1297776 .0274378 yr2000 | .0216223 .0171388 1.26 0.207 -.0119691 .0552137 yr2002 | .0008701 .0111631 0.08 0.938 -.0210092 .0227493 _cons | .2489697 .5082652 0.49 0.624 -.7472118 1.245151 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = . Pr > z = . Arellano-Bond test for AR(2) in first differences: z = . Pr > z = . Hansen test of overid. restrictions: chi2(24) = 23.92 Prob > chi2 = 0.466 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(17) = 19.42 Prob > chi2 = 0.305 Difference (null H = exogenous): chi2(7) = 4.50 Prob > chi2 = 0.720 ivstyle(ldisteq) Hansen test excluding group: chi2(23) = 23.83 Prob > chi2 = 0.413 Difference (null H = exogenous): chi2(1) = 0.10 Prob > chi2 = 0.758 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch laglrgdpch ldisteq lopenc rule3 ldemoc laglrgdpch laglopenc lagrule3 laglde > moc lag2lopenc lag2rule3 lag2ldemoc yr1996 yr1998 yr2000 yr2002 yr2003, gmm(lopenc rule3 lde > moc laglrgdpch laglopenc lagrule3 lagldemoc) iv(ldisteq yr1996 yr1998 yr2000 yr2002 yr2003, > equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. laglrgdpch dropped due to collinearity yr1996 dropped due to collinearity yr1998 dropped due to collinearity yr2003 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 410 Time variable : year Number of groups = 145 Number of instruments = 40 Obs per group: min = 1 F(13, 144) = 723.61 avg = 2.83 Prob > F = 0.000 max = 3 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- laglrgdpch | .9867205 .0339926 29.03 0.000 .9195314 1.053909 ldisteq | .0149024 .0141241 1.06 0.293 -.0130149 .0428197 lopenc | .0233334 .0486797 0.48 0.632 -.0728857 .1195526 rule3 | .1159526 .0378614 3.06 0.003 .0411168 .1907884 ldemoc | -.0276377 .0345353 -0.80 0.425 -.0958993 .0406238 laglopenc | .0163271 .063369 0.26 0.797 -.1089264 .1415805 lagrule3 | -.0977402 .0651545 -1.50 0.136 -.226523 .0310427 lagldemoc | .0314396 .0188309 1.67 0.097 -.0057811 .0686603 lag2lopenc | .0048494 .045934 0.11 0.916 -.0859427 .0956414 lag2rule3 | .0164 .0428644 0.38 0.703 -.0683247 .1011248 lag2ldemoc | -.0477074 .0394657 -1.21 0.229 -.1257143 .0302995 yr2000 | .0254983 .0158241 1.61 0.109 -.0057792 .0567758 yr2002 | .0004987 .0111615 0.04 0.964 -.0215629 .0225603 _cons | -.025289 .3252616 -0.08 0.938 -.6681929 .6176149 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = . Pr > z = . Arellano-Bond test for AR(2) in first differences: z = . Pr > z = . Hansen test of overid. restrictions: chi2(26) = 23.75 Prob > chi2 = 0.591 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(19) = 20.32 Prob > chi2 = 0.375 Difference (null H = exogenous): chi2(7) = 3.42 Prob > chi2 = 0.843 ivstyle(ldisteq yr1996 yr1998 yr2000 yr2002 yr2003, equation(level)) Hansen test excluding group: chi2(23) = 23.07 Prob > chi2 = 0.457 Difference (null H = exogenous): chi2(3) = 0.67 Prob > chi2 = 0.880 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Tb33, title(Robustness panel regressions, Tb33) . restore . reg lrgdpch L.lrgdpch ldisteq lopenc lrule ldemoc yr19*, robust cluster(scode2) /* Coefficie > nt estimates biased upward (upper bound) */ Linear regression Number of obs = 2863 F( 30, 139) =27965.02 Prob > F = 0.0000 R-squared = 0.9965 Number of clusters (scode2) = 140 Root MSE = .06591 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9967987 .0021277 468.49 0.000 .9925919 1.001006 ldisteq | .0065243 .0020642 3.16 0.002 .0024431 .0106056 lopenc | .0071005 .0040671 1.75 0.083 -.000941 .015142 lrule | -.001453 .0047377 -0.31 0.760 -.0108202 .0079142 ldemoc | .0024575 .0024726 0.99 0.322 -.0024313 .0073464 yr1975 | -.0036644 .0081919 -0.45 0.655 -.0198611 .0125324 yr1976 | .0230533 .0095227 2.42 0.017 .0042252 .0418815 yr1977 | -.0104544 .0074862 -1.40 0.165 -.0252559 .0043472 yr1978 | .0002661 .007791 0.03 0.973 -.0151382 .0156704 yr1979 | .009762 .0057161 1.71 0.090 -.0015397 .0210636 yr1980 | -.0066522 .0072473 -0.92 0.360 -.0209813 .007677 yr1981 | -.0150604 .0087751 -1.72 0.088 -.0324104 .0022896 yr1982 | -.0099197 .0062825 -1.58 0.117 -.0223413 .0025019 yr1983 | -.0188701 .0068561 -2.75 0.007 -.0324259 -.0053144 yr1984 | -.0093937 .0051069 -1.84 0.068 -.019491 .0007037 yr1985 | -.0109223 .005788 -1.89 0.061 -.0223662 .0005215 yr1986 | -.00315 .0064705 -0.49 0.627 -.0159433 .0096432 yr1987 | -.0044379 .0059169 -0.75 0.454 -.0161368 .0072609 yr1988 | -.0031134 .005912 -0.53 0.599 -.0148024 .0085756 yr1989 | -.0134959 .0074425 -1.81 0.072 -.0282111 .0012192 yr1990 | -.0114148 .0052165 -2.19 0.030 -.0217288 -.0011009 yr1991 | -.0346712 .0145747 -2.38 0.019 -.0634879 -.0058544 yr1992 | -.0170988 .007407 -2.31 0.022 -.0317437 -.002454 yr1993 | -.0031668 .007961 -0.40 0.691 -.0189071 .0125735 yr1994 | -.0091811 .0092507 -0.99 0.323 -.0274713 .0091092 yr1995 | -.0069803 .0056785 -1.23 0.221 -.0182077 .0042471 yr1996 | .0010861 .0060053 0.18 0.857 -.0107874 .0129597 yr1997 | .0047882 .0080347 0.60 0.552 -.0110979 .0206744 yr1998 | .0040116 .0060629 0.66 0.509 -.0079758 .015999 yr1999 | .000469 .0064938 0.07 0.943 -.0123704 .0133084 _cons | -.0031267 .0202201 -0.15 0.877 -.0431054 .036852 ------------------------------------------------------------------------------ . xtreg lrgdpch L.lrgdpch ldisteq lopenc lrule ldemoc yr19*, fe robust cluster(scode2) /* Coef > ficient estimates biased downward (lower bound) */ Fixed-effects (within) regression Number of obs = 2863 Group variable (i): scode2 Number of groups = 140 R-sq: within = 0.9124 Obs per group: min = 1 between = 0.9994 avg = 20.4 overall = 0.9962 max = 29 F(29,139) = 599.70 corr(u_i, Xb) = 0.9409 Prob > F = 0.0000 (Std. Err. adjusted for 140 clusters in scode2) ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9243493 .0177109 52.19 0.000 .8893316 .9593669 ldisteq | (dropped) lopenc | .0298097 .008546 3.49 0.001 .0129128 .0467067 lrule | -.0018286 .0050674 -0.36 0.719 -.0118477 .0081905 ldemoc | -.002978 .0031839 -0.94 0.351 -.0092731 .0033171 yr1975 | -.0294465 .0099766 -2.95 0.004 -.049172 -.0097209 yr1976 | -.0010852 .0105098 -0.10 0.918 -.0218648 .0196945 yr1977 | -.0341282 .0083891 -4.07 0.000 -.0507149 -.0175416 yr1978 | -.0217074 .007695 -2.82 0.005 -.0369218 -.006493 yr1979 | -.0135126 .0067186 -2.01 0.046 -.0267965 -.0002287 yr1980 | -.0267834 .0090359 -2.96 0.004 -.0446491 -.0089178 yr1981 | -.0337859 .0120658 -2.80 0.006 -.0576422 -.0099296 yr1982 | -.0265305 .0081827 -3.24 0.001 -.0427091 -.0103519 yr1983 | -.0329125 .0067221 -4.90 0.000 -.0462032 -.0196217 yr1984 | -.0261107 .0072143 -3.62 0.000 -.0403746 -.0118468 yr1985 | -.0260657 .0075363 -3.46 0.001 -.0409663 -.011165 yr1986 | -.0159275 .0068052 -2.34 0.021 -.0293827 -.0024723 yr1987 | -.0168133 .0058478 -2.88 0.005 -.0283755 -.0052511 yr1988 | -.0155818 .0066576 -2.34 0.021 -.0287451 -.0024185 yr1989 | -.0247572 .0080362 -3.08 0.002 -.0406461 -.0088682 yr1990 | -.0228061 .0065609 -3.48 0.001 -.0357783 -.009834 yr1991 | -.0461917 .0162304 -2.85 0.005 -.078282 -.0141013 yr1992 | -.0274002 .007525 -3.64 0.000 -.0422784 -.0125219 yr1993 | -.0134069 .0066382 -2.02 0.045 -.0265317 -.000282 yr1994 | -.0179402 .0090628 -1.98 0.050 -.035859 -.0000215 yr1995 | -.015551 .006566 -2.37 0.019 -.0285331 -.0025689 yr1996 | -.007093 .0056669 -1.25 0.213 -.0182974 .0041115 yr1997 | -.0021398 .0088138 -0.24 0.809 -.0195663 .0152867 yr1998 | -.0012631 .0054581 -0.23 0.817 -.0120546 .0095285 yr1999 | -.0024872 .0057638 -0.43 0.667 -.0138832 .0089088 _cons | .5504387 .1543568 3.57 0.000 .2452478 .8556296 -------------+---------------------------------------------------------------- sigma_u | .08812403 sigma_e | .06316688 rho | .66059124 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . ivreg D.lrgdpch (D.L.rgdpch = LL.rgdpch) D.(lopenc L.lopenc lrule L.lrule ldemoc L.ldemoc) y > r*, robust cluster(scode2) Instrumental variables (2SLS) regression Number of obs = 2244 F( 35, 128) = 3.22 Prob > F = 0.0000 R-squared = 0.0420 Number of clusters (scode2) = 129 Root MSE = .05499 ------------------------------------------------------------------------------ | Robust D.lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- rgdpch | LD. | 3.10e-06 .0000137 0.23 0.821 -.0000239 .0000301 lopenc | D1. | -.0211517 .0156001 -1.36 0.178 -.0520191 .0097157 LD. | -.0053493 .0138648 -0.39 0.700 -.0327832 .0220845 lrule | D1. | .000329 .0072955 0.05 0.964 -.0141064 .0147645 LD. | -.005405 .0044684 -1.21 0.229 -.0142466 .0034365 ldemoc | D1. | .0072361 .0053319 1.36 0.177 -.003314 .0177863 LD. | -.0094805 .007336 -1.29 0.199 -.0239961 .005035 yrsoffc | -.0001309 .0003562 -0.37 0.714 -.0008356 .0005739 yrcurnt | .0003537 .0015978 0.22 0.825 -.0028078 .0035152 yr1975 | (dropped) yr1976 | (dropped) yr1977 | (dropped) yr1978 | .012238 .0103258 1.19 0.238 -.0081933 .0326694 yr1979 | .0247164 .0094738 2.61 0.010 .0059709 .043462 yr1980 | .0066749 .0114581 0.58 0.561 -.0159969 .0293467 yr1981 | .0029079 .0097902 0.30 0.767 -.0164636 .0222794 yr1982 | .0031266 .0104404 0.30 0.765 -.0175315 .0237848 yr1983 | -.0107767 .0101088 -1.07 0.288 -.0307787 .0092252 yr1984 | .0062473 .007454 0.84 0.404 -.0085016 .0209963 yr1985 | .0028565 .0090551 0.32 0.753 -.0150605 .0207736 yr1986 | .0062152 .0087336 0.71 0.478 -.0110657 .0234962 yr1987 | .0071604 .0085476 0.84 0.404 -.0097524 .0240732 yr1988 | .0067416 .0097615 0.69 0.491 -.0125732 .0260564 yr1989 | -.0000564 .0099646 -0.01 0.995 -.019773 .0196602 yr1990 | .0050319 .0089953 0.56 0.577 -.0127668 .0228306 yr1991 | -.0005132 .0101799 -0.05 0.960 -.0206558 .0196295 yr1992 | .0046138 .0084423 0.55 0.586 -.0120907 .0213182 yr1993 | .0027824 .0088422 0.31 0.754 -.0147135 .0202783 yr1994 | .0057728 .010594 0.54 0.587 -.0151892 .0267349 yr1995 | .0131144 .0086848 1.51 0.133 -.00407 .0302987 yr1996 | .0171278 .0103817 1.65 0.101 -.0034141 .0376697 yr1997 | .0259978 .0128003 2.03 0.044 .0006703 .0513254 yr1998 | .0135656 .0094468 1.44 0.153 -.0051264 .0322577 yr1999 | .0187811 .0092939 2.02 0.045 .0003915 .0371707 yr2000 | .0311433 .0094876 3.28 0.001 .0123704 .0499162 yr2001 | .0105062 .0098147 1.07 0.286 -.0089138 .0299263 yr2002 | .0064322 .0096499 0.67 0.506 -.0126617 .0255261 yr2003 | .0190979 .0091524 2.09 0.039 .0009883 .0372074 yr2004 | (dropped) yr2005 | (dropped) yr2006 | (dropped) _cons | .0064728 .0092633 0.70 0.486 -.0118562 .0248018 ------------------------------------------------------------------------------ Instrumented: LD.rgdpch Instruments: D.lopenc LD.lopenc D.lrule LD.lrule D.ldemoc LD.ldemoc yrsoffc yrcurnt yr1975 yr1976 yr1977 yr1978 yr1979 yr1980 yr1981 yr1982 yr1983 yr1984 yr1985 yr1986 yr1987 yr1988 yr1989 yr1990 yr1991 yr1992 yr1993 yr1994 yr1995 yr1996 yr1997 yr1998 yr1999 yr2000 yr2001 yr2002 yr2003 yr2004 yr2005 yr2006 L2.rgdpch ------------------------------------------------------------------------------ . preserve . keep lrgdpch lopenc lrule ldemoc ldist yr19* yr20* scode2 year . drop if lrgdpch == . | lopenc == . | lrule == . | ldemoc == . | ldist == . (17672 observations deleted) . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule ldemoc yr19* yr20*, gmm(L.(lrgdpch lopenc lr > ule ldemoc)) iv(ldisteq) robust orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 2680 Time variable : year Number of groups = 139 Number of instruments = 1620 Obs per group: min = 1 Wald chi2(32) = 273814.33 avg = 19.28 Prob > chi2 = 0.000 max = 28 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .995078 .0044859 221.83 0.000 .9862859 1.00387 ldisteq | .0074369 .0025779 2.88 0.004 .0023843 .0124896 lopenc | .0136483 .0058971 2.31 0.021 .0020901 .0252064 lrule | -.0023061 .0049557 -0.47 0.642 -.012019 .0074069 ldemoc | .0032855 .0037108 0.89 0.376 -.0039875 .0105584 yr1976 | .0253985 .0106591 2.38 0.017 .0045071 .0462899 yr1977 | -.0167463 .0091272 -1.83 0.067 -.0346353 .0011428 yr1978 | -.0028657 .0090164 -0.32 0.751 -.0205375 .0148061 yr1979 | .0060456 .0068384 0.88 0.377 -.0073574 .0194486 yr1980 | -.0096718 .0085667 -1.13 0.259 -.0264622 .0071186 yr1981 | -.0202128 .0098882 -2.04 0.041 -.0395934 -.0008322 yr1982 | -.0123202 .0074285 -1.66 0.097 -.0268798 .0022393 yr1983 | -.0201944 .0083729 -2.41 0.016 -.036605 -.0037839 yr1984 | -.0121069 .0069257 -1.75 0.080 -.0256809 .0014672 yr1985 | -.0134243 .0075117 -1.79 0.074 -.0281469 .0012984 yr1986 | -.0057922 .0076267 -0.76 0.448 -.0207403 .009156 yr1987 | -.0072318 .006748 -1.07 0.284 -.0204576 .005994 yr1988 | -.0089623 .0070506 -1.27 0.204 -.0227812 .0048565 yr1989 | -.0163666 .0082568 -1.98 0.047 -.0325496 -.0001837 yr1990 | -.0124712 .0072665 -1.72 0.086 -.0267133 .0017709 yr1991 | -.0394301 .0151285 -2.61 0.009 -.0690813 -.0097788 yr1992 | -.0182136 .0083411 -2.18 0.029 -.0345618 -.0018653 yr1993 | -.0103547 .0078881 -1.31 0.189 -.025815 .0051056 yr1994 | -.0123509 .0089695 -1.38 0.169 -.0299308 .0052289 yr1995 | -.0095468 .0073177 -1.30 0.192 -.0238892 .0047955 yr1996 | .0024615 .0081815 0.30 0.764 -.013574 .018497 yr1997 | .0030589 .0108889 0.28 0.779 -.0182829 .0244007 yr1998 | -.0002505 .0076501 -0.03 0.974 -.0152444 .0147433 yr1999 | -.0027646 .0081987 -0.34 0.736 -.0188338 .0133045 yr2000 | .0047033 .0066878 0.70 0.482 -.0084046 .0178112 yr2001 | -.00864 .0072791 -1.19 0.235 -.0229067 .0056267 yr2002 | -.011069 .0069225 -1.60 0.110 -.0246368 .0024987 _cons | -.0159876 .0421525 -0.38 0.704 -.0986049 .0666297 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.41 Pr > z = 0.016 Arellano-Bond test for AR(2) in first differences: z = -2.36 Pr > z = 0.018 Hansen test of overid. restrictions: chi2(1587) = 110.18 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(1481) = 110.18 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(106) = -0.00 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(1586) = 108.69 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = 1.49 Prob > chi2 = 0.222 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule ldemoc yr19* yr20*, gmm(L.(lrgdpch lopenc lr > ule ldemoc)) iv(ldisteq) twostep robust orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate optimal weighting matrix for two-step estimation. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, two-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 2680 Time variable : year Number of groups = 139 Number of instruments = 1620 Obs per group: min = 1 Wald chi2(32) = 154351.30 avg = 19.28 Prob > chi2 = 0.000 max = 28 ------------------------------------------------------------------------------ | Corrected lrgdpch | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | 1.012613 .016882 59.98 0.000 .9795249 1.045701 ldisteq | .0004481 .0089242 0.05 0.960 -.0170429 .0179391 lopenc | .0230669 .0155904 1.48 0.139 -.0074897 .0536235 lrule | .0003981 .0120101 0.03 0.974 -.0231412 .0239374 ldemoc | .0024782 .0050392 0.49 0.623 -.0073985 .0123548 yr1976 | .0356666 .0117727 3.03 0.002 .0125927 .0587406 yr1977 | -.0055073 .0108108 -0.51 0.610 -.0266962 .0156815 yr1978 | .0123041 .0105599 1.17 0.244 -.0083929 .033001 yr1979 | .0161373 .0092777 1.74 0.082 -.0020466 .0343212 yr1980 | .0019371 .0101805 0.19 0.849 -.0180162 .0218905 yr1981 | -.008344 .0100044 -0.83 0.404 -.0279523 .0112642 yr1982 | -.0026829 .008366 -0.32 0.748 -.01908 .0137143 yr1983 | -.0080513 .0100777 -0.80 0.424 -.0278032 .0117005 yr1984 | -.0002443 .0096567 -0.03 0.980 -.0191711 .0186825 yr1985 | .0023612 .0095639 0.25 0.805 -.0163837 .0211061 yr1986 | .0054995 .0094488 0.58 0.561 -.0130199 .0240188 yr1987 | .004774 .0089622 0.53 0.594 -.0127916 .0223396 yr1988 | .0030602 .0082476 0.37 0.711 -.0131048 .0192253 yr1989 | -.0045171 .0091659 -0.49 0.622 -.0224819 .0134476 yr1990 | -.0036646 .0077742 -0.47 0.637 -.0189017 .0115725 yr1991 | -.02525 .0128723 -1.96 0.050 -.0504792 -.0000209 yr1992 | -.0111003 .0085665 -1.30 0.195 -.0278903 .0056898 yr1993 | -.0055746 .0077044 -0.72 0.469 -.0206751 .0095258 yr1994 | -.0024558 .0097938 -0.25 0.802 -.0216513 .0167398 yr1995 | -.0010056 .0071998 -0.14 0.889 -.015117 .0131058 yr1996 | .0077313 .0074705 1.03 0.301 -.0069107 .0223733 yr1997 | .0064009 .0090832 0.70 0.481 -.0114019 .0242036 yr1998 | .0040898 .0072898 0.56 0.575 -.0101979 .0183775 yr1999 | .0024723 .0072731 0.34 0.734 -.0117827 .0167273 yr2000 | .007449 .0063806 1.17 0.243 -.0050568 .0199548 yr2001 | -.0079647 .0062026 -1.28 0.199 -.0201216 .0041922 yr2002 | -.0099386 .0060871 -1.63 0.103 -.021869 .0019918 _cons | -.190727 .1104061 -1.73 0.084 -.4071191 .0256651 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.43 Pr > z = 0.015 Arellano-Bond test for AR(2) in first differences: z = -2.30 Pr > z = 0.021 Hansen test of overid. restrictions: chi2(1587) = 110.18 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(1481) = 110.18 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(106) = -0.00 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(1586) = 108.69 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = 1.49 Prob > chi2 = 0.222 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule ldemoc yr19* yr20*, gmm(L.(lrgdpch lopenc lr > ule ldemoc)) iv(ldisteq) robust small orthog /* (Overidentification) Insignificant p-value: > Instruments OK, significant p-value: Instruments still endogenous (Autocorrelation) Signific > ant p-value: Expected for AR(1) */ Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 2680 Time variable : year Number of groups = 139 Number of instruments = 1620 Obs per group: min = 1 F(32, 138) = 8556.70 avg = 19.28 Prob > F = 0.000 max = 28 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .995078 .0044859 221.83 0.000 .9862081 1.003948 ldisteq | .0074369 .0025779 2.88 0.005 .0023396 .0125343 lopenc | .0136483 .0058971 2.31 0.022 .0019879 .0253086 lrule | -.0023061 .0049557 -0.47 0.642 -.012105 .0074928 ldemoc | .0032855 .0037108 0.89 0.377 -.0040519 .0106228 yr1976 | .0253985 .0106591 2.38 0.019 .0043223 .0464747 yr1977 | -.0167463 .0091272 -1.83 0.069 -.0347936 .001301 yr1978 | -.0028657 .0090164 -0.32 0.751 -.0206938 .0149624 yr1979 | .0060456 .0068384 0.88 0.378 -.007476 .0195671 yr1980 | -.0096718 .0085667 -1.13 0.261 -.0266107 .0072672 yr1981 | -.0202128 .0098882 -2.04 0.043 -.0397648 -.0006608 yr1982 | -.0123202 .0074285 -1.66 0.099 -.0270086 .0023682 yr1983 | -.0201944 .0083729 -2.41 0.017 -.0367501 -.0036387 yr1984 | -.0121069 .0069257 -1.75 0.083 -.025801 .0015873 yr1985 | -.0134243 .0075117 -1.79 0.076 -.0282772 .0014287 yr1986 | -.0057922 .0076267 -0.76 0.449 -.0208726 .0092882 yr1987 | -.0072318 .006748 -1.07 0.286 -.0205746 .006111 yr1988 | -.0089623 .0070506 -1.27 0.206 -.0229035 .0049788 yr1989 | -.0163666 .0082568 -1.98 0.049 -.0326927 -.0000405 yr1990 | -.0124712 .0072665 -1.72 0.088 -.0268393 .0018969 yr1991 | -.0394301 .0151285 -2.61 0.010 -.0693437 -.0095165 yr1992 | -.0182136 .0083411 -2.18 0.031 -.0347065 -.0017207 yr1993 | -.0103547 .0078881 -1.31 0.191 -.0259518 .0052424 yr1994 | -.0123509 .0089695 -1.38 0.171 -.0300863 .0053844 yr1995 | -.0095468 .0073177 -1.30 0.194 -.0240161 .0049224 yr1996 | .0024615 .0081815 0.30 0.764 -.0137158 .0186389 yr1997 | .0030589 .0108889 0.28 0.779 -.0184717 .0245895 yr1998 | -.0002505 .0076501 -0.03 0.974 -.0153771 .014876 yr1999 | -.0027646 .0081987 -0.34 0.736 -.0189759 .0134467 yr2000 | .0047033 .0066878 0.70 0.483 -.0085205 .0179272 yr2001 | -.00864 .0072791 -1.19 0.237 -.0230329 .0057529 yr2002 | -.011069 .0069225 -1.60 0.112 -.0247569 .0026188 _cons | -.0159876 .0421525 -0.38 0.705 -.0993358 .0673606 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.41 Pr > z = 0.016 Arellano-Bond test for AR(2) in first differences: z = -2.36 Pr > z = 0.018 Hansen test of overid. restrictions: chi2(1587) = 110.18 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(1481) = 110.18 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(106) = -0.00 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(1586) = 108.69 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = 1.49 Prob > chi2 = 0.222 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule ldemoc yr19* yr20*, gmm(L.(lrgdpch lopenc lr > ule ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 2680 Time variable : year Number of groups = 139 Number of instruments = 1647 Obs per group: min = 1 F(32, 138) = 9834.01 avg = 19.28 Prob > F = 0.000 max = 28 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9985326 .0042705 233.82 0.000 .9900885 1.006977 ldisteq | .0053957 .0025887 2.08 0.039 .000277 .0105143 lopenc | .012752 .0054239 2.35 0.020 .0020272 .0234768 lrule | -.0006641 .0047967 -0.14 0.890 -.0101486 .0088204 ldemoc | .0041855 .0035051 1.19 0.234 -.0027452 .0111163 yr1976 | .0226806 .0099146 2.29 0.024 .0030765 .0422847 yr1977 | -.0167933 .0087319 -1.92 0.057 -.034059 .0004724 yr1978 | -.0017044 .00843 -0.20 0.840 -.018373 .0149643 yr1979 | .0075071 .0068283 1.10 0.274 -.0059945 .0210088 yr1980 | -.0098099 .0082149 -1.19 0.234 -.0260533 .0064334 yr1981 | -.0199757 .0100839 -1.98 0.050 -.0399146 -.0000368 yr1982 | -.0112365 .0072663 -1.55 0.124 -.0256041 .0031311 yr1983 | -.0197522 .0084626 -2.33 0.021 -.0364853 -.0030192 yr1984 | -.0127096 .0068185 -1.86 0.064 -.0261919 .0007726 yr1985 | -.0137373 .007476 -1.84 0.068 -.0285196 .0010451 yr1986 | -.0051009 .0073933 -0.69 0.491 -.0197197 .0095178 yr1987 | -.0088142 .0068277 -1.29 0.199 -.0223147 .0046863 yr1988 | -.0126368 .0081917 -1.54 0.125 -.0288344 .0035607 yr1989 | -.0177563 .0082396 -2.16 0.033 -.0340484 -.0014641 yr1990 | -.0133035 .0076258 -1.74 0.083 -.028382 .001775 yr1991 | -.0423167 .0154669 -2.74 0.007 -.0728994 -.011734 yr1992 | -.0170607 .0083975 -2.03 0.044 -.0336651 -.0004564 yr1993 | -.0081685 .0076677 -1.07 0.289 -.0233299 .0069929 yr1994 | -.0125038 .0088875 -1.41 0.162 -.0300772 .0050696 yr1995 | -.011068 .0072483 -1.53 0.129 -.0254 .0032641 yr1996 | .0002239 .0081258 0.03 0.978 -.0158432 .016291 yr1997 | -.0001078 .0109103 -0.01 0.992 -.0216807 .0214651 yr1998 | -.0032553 .0074846 -0.43 0.664 -.0180546 .011544 yr1999 | -.0053101 .0081826 -0.65 0.517 -.0214896 .0108694 yr2000 | .0026224 .0068075 0.39 0.701 -.0108381 .0160829 yr2001 | -.0109742 .0072999 -1.50 0.135 -.0254083 .0034599 yr2002 | -.0145513 .0071533 -2.03 0.044 -.0286956 -.000407 _cons | -.0375895 .0416356 -0.90 0.368 -.1199157 .0447366 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.41 Pr > z = 0.016 Arellano-Bond test for AR(2) in first differences: z = -2.37 Pr > z = 0.018 Hansen test of overid. restrictions: chi2(1614) = 115.76 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(1508) = 115.76 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(106) = 0.00 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(1586) = 108.55 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(28) = 7.21 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . /* xtabond2 lrgdpch L.lrgdpch ldisteq L(0/1).(lopenc lrule ldemoc) yr19* yr20*, gmm(L(0/2).( > lrgdpch lopenc lrule ldemoc)) iv(ldisteq) robust small orthog > xtabond2 lrgdpch L.lrgdpch ldisteq L(0/1).(lopenc lrule ldemoc) yr19* yr20*, gmm(L(0/2).(lrg > dpch lopenc lrule ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog > xtabond2 lrgdpch L.lrgdpch ldisteq L(0/2).(lopenc lrule ldemoc) yr19* yr20*, gmm(L(0/2).(lrg > dpch lopenc lrule ldemoc)) iv(ldisteq) robust orthog > xtabond2 lrgdpch L.lrgdpch ldisteq L(0/2).(lopenc lrule ldemoc) yr19* yr20*, gmm(L(0/2).(lrg > dpch lopenc lrule ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog > xtabond2 lrgdpch lopenc lrule ldemoc L2.lrgdpch ldisteq L2.(lopenc lrule ldemoc) yr19*, gmm( > L(0/2).(lrgdpch lopenc lrule ldemoc)) iv(ldisteq) robust small orthog > xtabond2 lrgdpch lopenc lrule ldemoc L2.lrgdpch ldisteq L2.(lopenc lrule ldemoc) yr19*, gmm( > L(0/2).(lrgdpch lopenc lrule ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small > orthog > xtabond2 lrgdpch L2.lrgdpch ldisteq lopenc lrule ldemoc L2.(lopenc lrule ldemoc) L4.(lopenc > lrule ldemoc) yr19* yr20*, gmm(L2.(lrgdpch lopenc lrule ldemoc) L4.(lrgdpch lopenc lrule lde > moc)) iv(ldisteq) robust small orthog > xtabond2 lrgdpch L2.lrgdpch ldisteq lopenc lrule ldemoc L2.(lopenc lrule ldemoc) L4.(lopenc > lrule ldemoc) yr19* yr20*, gmm(L2.(lrgdpch lopenc lrule ldemoc) L4.(lrgdpch lopenc lrule lde > moc)) iv(ldisteq yr19*, equation(level)) robust small orthog */ . restore . . /* Robustness to alternative democracy measures */ . . reg lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc2 yr19*, robust cluster(scode2) /* Coeffic > ient estimates biased upward (upper bound) */ Linear regression Number of obs = 2252 F( 21, 131) =31868.70 Prob > F = 0.0000 R-squared = 0.9967 Number of clusters (scode2) = 132 Root MSE = .06808 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9919965 .0030493 325.32 0.000 .9859642 .9980288 ldisteq | .0041859 .0017859 2.34 0.021 .000653 .0077188 lopenc | .0040415 .0029661 1.36 0.175 -.0018261 .0099092 lrule2 | .0392436 .0142852 2.75 0.007 .010984 .0675033 ldemoc2 | .0043514 .0035869 1.21 0.227 -.0027443 .0114471 yr1975 | (dropped) yr1976 | (dropped) yr1977 | (dropped) yr1978 | (dropped) yr1979 | (dropped) yr1980 | (dropped) yr1981 | (dropped) yr1982 | (dropped) yr1983 | (dropped) yr1984 | -.0035358 .0055427 -0.64 0.525 -.0145005 .0074289 yr1985 | -.0046573 .0059771 -0.78 0.437 -.0164815 .0071669 yr1986 | .0041365 .0061192 0.68 0.500 -.0079687 .0162418 yr1987 | .0006768 .0060178 0.11 0.911 -.0112278 .0125815 yr1988 | .0108833 .0049455 2.20 0.030 .0010999 .0206667 yr1989 | -.0006789 .0060534 -0.11 0.911 -.012654 .0112962 yr1990 | -.0063293 .0066337 -0.95 0.342 -.0194523 .0067936 yr1991 | -.0172693 .0115335 -1.50 0.137 -.0400853 .0055468 yr1992 | -.0173635 .0087607 -1.98 0.050 -.0346942 -.0000327 yr1993 | -.0079241 .0081297 -0.97 0.332 -.0240066 .0081584 yr1994 | -.0024251 .0068644 -0.35 0.724 -.0160044 .0111543 yr1995 | -.0038937 .0057682 -0.68 0.501 -.0153045 .007517 yr1996 | .0074927 .0059047 1.27 0.207 -.0041883 .0191737 yr1997 | .0056574 .0073362 0.77 0.442 -.0088554 .0201701 yr1998 | .0002648 .0062015 0.04 0.966 -.0120032 .0125329 yr1999 | -.0011091 .0064446 -0.17 0.864 -.0138581 .0116399 _cons | -.0916865 .0222196 -4.13 0.000 -.1356422 -.0477309 ------------------------------------------------------------------------------ . xtreg lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc2 yr19*, fe robust cluster(scode2) /* Co > efficient estimates biased downward (lower bound) */ Fixed-effects (within) regression Number of obs = 2252 Group variable (i): scode2 Number of groups = 132 R-sq: within = 0.8577 Obs per group: min = 4 between = 0.9995 avg = 17.1 overall = 0.9965 max = 19 F(20,131) = 432.71 corr(u_i, Xb) = 0.9743 Prob > F = 0.0000 (Std. Err. adjusted for 132 clusters in scode2) ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .8838668 .0218495 40.45 0.000 .8406432 .9270904 ldisteq | (dropped) lopenc | .0198059 .0088262 2.24 0.027 .0023456 .0372662 lrule2 | .0362161 .0207205 1.75 0.083 -.004774 .0772061 ldemoc2 | -.0058627 .0068384 -0.86 0.393 -.0193907 .0076654 yr1975 | (dropped) yr1976 | (dropped) yr1977 | (dropped) yr1978 | (dropped) yr1979 | (dropped) yr1980 | (dropped) yr1981 | (dropped) yr1982 | (dropped) yr1983 | (dropped) yr1984 | -.0240652 .0095787 -2.51 0.013 -.0430142 -.0051161 yr1985 | -.0216855 .0094932 -2.28 0.024 -.0404653 -.0029057 yr1986 | -.011635 .0087206 -1.33 0.184 -.0288864 .0056164 yr1987 | -.0143322 .0086714 -1.65 0.101 -.0314862 .0028219 yr1988 | -.0033662 .0071882 -0.47 0.640 -.0175861 .0108538 yr1989 | -.0133111 .0072655 -1.83 0.069 -.0276841 .0010618 yr1990 | -.0173958 .0070468 -2.47 0.015 -.0313361 -.0034554 yr1991 | -.0268757 .0131771 -2.04 0.043 -.0529431 -.0008083 yr1992 | -.0274365 .0085102 -3.22 0.002 -.0442718 -.0106013 yr1993 | -.0185576 .007174 -2.59 0.011 -.0327495 -.0043658 yr1994 | -.0128734 .0075772 -1.70 0.092 -.0278629 .0021161 yr1995 | -.0138422 .0068866 -2.01 0.046 -.0274655 -.0002189 yr1996 | -.0006088 .0054308 -0.11 0.911 -.0113521 .0101346 yr1997 | -.0000708 .0080406 -0.01 0.993 -.015977 .0158355 yr1998 | -.0058352 .0055568 -1.05 0.296 -.0168278 .0051574 yr1999 | -.0047305 .0056403 -0.84 0.403 -.0158884 .0064274 _cons | .8369321 .1957683 4.28 0.000 .4496556 1.224209 -------------+---------------------------------------------------------------- sigma_u | .12865601 sigma_e | .06498689 rho | .79671911 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . ivreg D.lrgdpch (D.L.rgdpch = LL.rgdpch) D.(lopenc L.lopenc lrule2 L.lrule2 ldemoc2 L.ldemoc > 2) yr*, robust cluster(scode2) Instrumental variables (2SLS) regression Number of obs = 1657 F( 25, 118) = 3.38 Prob > F = 0.0000 R-squared = 0.0863 Number of clusters (scode2) = 119 Root MSE = .05419 ------------------------------------------------------------------------------ | Robust D.lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- rgdpch | LD. | 9.89e-06 7.57e-06 1.31 0.194 -5.10e-06 .0000249 lopenc | D1. | -.0454596 .0235813 -1.93 0.056 -.092157 .0012378 LD. | -.0075914 .0196471 -0.39 0.700 -.046498 .0313152 lrule2 | D1. | .0447366 .027185 1.65 0.103 -.0090972 .0985703 LD. | .032648 .0193035 1.69 0.093 -.0055781 .0708741 ldemoc2 | D1. | .0105838 .0109169 0.97 0.334 -.0110347 .0322022 LD. | -.0337666 .0156 -2.16 0.032 -.0646588 -.0028745 yrsoffc | -.0003905 .0002116 -1.85 0.067 -.0008095 .0000285 yrcurnt | .000456 .0010689 0.43 0.670 -.0016606 .0025727 yr1975 | (dropped) yr1976 | (dropped) yr1977 | (dropped) yr1978 | (dropped) yr1979 | (dropped) yr1980 | (dropped) yr1981 | (dropped) yr1982 | (dropped) yr1983 | (dropped) yr1984 | (dropped) yr1985 | (dropped) yr1986 | -.0041952 .0074631 -0.56 0.575 -.0189742 .0105837 yr1987 | .001809 .0063479 0.28 0.776 -.0107615 .0143796 yr1988 | (dropped) yr1989 | -.0059867 .0071146 -0.84 0.402 -.0200755 .0081021 yr1990 | -.0072254 .005908 -1.22 0.224 -.0189249 .0044741 yr1991 | -.0142326 .0059638 -2.39 0.019 -.0260426 -.0024226 yr1992 | -.0185115 .0075621 -2.45 0.016 -.0334866 -.0035365 yr1993 | -.0137358 .0079782 -1.72 0.088 -.0295347 .0020632 yr1994 | .003354 .0074755 0.45 0.654 -.0114496 .0181575 yr1995 | .0006124 .0068598 0.09 0.929 -.0129719 .0141966 yr1996 | .0007289 .0064431 0.11 0.910 -.0120303 .013488 yr1997 | .0116306 .0078707 1.48 0.142 -.0039555 .0272168 yr1998 | -.0019037 .0065122 -0.29 0.771 -.0147996 .0109922 yr1999 | .0079133 .0063113 1.25 0.212 -.0045848 .0204115 yr2000 | .0192141 .0073312 2.62 0.010 .0046964 .0337318 yr2001 | -.0040101 .0078287 -0.51 0.609 -.019513 .0114928 yr2002 | -.0039933 .0066015 -0.60 0.546 -.017066 .0090794 yr2003 | (dropped) yr2004 | (dropped) yr2005 | (dropped) yr2006 | (dropped) _cons | .0181633 .0061334 2.96 0.004 .0060175 .0303091 ------------------------------------------------------------------------------ Instrumented: LD.rgdpch Instruments: D.lopenc LD.lopenc D.lrule2 LD.lrule2 D.ldemoc2 LD.ldemoc2 yrsoffc yrcurnt yr1975 yr1976 yr1977 yr1978 yr1979 yr1980 yr1981 yr1982 yr1983 yr1984 yr1985 yr1986 yr1987 yr1988 yr1989 yr1990 yr1991 yr1992 yr1993 yr1994 yr1995 yr1996 yr1997 yr1998 yr1999 yr2000 yr2001 yr2002 yr2003 yr2004 yr2005 yr2006 L2.rgdpch ------------------------------------------------------------------------------ . preserve . keep lrgdpch lopenc lrule2 ldemoc2 ldist yr19* scode2 year . drop if lrgdpch == . | lopenc == . | lrule2 == . | ldemoc2 == . | ldist == . (18286 observations deleted) . xtset scode2 year panel variable: scode2 (unbalanced) time variable: year, 1984 to 2002 . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc2 yr19*, gmm(L.(lrgdpch lopenc lrule2 > ldemoc2)) iv(ldisteq) robust orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 2123 Time variable : year Number of groups = 132 Number of instruments = 682 Obs per group: min = 3 Wald chi2(20) = 370285.53 avg = 16.08 Prob > chi2 = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9937185 .0046765 212.49 0.000 .9845527 1.002884 ldisteq | .0027387 .00251 1.09 0.275 -.0021808 .0076582 lopenc | -.0008112 .0062689 -0.13 0.897 -.0130981 .0114757 lrule2 | .0433619 .0179665 2.41 0.016 .0081482 .0785757 ldemoc2 | .0052205 .0063251 0.83 0.409 -.0071764 .0176174 yr1985 | -.0047532 .0062923 -0.76 0.450 -.0170858 .0075794 yr1986 | .003286 .0063149 0.52 0.603 -.009091 .0156631 yr1987 | .0026028 .00584 0.45 0.656 -.0088434 .0140489 yr1988 | .0121662 .0050569 2.41 0.016 .0022549 .0220774 yr1989 | .0016412 .0059275 0.28 0.782 -.0099765 .0132589 yr1990 | -.0044385 .0065183 -0.68 0.496 -.0172141 .008337 yr1991 | -.0149188 .0114796 -1.30 0.194 -.0374183 .0075808 yr1992 | -.0157543 .0082752 -1.90 0.057 -.0319734 .0004648 yr1993 | -.007764 .007459 -1.04 0.298 -.0223833 .0068553 yr1994 | -.0009842 .0064946 -0.15 0.880 -.0137134 .0117449 yr1995 | -.0020639 .0057912 -0.36 0.722 -.0134144 .0092866 yr1996 | .0086967 .005744 1.51 0.130 -.0025613 .0199547 yr1997 | .0075166 .0071982 1.04 0.296 -.0065917 .0216248 yr1998 | .0019166 .0063278 0.30 0.762 -.0104856 .0143188 yr1999 | -.0005143 .0064974 -0.08 0.937 -.013249 .0122205 _cons | -.1001851 .0414715 -2.42 0.016 -.1814677 -.0189026 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.89 Pr > z = 0.004 Arellano-Bond test for AR(2) in first differences: z = -0.43 Pr > z = 0.665 Hansen test of overid. restrictions: chi2(661) = 121.17 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(593) = 120.97 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(68) = 0.20 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(660) = 121.80 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = -0.63 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc2 yr19*, gmm(L.(lrgdpch lopenc lrule2 > ldemoc2)) iv(ldisteq) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 2123 Time variable : year Number of groups = 132 Number of instruments = 682 Obs per group: min = 3 F(20, 131) = 18514.28 avg = 16.08 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9937185 .0046765 212.49 0.000 .9844672 1.00297 ldisteq | .0027387 .00251 1.09 0.277 -.0022267 .0077041 lopenc | -.0008112 .0062689 -0.13 0.897 -.0132126 .0115902 lrule2 | .0433619 .0179665 2.41 0.017 .0078198 .078904 ldemoc2 | .0052205 .0063251 0.83 0.411 -.007292 .017733 yr1985 | -.0047532 .0062923 -0.76 0.451 -.0172008 .0076944 yr1986 | .003286 .0063149 0.52 0.604 -.0092064 .0157785 yr1987 | .0026028 .00584 0.45 0.657 -.0089501 .0141556 yr1988 | .0121662 .0050569 2.41 0.018 .0021625 .0221699 yr1989 | .0016412 .0059275 0.28 0.782 -.0100849 .0133672 yr1990 | -.0044385 .0065183 -0.68 0.497 -.0173332 .0084561 yr1991 | -.0149188 .0114796 -1.30 0.196 -.0376281 .0077906 yr1992 | -.0157543 .0082752 -1.90 0.059 -.0321246 .0006161 yr1993 | -.007764 .007459 -1.04 0.300 -.0225196 .0069916 yr1994 | -.0009842 .0064946 -0.15 0.880 -.0138321 .0118636 yr1995 | -.0020639 .0057912 -0.36 0.722 -.0135203 .0093924 yr1996 | .0086967 .005744 1.51 0.132 -.0026663 .0200597 yr1997 | .0075166 .0071982 1.04 0.298 -.0067232 .0217563 yr1998 | .0019166 .0063278 0.30 0.762 -.0106012 .0144345 yr1999 | -.0005143 .0064974 -0.08 0.937 -.0133678 .0123392 _cons | -.1001851 .0414715 -2.42 0.017 -.1822256 -.0181447 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.89 Pr > z = 0.004 Arellano-Bond test for AR(2) in first differences: z = -0.43 Pr > z = 0.665 Hansen test of overid. restrictions: chi2(661) = 121.17 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(593) = 120.97 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(68) = 0.20 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(660) = 121.80 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = -0.63 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc2 yr19*, gmm(L.(lrgdpch lopenc lrule2 > ldemoc2)) iv(ldisteq yr19*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 2123 Time variable : year Number of groups = 132 Number of instruments = 697 Obs per group: min = 3 F(20, 131) = 18838.53 avg = 16.08 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9932299 .0045978 216.02 0.000 .9841344 1.002325 ldisteq | .0034353 .0024313 1.41 0.160 -.0013744 .008245 lopenc | .0008257 .0057783 0.14 0.887 -.0106052 .0122565 lrule2 | .0412851 .0180368 2.29 0.024 .005604 .0769662 ldemoc2 | .0037247 .0061218 0.61 0.544 -.0083858 .0158351 yr1985 | -.0066755 .0065749 -1.02 0.312 -.0196821 .0063312 yr1986 | .002591 .0063538 0.41 0.684 -.0099783 .0151604 yr1987 | .0002772 .0061837 0.04 0.964 -.0119556 .0125101 yr1988 | .0105368 .0051214 2.06 0.042 .0004055 .0206682 yr1989 | -.0009639 .0061282 -0.16 0.875 -.0130869 .011159 yr1990 | -.0058904 .0066343 -0.89 0.376 -.0190147 .0072339 yr1991 | -.0176569 .0124575 -1.42 0.159 -.0423009 .006987 yr1992 | -.0170198 .0086032 -1.98 0.050 -.0340389 -5.97e-07 yr1993 | -.0084781 .0077313 -1.10 0.275 -.0237724 .0068162 yr1994 | -.0029799 .0068737 -0.43 0.665 -.0165777 .0106179 yr1995 | -.0042541 .0058363 -0.73 0.467 -.0157997 .0072915 yr1996 | .0071259 .0058729 1.21 0.227 -.0044922 .018744 yr1997 | .005357 .0071885 0.75 0.457 -.0088636 .0195775 yr1998 | -.0002807 .0064574 -0.04 0.965 -.013055 .0124936 yr1999 | -.0007358 .0065509 -0.11 0.911 -.013695 .0122234 _cons | -.090622 .0396377 -2.29 0.024 -.1690349 -.0122091 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.89 Pr > z = 0.004 Arellano-Bond test for AR(2) in first differences: z = -0.43 Pr > z = 0.667 Hansen test of overid. restrictions: chi2(676) = 121.22 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(608) = 122.09 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(68) = -0.88 Prob > chi2 = 1.000 ivstyle(ldisteq yr19*, equation(level)) Hansen test excluding group: chi2(660) = 116.51 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(16) = 4.71 Prob > chi2 = 0.997 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Tb41, title(Robustness panel regressions, Tb41) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/1).(lopenc lrule2 ldemoc2) yr19*, gmm(L(0/2).(lrgdpch > lopenc lrule2 ldemoc2)) iv(ldisteq) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 2123 Time variable : year Number of groups = 132 Number of instruments = 796 Obs per group: min = 3 F(23, 131) = 20751.61 avg = 16.08 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9921401 .0034314 289.14 0.000 .985352 .9989282 ldisteq | .0018947 .00212 0.89 0.373 -.0022992 .0060886 lopenc | --. | .0122981 .0188311 0.65 0.515 -.0249543 .0495505 L1. | -.0052364 .0195146 -0.27 0.789 -.0438408 .0333681 lrule2 | --. | .0850318 .0431329 1.97 0.051 -.0002954 .170359 L1. | -.0366489 .0339019 -1.08 0.282 -.1037149 .030417 ldemoc2 | --. | .0004823 .0206371 0.02 0.981 -.0403428 .0413074 L1. | .009478 .0206816 0.46 0.648 -.0314353 .0503912 yr1985 | -.0064824 .0061055 -1.06 0.290 -.0185605 .0055956 yr1986 | .0033989 .0062144 0.55 0.585 -.0088946 .0156925 yr1987 | .0009235 .0053445 0.17 0.863 -.0096493 .0114963 yr1988 | .0112489 .0052765 2.13 0.035 .0008108 .021687 yr1989 | -.000773 .0060412 -0.13 0.898 -.012724 .011178 yr1990 | -.0061036 .0068608 -0.89 0.375 -.0196759 .0074688 yr1991 | -.0170904 .0109991 -1.55 0.123 -.0388492 .0046685 yr1992 | -.0185702 .0091208 -2.04 0.044 -.0366133 -.000527 yr1993 | -.0121697 .0081526 -1.49 0.138 -.0282975 .0039581 yr1994 | -.0048808 .0074276 -0.66 0.512 -.0195744 .0098129 yr1995 | -.0067357 .0069273 -0.97 0.333 -.0204395 .0069681 yr1996 | .0033942 .0059931 0.57 0.572 -.0084617 .01525 yr1997 | .0023752 .0079582 0.30 0.766 -.013368 .0181184 yr1998 | -.0023628 .0061636 -0.38 0.702 -.0145558 .0098302 yr1999 | -.0017137 .0064747 -0.26 0.792 -.0145223 .0110949 _cons | -.1495622 .0348822 -4.29 0.000 -.2185676 -.0805568 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.93 Pr > z = 0.003 Arellano-Bond test for AR(2) in first differences: z = -0.49 Pr > z = 0.624 Hansen test of overid. restrictions: chi2(772) = 118.62 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(586) = 115.86 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(186) = 2.76 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(771) = 114.51 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = 4.10 Prob > chi2 = 0.043 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/1).(lopenc lrule2 ldemoc2) yr19*, gmm(L(0/2).(lrgdpch > lopenc lrule2 ldemoc2)) iv(ldisteq yr19*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 2123 Time variable : year Number of groups = 132 Number of instruments = 811 Obs per group: min = 3 F(23, 131) = 21439.69 avg = 16.08 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9920858 .0033999 291.80 0.000 .9853599 .9988117 ldisteq | .0023974 .0020458 1.17 0.243 -.0016497 .0064446 lopenc | --. | .0120851 .018848 0.64 0.523 -.0252008 .0493709 L1. | -.0061058 .0194161 -0.31 0.754 -.0445155 .0323039 lrule2 | --. | .0835394 .0430858 1.94 0.055 -.0016945 .1687733 L1. | -.0369892 .0337011 -1.10 0.274 -.1036579 .0296795 ldemoc2 | --. | -.0003716 .0205868 -0.02 0.986 -.0410973 .040354 L1. | .0092159 .0207637 0.44 0.658 -.0318596 .0502914 yr1985 | -.0051633 .0063327 -0.82 0.416 -.017691 .0073643 yr1986 | .0044884 .0062802 0.71 0.476 -.0079353 .0169122 yr1987 | .0016944 .0054652 0.31 0.757 -.009117 .0125058 yr1988 | .0119427 .0053018 2.25 0.026 .0014545 .0224309 yr1989 | .0000388 .0061098 0.01 0.995 -.0120478 .0121253 yr1990 | -.0052619 .006951 -0.76 0.450 -.0190125 .0084888 yr1991 | -.0164376 .0114475 -1.44 0.153 -.0390835 .0062083 yr1992 | -.0178856 .0093006 -1.92 0.057 -.0362844 .0005132 yr1993 | -.0117591 .0083591 -1.41 0.162 -.0282953 .0047771 yr1994 | -.0048014 .0076135 -0.63 0.529 -.0198627 .0102599 yr1995 | -.0065494 .0069418 -0.94 0.347 -.020282 .0071832 yr1996 | .0037328 .0060232 0.62 0.537 -.0081826 .0156481 yr1997 | .0027628 .0079823 0.35 0.730 -.0130281 .0185537 yr1998 | -.0019735 .006179 -0.32 0.750 -.0141971 .0102501 yr1999 | -.0015855 .0064357 -0.25 0.806 -.0143169 .0111459 _cons | -.1362098 .03286 -4.15 0.000 -.2012148 -.0712049 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.94 Pr > z = 0.003 Arellano-Bond test for AR(2) in first differences: z = -0.49 Pr > z = 0.627 Hansen test of overid. restrictions: chi2(787) = 113.65 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(601) = 115.24 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(186) = -1.58 Prob > chi2 = 1.000 ivstyle(ldisteq yr19*, equation(level)) Hansen test excluding group: chi2(771) = 112.30 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(16) = 1.36 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Tb42, title(Robustness panel regressions, Tb42) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/2).(lopenc lrule2 ldemoc2) yr19*, gmm(L(0/2).(lrgdpch > lopenc lrule2 ldemoc2)) iv(ldisteq) robust orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1991 Time variable : year Number of groups = 132 Number of instruments = 786 Obs per group: min = 2 Wald chi2(25) = 520665.30 avg = 15.08 Prob > chi2 = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9921225 .0036734 270.09 0.000 .9849229 .9993222 ldisteq | .0024973 .0021315 1.17 0.241 -.0016804 .006675 lopenc | --. | .0108287 .0192002 0.56 0.573 -.0268031 .0484605 L1. | -.012563 .0232867 -0.54 0.590 -.058204 .0330781 L2. | .0067328 .0101562 0.66 0.507 -.013173 .0266387 lrule2 | --. | .0794833 .0455509 1.74 0.081 -.0097947 .1687614 L1. | -.0340848 .0314616 -1.08 0.279 -.0957485 .0275788 L2. | .0022089 .0133059 0.17 0.868 -.0238703 .0282881 ldemoc2 | --. | .0115161 .0176128 0.65 0.513 -.0230045 .0460366 L1. | -.0180263 .0234776 -0.77 0.443 -.0640416 .027989 L2. | .0132036 .0182711 0.72 0.470 -.0226071 .0490142 yr1986 | .005066 .0064301 0.79 0.431 -.0075367 .0176688 yr1987 | .0004204 .0052317 0.08 0.936 -.0098335 .0106744 yr1988 | .0118942 .0054228 2.19 0.028 .0012656 .0225228 yr1989 | -.0003075 .0058949 -0.05 0.958 -.0118612 .0112462 yr1990 | -.0059665 .0067874 -0.88 0.379 -.0192695 .0073365 yr1991 | -.0119284 .0099 -1.20 0.228 -.0313319 .0074752 yr1992 | -.0176525 .0091028 -1.94 0.052 -.0354937 .0001888 yr1993 | -.0103413 .0087006 -1.19 0.235 -.0273941 .0067115 yr1994 | -.0048262 .0077741 -0.62 0.535 -.0200632 .0104108 yr1995 | -.0056212 .0072436 -0.78 0.438 -.0198184 .008576 yr1996 | .004513 .0062361 0.72 0.469 -.0077094 .0167355 yr1997 | .0037778 .0080053 0.47 0.637 -.0119123 .0194679 yr1998 | -.001369 .0063951 -0.21 0.830 -.0139032 .0111651 yr1999 | -.0023698 .0067363 -0.35 0.725 -.0155727 .0108332 _cons | -.1276237 .0302643 -4.22 0.000 -.1869406 -.0683068 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.86 Pr > z = 0.004 Arellano-Bond test for AR(2) in first differences: z = -0.33 Pr > z = 0.743 Hansen test of overid. restrictions: chi2(760) = 112.19 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(577) = 115.31 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(183) = -3.12 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(759) = 107.08 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = 5.11 Prob > chi2 = 0.024 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/2).(lopenc lrule2 ldemoc2) yr19*, gmm(L(0/2).(lrgdpch > lopenc lrule2 ldemoc2)) iv(ldisteq yr19*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1991 Time variable : year Number of groups = 132 Number of instruments = 800 Obs per group: min = 2 F(25, 131) = 21603.99 avg = 15.08 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9919313 .0036714 270.18 0.000 .9846684 .9991941 ldisteq | .0033143 .0020121 1.65 0.102 -.0006661 .0072947 lopenc | --. | .0104406 .0194856 0.54 0.593 -.0281065 .0489877 L1. | -.0111506 .0233601 -0.48 0.634 -.0573624 .0350612 L2. | .0063384 .0100825 0.63 0.531 -.0136072 .026284 lrule2 | --. | .0753157 .0447889 1.68 0.095 -.0132874 .1639188 L1. | -.0335234 .031256 -1.07 0.285 -.0953552 .0283083 L2. | .0019651 .0130242 0.15 0.880 -.0237998 .02773 ldemoc2 | --. | .0088778 .0174407 0.51 0.612 -.0256241 .0433797 L1. | -.0217071 .0240764 -0.90 0.369 -.0693359 .0259216 L2. | .0183018 .0188643 0.97 0.334 -.0190162 .0556198 yr1986 | .0054393 .0065514 0.83 0.408 -.0075209 .0183996 yr1987 | .0006709 .005346 0.13 0.900 -.0099047 .0112465 yr1988 | .0119348 .0055134 2.16 0.032 .0010279 .0228416 yr1989 | -.0002671 .0059393 -0.04 0.964 -.0120164 .0114823 yr1990 | -.0058707 .006868 -0.85 0.394 -.0194572 .0077159 yr1991 | -.0112834 .0104798 -1.08 0.284 -.032015 .0094481 yr1992 | -.016316 .0093127 -1.75 0.082 -.0347388 .0021068 yr1993 | -.0094544 .0087995 -1.07 0.285 -.0268618 .007953 yr1994 | -.0051705 .0079365 -0.65 0.516 -.0208708 .0105299 yr1995 | -.0064102 .0073857 -0.87 0.387 -.0210209 .0082006 yr1996 | .0045736 .0062714 0.73 0.467 -.0078326 .0169798 yr1997 | .0047657 .0081217 0.59 0.558 -.011301 .0208324 yr1998 | -.0009774 .0063636 -0.15 0.878 -.0135661 .0116113 yr1999 | -.0021726 .0067937 -0.32 0.750 -.0156122 .011267 _cons | -.1136841 .0277543 -4.10 0.000 -.1685888 -.0587794 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.85 Pr > z = 0.004 Arellano-Bond test for AR(2) in first differences: z = -0.36 Pr > z = 0.717 Hansen test of overid. restrictions: chi2(774) = 115.35 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(590) = 114.05 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(184) = 1.30 Prob > chi2 = 1.000 ivstyle(ldisteq yr19*, equation(level)) Hansen test excluding group: chi2(759) = 112.46 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(15) = 2.88 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store Tb43, title(Robustness panel regressions, Tb43) . xtabond2 lrgdpch lopenc lrule2 ldemoc2 L2.lrgdpch ldisteq L2.(lopenc lrule2 ldemoc2) yr19*, > gmm(L(0/2).(lrgdpch lopenc lrule2 ldemoc2)) iv(ldisteq) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1991 Time variable : year Number of groups = 132 Number of instruments = 786 Obs per group: min = 2 F(22, 131) = 5446.69 avg = 15.08 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lopenc | .0151881 .0243132 0.62 0.533 -.0329093 .0632855 lrule2 | .1192373 .0506557 2.35 0.020 .0190283 .2194464 ldemoc2 | -.0067693 .0233172 -0.29 0.772 -.0528962 .0393576 lrgdpch | L2. | .9830399 .0072025 136.49 0.000 .9687916 .9972882 ldisteq | .0050657 .0040516 1.25 0.213 -.0029492 .0130806 lopenc | L2. | -.004516 .0233755 -0.19 0.847 -.0507584 .0417263 lrule2 | L2. | -.0216876 .0332794 -0.65 0.516 -.0875222 .044147 ldemoc2 | L2. | .0202115 .0236224 0.86 0.394 -.0265194 .0669423 yr1986 | -.0021252 .0112193 -0.19 0.850 -.0243196 .0200692 yr1987 | .0032222 .0099457 0.32 0.746 -.0164528 .0228973 yr1988 | .0112145 .0085396 1.31 0.191 -.0056788 .0281077 yr1989 | .0092328 .0091533 1.01 0.315 -.0088746 .0273402 yr1990 | -.0077961 .0104757 -0.74 0.458 -.0285195 .0129274 yr1991 | -.0185849 .0133836 -1.39 0.167 -.0450609 .0078911 yr1992 | -.037238 .0171163 -2.18 0.031 -.0710981 -.0033779 yr1993 | -.033713 .0148519 -2.27 0.025 -.0630936 -.0043325 yr1994 | -.0185313 .0131931 -1.40 0.162 -.0446304 .0075677 yr1995 | -.0128622 .0120742 -1.07 0.289 -.0367479 .0110235 yr1996 | -.0054659 .0103217 -0.53 0.597 -.0258846 .0149528 yr1997 | .0053947 .0104788 0.51 0.608 -.0153348 .0261242 yr1998 | 8.17e-06 .0096295 0.00 0.999 -.0190412 .0190576 yr1999 | -.0054681 .0086167 -0.63 0.527 -.0225139 .0115777 _cons | -.2538881 .0598356 -4.24 0.000 -.3722571 -.1355191 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = 0.98 Pr > z = 0.326 Arellano-Bond test for AR(2) in first differences: z = -3.11 Pr > z = 0.002 Hansen test of overid. restrictions: chi2(763) = 122.23 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(580) = 120.49 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(183) = 1.74 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(762) = 124.49 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = -2.27 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch lopenc lrule2 ldemoc2 L2.lrgdpch ldisteq L2.(lopenc lrule2 ldemoc2) yr19*, > gmm(L(0/2).(lrgdpch lopenc lrule2 ldemoc2)) iv(ldisteq yr19*, equation(level)) robust small > orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1991 Time variable : year Number of groups = 132 Number of instruments = 800 Obs per group: min = 2 F(22, 131) = 5745.28 avg = 15.08 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lopenc | .0159191 .0246698 0.65 0.520 -.0328838 .0647219 lrule2 | .1095846 .0493561 2.22 0.028 .0119464 .2072228 ldemoc2 | -.0177211 .0238505 -0.74 0.459 -.0649032 .029461 lrgdpch | L2. | .982448 .0071908 136.63 0.000 .9682229 .9966732 ldisteq | .0070841 .0038351 1.85 0.067 -.0005027 .0146709 lopenc | L2. | -.0038297 .0236393 -0.16 0.872 -.050594 .0429345 lrule2 | L2. | -.0214988 .0327771 -0.66 0.513 -.0863396 .0433421 ldemoc2 | L2. | .0284375 .0238746 1.19 0.236 -.0187922 .0756672 yr1986 | -.0010296 .0112969 -0.09 0.928 -.0233777 .0213184 yr1987 | .0036635 .0101565 0.36 0.719 -.0164285 .0237555 yr1988 | .0114725 .0084435 1.36 0.177 -.0052308 .0281757 yr1989 | .0092255 .0090483 1.02 0.310 -.0086742 .0271251 yr1990 | -.007326 .0104585 -0.70 0.485 -.0280154 .0133634 yr1991 | -.0170114 .0137665 -1.24 0.219 -.044245 .0102221 yr1992 | -.0341392 .0174523 -1.96 0.053 -.068664 .0003857 yr1993 | -.0315245 .0148332 -2.13 0.035 -.0608682 -.0021809 yr1994 | -.0190247 .0135016 -1.41 0.161 -.0457341 .0076847 yr1995 | -.0147859 .0124094 -1.19 0.236 -.0393346 .0097629 yr1996 | -.0048434 .0103549 -0.47 0.641 -.0253278 .015641 yr1997 | .0077928 .0105205 0.74 0.460 -.0130193 .0286049 yr1998 | .0011959 .0096228 0.12 0.901 -.0178403 .0202322 yr1999 | -.0051732 .0086828 -0.60 0.552 -.0223499 .0120034 _cons | -.2192463 .0535713 -4.09 0.000 -.3252231 -.1132695 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = 0.99 Pr > z = 0.321 Arellano-Bond test for AR(2) in first differences: z = -3.11 Pr > z = 0.002 Hansen test of overid. restrictions: chi2(777) = 123.12 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(593) = 122.52 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(184) = 0.60 Prob > chi2 = 1.000 ivstyle(ldisteq yr19*, equation(level)) Hansen test excluding group: chi2(762) = 124.50 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(15) = -1.39 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L2.lrgdpch ldisteq lopenc lrule2 ldemoc2 L2.(lopenc lrule2 ldemoc2) L4.(lop > enc lrule2 ldemoc2) yr19*, gmm(L2.(lrgdpch lopenc lrule2 ldemoc2) L4.(lrgdpch lopenc lrule2 > ldemoc2)) iv(ldisteq) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr1986 dropped due to collinearity yr1987 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1727 Time variable : year Number of groups = 130 Number of instruments = 620 Obs per group: min = 1 F(23, 129) = 5363.24 avg = 13.28 Prob > F = 0.000 max = 15 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L2. | .9879663 .008908 110.91 0.000 .9703417 1.005591 ldisteq | .0042285 .004475 0.94 0.346 -.0046253 .0130824 lopenc | -.0027591 .0333537 -0.08 0.934 -.0687503 .0632322 lrule2 | .1064896 .0513328 2.07 0.040 .0049265 .2080528 ldemoc2 | -.0296861 .0331723 -0.89 0.373 -.0953184 .0359461 lopenc | L2. | .0167684 .0269381 0.62 0.535 -.0365294 .0700661 lrule2 | L2. | -.0069302 .0406864 -0.17 0.865 -.0874291 .0735688 ldemoc2 | L2. | .0079753 .0328361 0.24 0.808 -.0569916 .0729423 lopenc | L4. | -.0217955 .0129908 -1.68 0.096 -.0474982 .0039072 lrule2 | L4. | -.0182139 .024259 -0.75 0.454 -.0662109 .0297831 ldemoc2 | L4. | .034627 .0163876 2.11 0.037 .0022038 .0670502 yr1988 | .0144814 .0088906 1.63 0.106 -.0031089 .0320717 yr1989 | .010465 .0093006 1.13 0.263 -.0079365 .0288666 yr1990 | -.0065513 .0104978 -0.62 0.534 -.0273214 .0142188 yr1991 | -.0179155 .0139479 -1.28 0.201 -.0455117 .0096807 yr1992 | -.0271474 .0137899 -1.97 0.051 -.054431 .0001362 yr1993 | -.0282518 .0155243 -1.82 0.071 -.0589671 .0024634 yr1994 | -.0145316 .0151048 -0.96 0.338 -.0444169 .0153537 yr1995 | -.0112991 .012521 -0.90 0.369 -.0360722 .0134741 yr1996 | -.0053134 .0108419 -0.49 0.625 -.0267644 .0161376 yr1997 | .0073991 .0100679 0.73 0.464 -.0125205 .0273188 yr1998 | .0035901 .0089628 0.40 0.689 -.0141431 .0213233 yr1999 | -.0014678 .0091806 -0.16 0.873 -.0196319 .0166963 _cons | -.16532 .0755822 -2.19 0.031 -.3148613 -.0157786 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = 0.29 Pr > z = 0.774 Arellano-Bond test for AR(2) in first differences: z = -2.86 Pr > z = 0.004 Hansen test of overid. restrictions: chi2(596) = 118.80 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(481) = 110.41 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(115) = 8.39 Prob > chi2 = 1.000 ivstyle(ldisteq) Hansen test excluding group: chi2(595) = 115.31 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(1) = 3.49 Prob > chi2 = 0.062 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . xtabond2 lrgdpch L2.lrgdpch ldisteq lopenc lrule2 ldemoc2 L2.(lopenc lrule2 ldemoc2) L4.(lop > enc lrule2 ldemoc2) yr19*, gmm(L2.(lrgdpch lopenc lrule2 ldemoc2) L4.(lrgdpch lopenc lrule2 > ldemoc2)) iv(ldisteq yr19*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr1986 dropped due to collinearity yr1987 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1727 Time variable : year Number of groups = 130 Number of instruments = 632 Obs per group: min = 1 F(23, 129) = 5783.16 avg = 13.28 Prob > F = 0.000 max = 15 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L2. | .9873585 .008765 112.65 0.000 .9700168 1.0047 ldisteq | .0051668 .0043708 1.18 0.239 -.0034808 .0138145 lopenc | -.0035402 .0340683 -0.10 0.917 -.0709451 .0638647 lrule2 | .1107378 .0515492 2.15 0.034 .0087464 .2127291 ldemoc2 | -.0289292 .0327296 -0.88 0.378 -.0936855 .0358271 lopenc | L2. | .0176176 .0273238 0.64 0.520 -.0364431 .0716784 lrule2 | L2. | -.0141108 .0411006 -0.34 0.732 -.0954295 .0672078 ldemoc2 | L2. | .0041786 .0316457 0.13 0.895 -.0584332 .0667904 lopenc | L4. | -.020605 .0130279 -1.58 0.116 -.046381 .0051711 lrule2 | L4. | -.0186469 .0240169 -0.78 0.439 -.0661649 .0288711 ldemoc2 | L4. | .0367384 .015973 2.30 0.023 .0051354 .0683413 yr1988 | .0133563 .009089 1.47 0.144 -.0046265 .0313391 yr1989 | .0076952 .009266 0.83 0.408 -.0106378 .0260281 yr1990 | -.0091656 .0104802 -0.87 0.383 -.0299009 .0115697 yr1991 | -.02027 .0144239 -1.41 0.162 -.048808 .008268 yr1992 | -.0291778 .0143991 -2.03 0.045 -.0576668 -.0006889 yr1993 | -.0293333 .0156745 -1.87 0.064 -.0603458 .0016791 yr1994 | -.0160302 .0150277 -1.07 0.288 -.045763 .0137025 yr1995 | -.0133594 .012553 -1.06 0.289 -.0381959 .0114771 yr1996 | -.0078155 .0108005 -0.72 0.471 -.0291845 .0135535 yr1997 | .0042031 .0098908 0.42 0.672 -.015366 .0237723 yr1998 | .0006117 .0088637 0.07 0.945 -.0169254 .0181489 yr1999 | -.0035884 .0092383 -0.39 0.698 -.0218666 .0146898 _cons | -.1516244 .070006 -2.17 0.032 -.290133 -.0131158 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = 0.29 Pr > z = 0.773 Arellano-Bond test for AR(2) in first differences: z = -2.87 Pr > z = 0.004 Hansen test of overid. restrictions: chi2(608) = 119.96 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(493) = 117.95 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(115) = 2.01 Prob > chi2 = 1.000 ivstyle(ldisteq yr19*, equation(level)) Hansen test excluding group: chi2(595) = 117.79 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(13) = 2.17 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . restore . estout * using "C:\Panda\Output\table7.tex", replace style(tex) varlabels(_cons Constant) ce > lls (b(star fmt(%9.3f)) se(par fmt(%9.2f))) stats (r2 r2_a sargan sarganp ar2 ar2p N, labels > ("R$^2$" "Adjusted R$^2$" "Sargan $\chi^2$" "Sargan p-value" "AR(2) $\chi^2$" "AR(2) p-value > " "N")) starlevels(* 0.10 ** 0.05 *** 0.01) & Ta11 & Ta12 & Ta13 & Ta21 & Ta22 & > Ta23 & Ta31 & Ta32 & Ta33 & Ta41 & Ta42 > & Ta43 & Tb11 & Tb12 & Tb13 & Tb21 & T > b22 & Tb23 & Tb31 & Tb32 & Tb33 & Tb41 & > Tb42 & Tb43 \\ & b/se & b/se & b/se & b/se & b/se & > b/se & b/se & b/se & b/se & b/se & b/se > & b/se & b/se & b/se & b/se & b/se & b > /se & b/se & b/se & b/se & b/se & b/se & > b/se & b/se \\ L.lrgdpch & 0.986***& 0.986***& 0.977***& 0.995***& 0.991***& > 0.984***& 0.999***& 0.992***& 0.986***& 0.995***& 0.995* > **& 0.986***& 0.994***& 0.986***& 0.979***& 0.995***& 0. > 991***& 0.985***& & & & 0.993***& > 0.992***& 0.992***\\ & (0.01) & (0.00) & (0.01) & (0.00) & (0.00) & > (0.01) & (0.00) & (0.00) & (0.00) & (0.00) & (0.00) > & (0.01) & (0.00) & (0.00) & (0.01) & (0.00) & (0. > 00) & (0.01) & & & & (0.00) & > (0.00) & (0.00) \\ ldisteq & -0.004 & -0.002 & -0.004 & 0.002 & 0.004* & > 0.004* & 0.005* & 0.005** & 0.004* & 0.004 & 0.004 > & 0.004* & -0.004 & -0.007 & -0.007* & 0.004 & 0. > 004* & 0.004* & -0.011 & -0.011 & 0.015 & 0.003 & > 0.002 & 0.003 \\ & (0.00) & (0.00) & (0.00) & (0.00) & (0.00) & > (0.00) & (0.00) & (0.00) & (0.00) & (0.00) & (0.00) > & (0.00) & (0.00) & (0.00) & (0.00) & (0.00) & (0. > 00) & (0.00) & (0.02) & (0.02) & (0.01) & (0.00) & > (0.00) & (0.00) \\ lopenc & -0.000 & 0.029 & 0.004 & 0.003 & 0.032 & > 0.005 & -0.003 & 0.030 & 0.005 & 0.002 & 0.031 > & 0.005 & 0.003 & 0.030 & 0.005 & 0.003 & 0. > 031 & 0.004 & 0.058* & 0.041 & 0.023 & 0.001 & > 0.012 & 0.010 \\ & (0.01) & (0.04) & (0.04) & (0.01) & (0.04) & > (0.04) & (0.01) & (0.04) & (0.04) & (0.01) & (0.04) > & (0.04) & (0.01) & (0.04) & (0.04) & (0.01) & (0. > 04) & (0.04) & (0.03) & (0.03) & (0.05) & (0.01) & > (0.02) & (0.02) \\ lrule2 & 0.037***& 0.091***& 0.109***& 0.034***& 0.091***& > 0.113***& 0.038***& 0.089***& 0.114***& 0.032***& 0.090* > **& 0.114***& 0.026***& 0.086***& 0.111***& 0.031***& 0. > 090***& 0.113***& & & & 0.041** & > 0.084* & 0.075* \\ & (0.01) & (0.02) & (0.03) & (0.01) & (0.02) & > (0.03) & (0.01) & (0.02) & (0.03) & (0.01) & (0.02) > & (0.03) & (0.01) & (0.02) & (0.03) & (0.01) & (0. > 02) & (0.03) & & & & (0.02) & > (0.04) & (0.04) \\ ldemoc & -0.001 & 0.015 & 0.016 & -0.001 & 0.013 & > 0.016 & 0.001 & 0.014 & 0.016 & 0.001 & 0.013 > & 0.017 & 0.001 & 0.015 & 0.017 & 0.000 & 0. > 015 & 0.017 & 0.032 & -0.019 & -0.028 & & > & \\ & (0.00) & (0.01) & (0.01) & (0.00) & (0.01) & > (0.01) & (0.00) & (0.01) & (0.01) & (0.00) & (0.01) > & (0.01) & (0.00) & (0.01) & (0.01) & (0.00) & (0. > 01) & (0.01) & (0.03) & (0.03) & (0.03) & & > & \\ yr1985 & -0.005 & -0.002 & & -0.003 & -0.001 & > & -0.001 & 0.000 & & -0.003 & -0.002 > & & -0.003 & 0.000 & & -0.003 & -0. > 001 & & & & & -0.007 & > -0.005 & \\ & (0.01) & (0.01) & & (0.01) & (0.01) & > & (0.01) & (0.01) & & (0.01) & (0.01) > & & (0.01) & (0.01) & & (0.01) & (0. > 01) & & & & & (0.01) & > (0.01) & \\ yr1986 & 0.005 & 0.011 & 0.014 & 0.007 & 0.010 & > 0.014 & 0.008 & 0.012 & 0.015 & 0.006 & 0.010 > & 0.015 & 0.006 & 0.012 & 0.017 & 0.006 & 0. > 011 & 0.015 & & & & 0.003 & > 0.004 & 0.005 \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) > & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0. > 01) & (0.01) & & & & (0.01) & > (0.01) & (0.01) \\ yr1987 & 0.004 & 0.009 & 0.015 & 0.005 & 0.009 & > 0.014 & 0.007 & 0.011 & 0.015 & 0.005 & 0.008 > & 0.015 & 0.004 & 0.010 & 0.017 & 0.005 & 0. > 010 & 0.015 & & & & 0.000 & > 0.002 & 0.001 \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) > & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0. > 01) & (0.01) & & & & (0.01) & > (0.01) & (0.01) \\ yr1988 & 0.013** & 0.023** & 0.004 & 0.013** & 0.021* & > 0.003 & 0.015** & 0.023** & 0.003 & 0.013** & 0.021* > * & 0.003 & 0.013** & 0.023** & 0.006 & 0.013** & 0. > 022** & 0.004 & & & & 0.011** & > 0.012** & 0.012** \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.01) & (0.01) & (0.02) & (0.01) & (0.01) > & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0. > 01) & (0.01) & & & & (0.01) & > (0.01) & (0.01) \\ yr1989 & 0.002 & 0.001 & 0.005 & 0.002 & 0.001 & > 0.004 & 0.004 & 0.003 & 0.005 & 0.002 & 0.001 > & 0.005 & 0.002 & 0.002 & 0.007 & 0.002 & 0. > 002 & 0.005 & & & & -0.001 & > 0.000 & -0.000 \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) > & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0. > 01) & (0.01) & & & & (0.01) & > (0.01) & (0.01) \\ yr1990 & 0.007 & -0.010 & 0.017 & 0.007 & -0.008 & > 0.017 & 0.010 & -0.006 & 0.018* & 0.007 & -0.008 > & 0.018* & 0.006 & -0.005 & 0.020* & 0.007 & -0. > 008 & 0.018* & & & & -0.006 & > -0.005 & -0.006 \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.02) & > (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) > & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0. > 02) & (0.01) & & & & (0.01) & > (0.01) & (0.01) \\ yr1991 & -0.019 & -0.006 & 0.007 & -0.018 & -0.005 & > 0.008 & -0.016 & -0.003 & 0.008 & -0.018 & -0.006 > & 0.008 & -0.018 & -0.004 & 0.010 & -0.019 & -0. > 005 & 0.008 & & & & -0.018 & > -0.016 & -0.011 \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) > & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0. > 01) & (0.01) & & & & (0.01) & > (0.01) & (0.01) \\ yr1992 & -0.010 & -0.019** & -0.020* & -0.008 & -0.017* & > -0.020* & -0.007 & -0.016 & -0.019 & -0.008 & -0.017* > & -0.019 & -0.008 & -0.015 & -0.016 & -0.008 & -0. > 016* & -0.018 & & & & -0.017** & > -0.018* & -0.016* \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) > & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0. > 01) & (0.01) & & & & (0.01) & > (0.01) & (0.01) \\ yr1993 & 0.003 & -0.004 & -0.013 & 0.004 & -0.002 & > -0.014 & 0.005 & -0.001 & -0.012 & 0.004 & -0.002 > & -0.012 & 0.005 & 0.001 & -0.009 & 0.004 & -0. > 001 & -0.012 & & & & -0.008 & > -0.012 & -0.009 \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) > & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0. > 01) & (0.01) & & & & (0.01) & > (0.01) & (0.01) \\ yr1994 & 0.007 & -0.000 & 0.010 & 0.009 & 0.002 & > 0.011 & 0.009 & 0.003 & 0.011 & 0.009 & 0.002 > & 0.011 & 0.009 & 0.005 & 0.014 & 0.009 & 0. > 002 & 0.012 & & & & -0.003 & > -0.005 & -0.005 \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) > & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0. > 01) & (0.01) & & & & (0.01) & > (0.01) & (0.01) \\ yr1995 & 0.000 & 0.003 & 0.013 & 0.002 & 0.003 & > 0.013 & 0.002 & 0.004 & 0.013 & 0.002 & 0.004 > & 0.013 & 0.003 & 0.005 & 0.017 & 0.002 & 0. > 004 & 0.013 & & & & -0.004 & > -0.007 & -0.006 \\ & (0.01) & (0.01) & (0.02) & (0.01) & (0.01) & > (0.02) & (0.01) & (0.01) & (0.02) & (0.01) & (0.01) > & (0.02) & (0.01) & (0.01) & (0.02) & (0.01) & (0. > 01) & (0.02) & & & & (0.01) & > (0.01) & (0.01) \\ yr1996 & 0.009 & 0.015 & 0.015 & 0.011* & 0.013 & > 0.015 & 0.011* & 0.014 & 0.014 & 0.011* & 0.014 > & 0.014 & 0.012* & 0.015 & 0.017 & 0.011* & 0. > 014 & 0.015 & & & & 0.007 & > 0.004 & 0.005 \\ & (0.01) & (0.01) & (0.02) & (0.01) & (0.01) & > (0.02) & (0.01) & (0.01) & (0.02) & (0.01) & (0.01) > & (0.02) & (0.01) & (0.01) & (0.02) & (0.01) & (0. > 01) & (0.02) & & & & (0.01) & > (0.01) & (0.01) \\ yr1997 & 0.006 & 0.000 & -0.005 & 0.007 & 0.001 & > -0.005 & 0.007 & 0.001 & -0.004 & 0.007 & 0.002 > & -0.004 & 0.008 & 0.003 & -0.002 & 0.007 & 0. > 001 & -0.004 & & & & 0.005 & > 0.003 & 0.005 \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) > & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0. > 01) & (0.01) & & & & (0.01) & > (0.01) & (0.01) \\ yr1998 & 0.007 & 0.018 & 0.013 & 0.008 & 0.019 & > 0.013 & 0.008 & 0.018 & 0.014 & 0.008 & 0.019 > & 0.014 & 0.009 & 0.018 & 0.017 & 0.008 & 0. > 018 & 0.013 & 0.034***& 0.034** & & -0.000 & > -0.002 & -0.001 \\ & (0.01) & (0.01) & (0.02) & (0.01) & (0.01) & > (0.02) & (0.01) & (0.01) & (0.02) & (0.01) & (0.01) > & (0.02) & (0.01) & (0.02) & (0.03) & (0.01) & (0. > 01) & (0.02) & (0.01) & (0.01) & & (0.01) & > (0.01) & (0.01) \\ yr1999 & 0.002 & 0.002 & 0.003 & 0.003 & 0.003 & > 0.002 & 0.003 & 0.003 & 0.002 & 0.004 & 0.003 > & 0.002 & 0.004 & 0.004 & 0.005 & 0.004 & 0. > 003 & 0.002 & & & & -0.001 & > -0.002 & -0.002 \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) > & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0. > 01) & (0.01) & & & & (0.01) & > (0.01) & (0.01) \\ yr2000 & 0.016***& 0.015* & 0.023** & 0.017***& 0.015* & > 0.023** & 0.017***& 0.015* & 0.023** & 0.017***& 0.015* > & 0.023** & 0.017***& 0.016* & 0.025***& 0.017***& 0. > 015* & 0.024** & 0.028***& 0.032***& 0.025 & & > & \\ & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & > (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) > & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) & (0. > 01) & (0.01) & (0.01) & (0.01) & (0.02) & & > & \\ yr2001 & -0.000 & -0.001 & 0.015 & 0.000 & -0.001 & > 0.016 & 0.000 & -0.001 & 0.016 & -0.000 & -0.001 > & 0.016 & -0.000 & -0.001 & 0.017 & -0.000 & -0. > 001 & 0.016 & & & & & > & \\ & (0.00) & (0.01) & (0.01) & (0.00) & (0.01) & > (0.01) & (0.00) & (0.01) & (0.01) & (0.00) & (0.01) > & (0.01) & (0.00) & (0.01) & (0.01) & (0.00) & (0. > 01) & (0.01) & & & & & > & \\ reg_1 & -0.053***& -0.035***& -0.050***& & & > & & & & & > & & & & & & > & & & & & & > & \\ & (0.02) & (0.01) & (0.01) & & & > & & & & & > & & & & & & > & & & & & & > & \\ reg_7 & -0.027* & -0.027***& -0.033***& & & > & & & & & > & & & & & & > & & & & & & > & \\ & (0.01) & (0.01) & (0.01) & & & > & & & & & > & & & & & & > & & & & & & > & \\ reg_13 & -0.004 & 0.009 & -0.001 & & & > & & & & & > & & & & & & > & & & & & & > & \\ & (0.02) & (0.01) & (0.01) & & & > & & & & & > & & & & & & > & & & & & & > & \\ L.lopenc & & -0.014 & 0.007 & & -0.013 & > 0.007 & & -0.014 & 0.009 & & -0.015 > & 0.009 & & -0.009 & 0.006 & & -0. > 013 & 0.010 & & & & & > -0.006 & -0.011 \\ & & (0.04) & (0.05) & & (0.04) & > (0.05) & & (0.04) & (0.05) & & (0.04) > & (0.05) & & (0.04) & (0.05) & & (0. > 04) & (0.05) & & & & & > (0.02) & (0.02) \\ L2.lopenc & & & -0.006 & & & > -0.006 & & & -0.008 & & > & -0.008 & & & -0.001 & & > & -0.007 & & & & & > & 0.006 \\ & & & (0.02) & & & > (0.02) & & & (0.02) & & > & (0.02) & & & (0.02) & & > & (0.02) & & & & & > & (0.01) \\ L.lrule2 & & -0.060***& 0.002 & & -0.055** & > 0.002 & & -0.053** & -0.001 & & -0.061* > **& -0.001 & & -0.060***& -0.002 & & -0. > 056** & 0.001 & & & & & > -0.037 & -0.034 \\ & & (0.02) & (0.05) & & (0.02) & > (0.05) & & (0.02) & (0.05) & & (0.02) > & (0.05) & & (0.02) & (0.05) & & (0. > 02) & (0.05) & & & & & > (0.03) & (0.03) \\ L2.lrule2 & & & -0.068* & & & > -0.068* & & & -0.069* & & > & -0.069* & & & -0.071** & & > & -0.069* & & & & & > & 0.002 \\ & & & (0.04) & & & > (0.03) & & & (0.04) & & > & (0.04) & & & (0.03) & & > & (0.03) & & & & & > & (0.01) \\ L.ldemoc & & -0.011 & 0.002 & & -0.013 & > -0.001 & & -0.011 & -0.001 & & -0.013 > & -0.001 & & -0.010 & 0.001 & & -0. > 013 & -0.000 & & & & & > & \\ & & (0.01) & (0.01) & & (0.01) & > (0.01) & & (0.01) & (0.01) & & (0.01) > & (0.01) & & (0.01) & (0.01) & & (0. > 01) & (0.01) & & & & & > & \\ L2.ldemoc & & & -0.010 & & & > -0.010 & & & -0.009 & & > & -0.009 & & & -0.008 & & > & -0.010 & & & & & > & \\ & & & (0.02) & & & > (0.02) & & & (0.02) & & > & (0.02) & & & (0.02) & & > & (0.02) & & & & & > & \\ col_eng & & & & -0.007 & 0.005 & > 0.001 & & & & & > & & & & & & > & & & & & & > & \\ & & & & (0.01) & (0.01) & > (0.01) & & & & & > & & & & & & > & & & & & & > & \\ col_fr & & & & -0.023** & -0.020** & > -0.022** & & & & & > & & & & & & > & & & & & & > & \\ & & & & (0.01) & (0.01) & > (0.01) & & & & & > & & & & & & > & & & & & & > & \\ neoeurope & & & & & & > & -0.161* & -0.058 & -0.003 & & > & & & & & & > & & & & & & > & \\ & & & & & & > & (0.10) & (0.04) & (0.02) & & > & & & & & & > & & & & & & > & \\ oil & & & & & & > & & & & 0.013 & -0.014* > & 0.001 & & & & & > & & & & & & > & \\ & & & & & & > & & & & (0.01) & (0.01) > & (0.01) & & & & & > & & & & & & > & \\ tropics & & & & & & > & & & & & > & & -0.026 & -0.040***& -0.043***& & > & & & & & & > & \\ & & & & & & > & & & & & > & & (0.02) & (0.01) & (0.01) & & > & & & & & & > & \\ landlocked & & & & & & > & & & & & > & & & & & -0.015 & -0. > 012 & -0.013 & & & & & > & \\ & & & & & & > & & & & & > & & & & & (0.01) & (0. > 01) & (0.01) & & & & & > & \\ laglrgdpch & & & & & & > & & & & & > & & & & & & > & & 1.033***& 1.024***& 0.987***& & > & \\ & & & & & & > & & & & & > & & & & & & > & & (0.04) & (0.04) & (0.03) & & > & \\ rule3 & & & & & & > & & & & & > & & & & & & > & & -0.011 & 0.067* & 0.116***& & > & \\ & & & & & & > & & & & & > & & & & & & > & & (0.05) & (0.04) & (0.04) & & > & \\ yr2002 & & & & & & > & & & & & > & & & & & & > & & 0.001 & 0.002 & 0.000 & & > & \\ & & & & & & > & & & & & > & & & & & & > & & (0.01) & (0.01) & (0.01) & & > & \\ laglopenc & & & & & & > & & & & & > & & & & & & > & & & 0.021 & 0.016 & & > & \\ & & & & & & > & & & & & > & & & & & & > & & & (0.04) & (0.06) & & > & \\ lagrule3 & & & & & & > & & & & & > & & & & & & > & & & -0.054 & -0.098 & & > & \\ & & & & & & > & & & & & > & & & & & & > & & & (0.04) & (0.07) & & > & \\ lagldemoc & & & & & & > & & & & & > & & & & & & > & & & 0.031 & 0.031* & & > & \\ & & & & & & > & & & & & > & & & & & & > & & & (0.02) & (0.02) & & > & \\ lag2lopenc & & & & & & > & & & & & > & & & & & & > & & & & 0.005 & & > & \\ & & & & & & > & & & & & > & & & & & & > & & & & (0.05) & & > & \\ lag2rule3 & & & & & & > & & & & & > & & & & & & > & & & & 0.016 & & > & \\ & & & & & & > & & & & & > & & & & & & > & & & & (0.04) & & > & \\ lag2ldemoc & & & & & & > & & & & & > & & & & & & > & & & & -0.048 & & > & \\ & & & & & & > & & & & & > & & & & & & > & & & & (0.04) & & > & \\ ldemoc2 & & & & & & > & & & & & > & & & & & & > & & & & & 0.004 & > -0.000 & 0.009 \\ & & & & & & > & & & & & > & & & & & & > & & & & & (0.01) & > (0.02) & (0.02) \\ L.ldemoc2 & & & & & & > & & & & & > & & & & & & > & & & & & & > 0.009 & -0.022 \\ & & & & & & > & & & & & > & & & & & & > & & & & & & > (0.02) & (0.02) \\ L2.ldemoc2 & & & & & & > & & & & & > & & & & & & > & & & & & & > & 0.018 \\ & & & & & & > & & & & & > & & & & & & > & & & & & & > & (0.02) \\ Constant & 0.046 & -0.020 & 0.058 & -0.066* & -0.113** & > -0.057* & -0.103***& -0.122** & -0.064* & -0.072** & -0.117* > * & -0.064** & -0.012 & -0.012 & 0.043 & -0.071** & -0. > 110** & -0.061* & -0.526 & -0.432 & -0.025 & -0.091** & > -0.136***& -0.114***\\ & (0.06) & (0.05) & (0.04) & (0.03) & (0.04) & > (0.03) & (0.03) & (0.05) & (0.03) & (0.03) & (0.05) > & (0.03) & (0.06) & (0.05) & (0.05) & (0.03) & (0. > 05) & (0.03) & (0.41) & (0.38) & (0.33) & (0.04) & > (0.03) & (0.03) \\ R$^2$ & & & & & & > & & & & & > & & & & & & > & & & & & & > & \\ Adjusted R$^2$& & & & & > & & & & & & > & & & & & & > & & & & & & > & \\ Sargan $\chi^2$& 113.428 & 109.844 & 110.364 & 109.691 & 111.029 > & 112.891 & 106.501 & 109.727 & 101.730 & 116.633 & 110.6 > 13 & 111.538 & 105.509 & 108.959 & 102.014 & 105.544 & 1 > 13.512 & 111.977 & 21.118 & 40.142 & 23.745 & 121.216 & > 113.652 & 115.348 \\ Sargan p-value& 1.000 & 1.000 & 1.000 & 1.000 & 1.000 > & 1.000 & 1.000 & 1.000 & 1.000 & 1.000 & 1.00 > 0 & 1.000 & 1.000 & 1.000 & 1.000 & 1.000 & > 1.000 & 1.000 & 0.632 & 0.464 & 0.591 & 1.000 & > 1.000 & 1.000 \\ AR(2) $\chi^2$& -0.990 & -0.875 & -1.116 & -0.983 & -0.877 > & -1.152 & -0.992 & -0.887 & -1.147 & -0.986 & -0.87 > 7 & -1.148 & -0.981 & -0.918 & -1.102 & -0.984 & - > 0.889 & -1.153 & . & . & . & -0.431 & > -0.485 & -0.363 \\ AR(2) p-value& 0.322 & 0.381 & 0.264 & 0.326 & 0.381 & > 0.249 & 0.321 & 0.375 & 0.252 & 0.324 & 0.381 > & 0.251 & 0.327 & 0.359 & 0.271 & 0.325 & 0 > .374 & 0.249 & . & . & . & 0.667 & > 0.627 & 0.717 \\ N & 1938.000 & 1938.000 & 1794.000 & 1938.000 & 1938.000 & > 1794.000 & 1938.000 & 1938.000 & 1794.000 & 1938.000 & 1938.000 > & 1794.000 & 1938.000 & 1938.000 & 1794.000 & 1938.000 & 1938. > 000 & 1794.000 & 558.000 & 558.000 & 410.000 & 2123.000 & 2 > 123.000 & 1991.000 \\ . estimates clear . . /* Subsample analysis */ . . preserve . keep if democ>5 (10063 observations deleted) . keep lrgdpch lopenc lrule2 ldemoc ldist yr19* yr20* scode2 year . drop if lrgdpch == . | lopenc == . | lrule2 == . | ldemoc == . | ldist == . (9350 observations deleted) . xtset scode2 year panel variable: scode2 (unbalanced) time variable: year, 1984 to 2002, but with gaps . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20*, gmm(L.(lrgdpch lopenc l > rule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1038 Time variable : year Number of groups = 84 Number of instruments = 699 Obs per group: min = 1 F(22, 83) = 17711.28 avg = 12.36 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9993731 .004163 240.06 0.000 .991093 1.007653 ldisteq | .0058249 .0030334 1.92 0.058 -.0002084 .0118582 lopenc | .0074797 .005948 1.26 0.212 -.0043506 .01931 lrule2 | .0078407 .0099969 0.78 0.435 -.0120428 .0277242 ldemoc | .0193004 .0285222 0.68 0.500 -.0374292 .07603 yr1985 | .0039395 .0079843 0.49 0.623 -.0119409 .0198199 yr1986 | .0108988 .008213 1.33 0.188 -.0054365 .0272341 yr1987 | .0139187 .0081967 1.70 0.093 -.0023842 .0302216 yr1988 | .0071955 .0086706 0.83 0.409 -.0100499 .0244409 yr1989 | -.0011742 .0116407 -0.10 0.920 -.024327 .0219786 yr1990 | -.0012148 .0098675 -0.12 0.902 -.0208407 .0184112 yr1991 | -.0030375 .0091946 -0.33 0.742 -.0213251 .0152502 yr1992 | .0062479 .0084408 0.74 0.461 -.0105405 .0230363 yr1993 | -.000335 .0088772 -0.04 0.970 -.0179915 .0173214 yr1994 | .0034102 .0097056 0.35 0.726 -.0158939 .0227143 yr1995 | .0044205 .0105196 0.42 0.675 -.0165024 .0253435 yr1996 | .0055534 .007184 0.77 0.442 -.0087353 .0198421 yr1997 | .0121639 .0068068 1.79 0.078 -.0013747 .0257024 yr1998 | .0088579 .0070596 1.25 0.213 -.0051833 .0228992 yr1999 | .0062409 .0072361 0.86 0.391 -.0081513 .0206331 yr2000 | .0208703 .0066947 3.12 0.003 .0075547 .0341858 yr2001 | .0026588 .0057343 0.46 0.644 -.0087465 .0140642 _cons | -.1025963 .0539763 -1.90 0.061 -.2099531 .0047604 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -3.55 Pr > z = 0.000 Arellano-Bond test for AR(2) in first differences: z = -2.80 Pr > z = 0.005 Hansen test of overid. restrictions: chi2(676) = 65.13 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(608) = 66.71 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(68) = -1.58 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(658) = 67.18 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = -2.05 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store S11, title(Subsample panel regressions, S11) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/1).(lopenc lrule2 ldemoc) yr19* yr20*, gmm(L(0/2).(lr > gdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 1038 Time variable : year Number of groups = 84 Number of instruments = 866 Obs per group: min = 1 F(25, 83) = 10739.75 avg = 12.36 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9936035 .0091253 108.88 0.000 .9754536 1.011753 ldisteq | .0049413 .0040162 1.23 0.222 -.0030468 .0129294 lopenc | --. | -.1297306 .070272 -1.85 0.068 -.2694988 .0100377 L1. | .144376 .0742398 1.94 0.055 -.003284 .2920361 lrule2 | --. | .0774236 .0651143 1.19 0.238 -.0520861 .2069334 L1. | -.0584071 .0671917 -0.87 0.387 -.1920488 .0752346 ldemoc | --. | -.0803485 .1613741 -0.50 0.620 -.4013151 .240618 L1. | .1494817 .1636851 0.91 0.364 -.1760814 .4750449 yr1985 | -.0161273 .0176465 -0.91 0.363 -.0512254 .0189709 yr1986 | -.0178005 .0149624 -1.19 0.238 -.04756 .0119591 yr1987 | -.0059269 .0182635 -0.32 0.746 -.0422524 .0303985 yr1988 | -.0112199 .0270057 -0.42 0.679 -.0649332 .0424934 yr1989 | -.0502144 .0463032 -1.08 0.281 -.1423097 .0418809 yr1990 | -.0541717 .033437 -1.62 0.109 -.1206765 .0123331 yr1991 | -.0113473 .0148227 -0.77 0.446 -.040829 .0181345 yr1992 | .000569 .0285748 0.02 0.984 -.0562652 .0574031 yr1993 | -.0508499 .0238378 -2.13 0.036 -.0982624 -.0034375 yr1994 | -.0149299 .0309501 -0.48 0.631 -.0764884 .0466287 yr1995 | .0783979 .0386758 2.03 0.046 .0014732 .1553225 yr1996 | -.0485797 .0416262 -1.17 0.247 -.1313725 .0342131 yr1997 | -.100787 .036427 -2.77 0.007 -.1732388 -.0283351 yr1998 | .0166714 .0230767 0.72 0.472 -.0292272 .06257 yr1999 | -.0189221 .0182104 -1.04 0.302 -.0551418 .0172976 yr2000 | .0067879 .0204823 0.33 0.741 -.0339506 .0475263 yr2001 | -.0214175 .0173387 -1.24 0.220 -.0559035 .0130684 _cons | -.2055191 .1066587 -1.93 0.057 -.417659 .0066209 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.97 Pr > z = 0.003 Arellano-Bond test for AR(2) in first differences: z = -3.44 Pr > z = 0.001 Hansen test of overid. restrictions: chi2(840) = 66.92 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(642) = 73.42 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(198) = -6.50 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(822) = 68.53 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = -1.61 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store S12, title(Subsample panel regressions, S12) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/2).(lopenc lrule2 ldemoc) yr19* yr20*, gmm(L(0/2).(lr > gdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 950 Time variable : year Number of groups = 83 Number of instruments = 837 Obs per group: min = 1 F(27, 82) = 10628.52 avg = 11.45 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9982555 .0070617 141.36 0.000 .9842076 1.012304 ldisteq | .0111018 .0052041 2.13 0.036 .0007491 .0214544 lopenc | --. | -.3358285 .0880606 -3.81 0.000 -.511009 -.160648 L1. | .4744081 .1510371 3.14 0.002 .1739471 .7748691 L2. | -.1159341 .0598935 -1.94 0.056 -.2350814 .0032131 lrule2 | --. | -.1462935 .054291 -2.69 0.009 -.2542957 -.0382914 L1. | .0489151 .0608567 0.80 0.424 -.0721483 .1699786 L2. | .0843695 .075766 1.11 0.269 -.0663532 .2350922 ldemoc | --. | .0777065 .074692 1.04 0.301 -.0708797 .2262928 L1. | .2583544 .090804 2.85 0.006 .0777164 .4389924 L2. | -.3219555 .075849 -4.24 0.000 -.4728434 -.1710676 yr1986 | .0535566 .0230171 2.33 0.022 .0077684 .0993449 yr1987 | .1389882 .0425971 3.26 0.002 .054249 .2237273 yr1988 | .020439 .0159077 1.28 0.202 -.0112066 .0520845 yr1989 | -.0075454 .0184732 -0.41 0.684 -.0442945 .0292036 yr1990 | .0152064 .0154238 0.99 0.327 -.0154764 .0458892 yr1991 | .0816735 .0255676 3.19 0.002 .0308114 .1325356 yr1992 | .0360555 .019401 1.86 0.067 -.0025393 .0746504 yr1993 | .0449368 .0153707 2.92 0.004 .0143596 .075514 yr1994 | .0630961 .0189208 3.33 0.001 .0254567 .1007356 yr1995 | .0291371 .0232486 1.25 0.214 -.0171117 .075386 yr1996 | -.0283469 .0112506 -2.52 0.014 -.050728 -.0059658 yr1997 | -.0120822 .0158745 -0.76 0.449 -.0436617 .0194973 yr1998 | .0470284 .0100307 4.69 0.000 .0270742 .0669826 yr1999 | .0255565 .0118925 2.15 0.035 .0018986 .0492145 yr2000 | .0601642 .0148275 4.06 0.000 .0306676 .0896609 yr2001 | -.0128733 .0102555 -1.26 0.213 -.0332749 .0075282 _cons | -.1116096 .0750548 -1.49 0.141 -.2609175 .0376984 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -4.45 Pr > z = 0.000 Arellano-Bond test for AR(2) in first differences: z = -3.00 Pr > z = 0.003 Hansen test of overid. restrictions: chi2(809) = 51.03 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(613) = 52.92 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(196) = -1.89 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(792) = 48.64 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(17) = 2.40 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store S13, title(Subsample panel regressions, S13) . restore . preserve . keep if democ<=5 (10481 observations deleted) . keep lrgdpch lopenc lrule2 ldemoc ldist yr19* yr20* scode2 year . drop if lrgdpch == . | lopenc == . | lrule2 == . | ldemoc == . | ldist == . (9103 observations deleted) . xtset scode2 year panel variable: scode2 (unbalanced) time variable: year, 1984 to 2002, but with gaps . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20*, gmm(L.(lrgdpch lopenc l > rule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 859 Time variable : year Number of groups = 74 Number of instruments = 584 Obs per group: min = 1 F(22, 73) = 5933.82 avg = 11.61 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9950584 .0048191 206.48 0.000 .985454 1.004663 ldisteq | .0023484 .0031437 0.75 0.457 -.0039171 .0086138 lopenc | -.0075054 .0082038 -0.91 0.363 -.0238555 .0088447 lrule2 | .0679257 .0179505 3.78 0.000 .0321503 .103701 ldemoc | -.0004558 .0068136 -0.07 0.947 -.0140354 .0131237 yr1985 | -.0017256 .0114433 -0.15 0.881 -.0245321 .0210809 yr1986 | .0156721 .0120818 1.30 0.199 -.008407 .0397511 yr1987 | .0121595 .0131741 0.92 0.359 -.0140964 .0384154 yr1988 | .0188293 .0126608 1.49 0.141 -.0064037 .0440623 yr1989 | .0024351 .0144208 0.17 0.866 -.0263055 .0311758 yr1990 | .019663 .0145353 1.35 0.180 -.0093058 .0486318 yr1991 | -.0320484 .0246241 -1.30 0.197 -.0811242 .0170274 yr1992 | -.0117202 .0147928 -0.79 0.431 -.0412021 .0177617 yr1993 | .0215522 .017119 1.26 0.212 -.0125659 .0556704 yr1994 | .0178583 .0143827 1.24 0.218 -.0108064 .046523 yr1995 | .0011056 .0138117 0.08 0.936 -.0264211 .0286324 yr1996 | .0263058 .0150628 1.75 0.085 -.0037142 .0563258 yr1997 | .0006715 .0148886 0.05 0.964 -.0290014 .0303444 yr1998 | -.0000996 .0140702 -0.01 0.994 -.0281415 .0279423 yr1999 | -.0002236 .0170833 -0.01 0.990 -.0342705 .0338234 yr2000 | .0106032 .0112502 0.94 0.349 -.0118184 .0330248 yr2001 | -.0062128 .0082692 -0.75 0.455 -.0226934 .0102678 _cons | -.1445032 .0391795 -3.69 0.000 -.2225877 -.0664186 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -1.94 Pr > z = 0.052 Arellano-Bond test for AR(2) in first differences: z = -0.29 Pr > z = 0.769 Hansen test of overid. restrictions: chi2(561) = 48.40 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(497) = 49.02 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(64) = -0.62 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(543) = 46.50 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = 1.90 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store S21, title(Subsample panel regressions, S21) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/1).(lopenc lrule2 ldemoc) yr19* yr20*, gmm(L(0/2).(lr > gdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 859 Time variable : year Number of groups = 74 Number of instruments = 692 Obs per group: min = 1 F(25, 73) = 12546.05 avg = 11.61 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9932976 .0041849 237.35 0.000 .9849572 1.001638 ldisteq | .0004372 .0040365 0.11 0.914 -.0076076 .0084819 lopenc | --. | .0209077 .0388592 0.54 0.592 -.0565386 .098354 L1. | -.028274 .0393037 -0.72 0.474 -.1066062 .0500581 lrule2 | --. | .0712444 .0484552 1.47 0.146 -.0253266 .1678155 L1. | -.0347086 .0419265 -0.83 0.410 -.118268 .0488507 ldemoc | --. | .0380823 .0408152 0.93 0.354 -.0432622 .1194268 L1. | -.0277441 .0418022 -0.66 0.509 -.1110557 .0555676 yr1985 | .0437076 .0330388 1.32 0.190 -.0221386 .1095539 yr1986 | .0518225 .0310887 1.67 0.100 -.0101371 .1137821 yr1987 | .0384699 .0346948 1.11 0.271 -.0306767 .1076165 yr1988 | .0758304 .0361315 2.10 0.039 .0038204 .1478403 yr1989 | .0563711 .0376092 1.50 0.138 -.018584 .1313262 yr1990 | .0532527 .0481268 1.11 0.272 -.0426639 .1491693 yr1991 | .017611 .0478298 0.37 0.714 -.0777136 .1129357 yr1992 | -.0072501 .0324074 -0.22 0.824 -.0718379 .0573378 yr1993 | .0510219 .0416702 1.22 0.225 -.0320266 .1340704 yr1994 | .0111645 .0367926 0.30 0.762 -.062163 .0844919 yr1995 | .0805645 .0558015 1.44 0.153 -.0306478 .1917767 yr1996 | .0952256 .0527221 1.81 0.075 -.0098495 .2003006 yr1997 | .0143464 .0282852 0.51 0.614 -.0420259 .0707187 yr1998 | .0922609 .0667714 1.38 0.171 -.0408143 .2253361 yr1999 | .1235158 .0729664 1.69 0.095 -.021906 .2689377 yr2000 | .081632 .0397547 2.05 0.044 .002401 .1608629 yr2001 | .0313025 .0175666 1.78 0.079 -.0037077 .0663127 _cons | -.0813147 .0606595 -1.34 0.184 -.202209 .0395795 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.07 Pr > z = 0.038 Arellano-Bond test for AR(2) in first differences: z = -0.82 Pr > z = 0.415 Hansen test of overid. restrictions: chi2(666) = 39.27 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(508) = 42.36 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(158) = -3.08 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(648) = 43.61 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = -4.34 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store S22, title(Subsample panel regressions, S22) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/2).(lopenc lrule2 ldemoc) yr19* yr20*, gmm(L(0/2).(lr > gdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 769 Time variable : year Number of groups = 71 Number of instruments = 653 Obs per group: min = 1 F(27, 70) = 8410.76 avg = 10.83 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9964275 .004553 218.85 0.000 .9873468 1.005508 ldisteq | .0027362 .0037384 0.73 0.467 -.0047198 .0101922 lopenc | --. | -.005305 .0477507 -0.11 0.912 -.1005408 .0899307 L1. | .0135845 .0632576 0.21 0.831 -.1125789 .1397478 L2. | -.017993 .0383519 -0.47 0.640 -.0944834 .0584975 lrule2 | --. | .078747 .0582665 1.35 0.181 -.0374619 .1949559 L1. | -.0506122 .0826409 -0.61 0.542 -.2154343 .1142099 L2. | -.0037654 .0516516 -0.07 0.942 -.1067813 .0992505 ldemoc | --. | -.0529809 .0312865 -1.69 0.095 -.11538 .0094181 L1. | .0529961 .0442825 1.20 0.235 -.0353224 .1413147 L2. | .0162039 .0322623 0.50 0.617 -.0481412 .080549 yr1986 | .0480054 .0389561 1.23 0.222 -.0296901 .1257009 yr1987 | .0266124 .0411793 0.65 0.520 -.0555172 .108742 yr1988 | .0523533 .0349652 1.50 0.139 -.0173825 .1220892 yr1989 | .040455 .0373183 1.08 0.282 -.0339741 .1148841 yr1990 | -.0007544 .0351345 -0.02 0.983 -.0708279 .0693191 yr1991 | -.0083624 .035579 -0.24 0.815 -.0793225 .0625976 yr1992 | -.0134809 .0308106 -0.44 0.663 -.0749307 .0479689 yr1993 | .0452872 .0452064 1.00 0.320 -.044874 .1354484 yr1994 | .0302945 .0418446 0.72 0.471 -.0531619 .113751 yr1995 | .0778789 .0419277 1.86 0.067 -.0057433 .161501 yr1996 | .0238947 .0404683 0.59 0.557 -.0568168 .1046061 yr1997 | .0440653 .024514 1.80 0.077 -.0048262 .0929569 yr1998 | .038289 .0438133 0.87 0.385 -.0490939 .1256719 yr1999 | .0396058 .0384703 1.03 0.307 -.0371209 .1163324 yr2000 | .0491391 .0316822 1.55 0.125 -.0140491 .1123274 yr2001 | .0775887 .0411655 1.88 0.064 -.0045134 .1596908 _cons | -.0432494 .0563109 -0.77 0.445 -.1555579 .0690591 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -1.99 Pr > z = 0.047 Arellano-Bond test for AR(2) in first differences: z = 1.15 Pr > z = 0.250 Hansen test of overid. restrictions: chi2(625) = 43.56 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(474) = 37.63 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(151) = 5.93 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(608) = 39.35 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(17) = 4.21 Prob > chi2 = 0.999 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store S23, title(Subsample panel regressions, S23) . restore . preserve . keep lrgdpch lopenc lrule2 ldemoc ldist yr19* yr20* scode2 year region . keep if region == 7 (18792 observations deleted) . drop if lrgdpch == . | lopenc == . | lrule2 == . | ldemoc == . | ldist == . (1412 observations deleted) . xtset scode2 year panel variable: scode2 (unbalanced) time variable: year, 1984 to 2002, but with gaps . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20*, gmm(L.(lrgdpch lopenc l > rule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 320 Time variable : year Number of groups = 18 Number of instruments = 295 Obs per group: min = 16 F(22, 17) = 16875.40 avg = 17.78 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | 1.001568 .0063237 158.38 0.000 .9882266 1.01491 ldisteq | .0047928 .0016076 2.98 0.008 .0014011 .0081844 lopenc | .0104059 .004082 2.55 0.021 .0017936 .0190183 lrule2 | .0147415 .0114193 1.29 0.214 -.0093512 .0388342 ldemoc | .0079893 .0070285 1.14 0.271 -.0068395 .0228181 yr1985 | .0229186 .0176704 1.30 0.212 -.0143626 .0601999 yr1986 | .043661 .0202402 2.16 0.046 .0009578 .0863641 yr1987 | .0346708 .0193436 1.79 0.091 -.0061407 .0754823 yr1988 | .019586 .0225253 0.87 0.397 -.0279382 .0671102 yr1989 | .0087166 .0241243 0.36 0.722 -.0421814 .0596145 yr1990 | .0145277 .0208884 0.70 0.496 -.0295429 .0585983 yr1991 | .0359453 .0228796 1.57 0.135 -.0123264 .084217 yr1992 | .0483537 .0225105 2.15 0.046 .0008608 .0958466 yr1993 | .0355767 .0167162 2.13 0.048 .0003085 .0708449 yr1994 | .0357296 .0157251 2.27 0.036 .0025525 .0689066 yr1995 | .0304268 .0147906 2.06 0.055 -.0007786 .0616322 yr1996 | .0341852 .0161355 2.12 0.049 .0001424 .068228 yr1997 | .0424305 .0161239 2.63 0.017 .0084121 .0764489 yr1998 | .0287289 .0173608 1.65 0.116 -.0078992 .0653569 yr1999 | .0124337 .012904 0.96 0.349 -.0147914 .0396588 yr2000 | .0267065 .015792 1.69 0.109 -.0066116 .0600247 yr2001 | .0133894 .0150656 0.89 0.387 -.0183963 .0451751 _cons | -.1477572 .057231 -2.58 0.019 -.268504 -.0270104 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.79 Pr > z = 0.005 Arellano-Bond test for AR(2) in first differences: z = -0.37 Pr > z = 0.712 Hansen test of overid. restrictions: chi2(272) = 0.00 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(245) = 0.00 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(27) = -0.00 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(265) = 0.00 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(7) = 0.00 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store S31, title(Subsample panel regressions, S31) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/1).(lopenc lrule2 ldemoc) yr19* yr20*, gmm(L(0/2).(lr > gdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 320 Time variable : year Number of groups = 18 Number of instruments = 307 Obs per group: min = 16 F(25, 17) = 22169.83 avg = 17.78 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | 1.001769 .0064663 154.92 0.000 .9881266 1.015412 ldisteq | .004206 .0015176 2.77 0.013 .0010041 .007408 lopenc | --. | -.0729273 .0220893 -3.30 0.004 -.1195317 -.0263229 L1. | .0823473 .0227529 3.62 0.002 .034343 .1303517 lrule2 | --. | .0071181 .0137629 0.52 0.612 -.0219191 .0361553 L1. | .0056835 .0128212 0.44 0.663 -.0213669 .032734 ldemoc | --. | .0247382 .0084982 2.91 0.010 .0068086 .0426678 L1. | -.0197342 .0096859 -2.04 0.057 -.0401698 .0007013 yr1985 | .0096978 .0146659 0.66 0.517 -.0212445 .0406401 yr1986 | .0324384 .0163465 1.98 0.064 -.0020496 .0669265 yr1987 | .0274132 .015661 1.75 0.098 -.0056286 .0604551 yr1988 | .0131882 .0189078 0.70 0.495 -.0267038 .0530802 yr1989 | -.0014118 .0216109 -0.07 0.949 -.0470068 .0441833 yr1990 | .0060038 .0170108 0.35 0.728 -.029886 .0418935 yr1991 | .0263914 .0176881 1.49 0.154 -.0109273 .0637101 yr1992 | .042174 .0165902 2.54 0.021 .0071717 .0771764 yr1993 | .0290978 .0130016 2.24 0.039 .0016668 .0565288 yr1994 | .0298365 .0134039 2.23 0.040 .0015568 .0581162 yr1995 | .0257747 .0105402 2.45 0.026 .0035368 .0480126 yr1996 | .0242253 .0136312 1.78 0.093 -.0045341 .0529847 yr1997 | .038222 .0120022 3.18 0.005 .0128995 .0635445 yr1998 | .0222977 .0144095 1.55 0.140 -.0081038 .0526991 yr1999 | .0058281 .0120542 0.48 0.635 -.019604 .0312602 yr2000 | .0245707 .0116726 2.10 0.050 -.0000563 .0491977 yr2001 | .0033746 .011956 0.28 0.781 -.0218503 .0285995 _cons | -.1246727 .0566368 -2.20 0.042 -.2441659 -.0051795 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.93 Pr > z = 0.003 Arellano-Bond test for AR(2) in first differences: z = -0.75 Pr > z = 0.454 Hansen test of overid. restrictions: chi2(281) = 0.00 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(228) = 0.00 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(53) = -0.00 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(274) = 0.00 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(7) = -0.00 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store S32, title(Subsample panel regressions, S32) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/2).(lopenc lrule2 ldemoc) yr19* yr20*, gmm(L(0/2).(lr > gdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 301 Time variable : year Number of groups = 18 Number of instruments = 296 Obs per group: min = 14 F(27, 17) = 6.64 avg = 16.72 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | 1.002741 .0071555 140.14 0.000 .987644 1.017838 ldisteq | .0039575 .0014472 2.73 0.014 .0009041 .0070109 lopenc | --. | -.0822965 .0173395 -4.75 0.000 -.1188797 -.0457133 L1. | .1256814 .0277513 4.53 0.000 .0671313 .1842315 L2. | -.0362718 .0194613 -1.86 0.080 -.0773317 .004788 lrule2 | --. | .0301894 .0149227 2.02 0.059 -.0012947 .0616736 L1. | .0156385 .0181238 0.86 0.400 -.0225994 .0538764 L2. | -.0335196 .0200284 -1.67 0.113 -.0757757 .0087366 ldemoc | --. | .0285699 .0079161 3.61 0.002 .0118685 .0452714 L1. | -.0103368 .0088785 -1.16 0.260 -.0290688 .0083952 L2. | -.0105567 .0108269 -0.98 0.343 -.0333994 .012286 yr1986 | .0319614 .0153108 2.09 0.052 -.0003417 .0642644 yr1987 | .0296271 .017685 1.68 0.112 -.0076849 .0669392 yr1988 | .0125673 .0164323 0.76 0.455 -.0221019 .0472365 yr1989 | -.0044692 .0189729 -0.24 0.817 -.0444986 .0355601 yr1990 | .0004496 .0145384 0.03 0.976 -.0302239 .031123 yr1991 | .021382 .0188789 1.13 0.273 -.0184491 .061213 yr1992 | .0390819 .0181956 2.15 0.046 .0006926 .0774713 yr1993 | .0265675 .0148966 1.78 0.092 -.0048617 .0579966 yr1994 | .0281437 .0167193 1.68 0.111 -.0071311 .0634184 yr1995 | .0244265 .0116653 2.09 0.052 -.0001851 .0490382 yr1996 | .0219771 .0138237 1.59 0.130 -.0071884 .0511425 yr1997 | .0352718 .0128869 2.74 0.014 .0080828 .0624608 yr1998 | .0173217 .0147352 1.18 0.256 -.0137669 .0484103 yr1999 | .003094 .0118764 0.26 0.798 -.021963 .028151 yr2000 | .0247038 .0099661 2.48 0.024 .0036771 .0457305 yr2001 | .0047929 .0095337 0.50 0.622 -.0153216 .0249073 _cons | -.1272187 .0592559 -2.15 0.047 -.2522378 -.0021996 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.99 Pr > z = 0.003 Arellano-Bond test for AR(2) in first differences: z = -0.25 Pr > z = 0.805 Hansen test of overid. restrictions: chi2(268) = 0.00 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(218) = 0.00 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(50) = 0.00 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(262) = 0.00 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(6) = 0.00 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store S33, title(Subsample panel regressions, S33) . restore . preserve . keep lrgdpch lopenc lrule2 ldemoc ldist yr19* yr20* scode2 year region . keep if region == 1 (18651 observations deleted) . drop if lrgdpch == . | lopenc == . | lrule2 == . | ldemoc == . | ldist == . (1371 observations deleted) . xtset scode2 year panel variable: scode2 (unbalanced) time variable: year, 1984 to 2002, but with gaps . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20*, gmm(L.(lrgdpch lopenc l > rule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 474 Time variable : year Number of groups = 31 Number of instruments = 413 Obs per group: min = 6 F(22, 30) = 6112.41 avg = 15.29 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9938014 .0076223 130.38 0.000 .9782345 1.009368 ldisteq | .0003159 .0033699 0.09 0.926 -.0065664 .0071981 lopenc | -.0158912 .0111971 -1.42 0.166 -.0387586 .0069763 lrule2 | .0340764 .0161481 2.11 0.043 .0010975 .0670553 ldemoc | .0100356 .0042201 2.38 0.024 .0014171 .0186541 yr1985 | .0228079 .0305248 0.75 0.461 -.0395321 .0851478 yr1986 | .0431046 .0309687 1.39 0.174 -.020142 .1063512 yr1987 | .0233657 .0302197 0.77 0.445 -.0383511 .0850826 yr1988 | .0562641 .036786 1.53 0.137 -.018863 .1313912 yr1989 | .047127 .0475429 0.99 0.329 -.0499685 .1442226 yr1990 | .0384237 .039264 0.98 0.336 -.0417642 .1186116 yr1991 | .0579128 .0413677 1.40 0.172 -.0265713 .1423968 yr1992 | -.0184741 .0269344 -0.69 0.498 -.0734814 .0365332 yr1993 | .0149209 .0350918 0.43 0.674 -.056746 .0865879 yr1994 | .0570934 .0413273 1.38 0.177 -.0273082 .1414949 yr1995 | .0414713 .0386908 1.07 0.292 -.0375457 .1204884 yr1996 | .0532455 .0239362 2.22 0.034 .0043613 .1021298 yr1997 | .0379224 .0176652 2.15 0.040 .0018454 .0739995 yr1998 | .0384451 .0183731 2.09 0.045 .0009222 .0759679 yr1999 | .013358 .0369447 0.36 0.720 -.0620932 .0888093 yr2000 | .0409568 .0267054 1.53 0.136 -.0135828 .0954964 yr2001 | .0225389 .0236028 0.95 0.347 -.0256644 .0707422 _cons | -.036183 .0694173 -0.52 0.606 -.1779521 .1055861 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -3.27 Pr > z = 0.001 Arellano-Bond test for AR(2) in first differences: z = -1.01 Pr > z = 0.314 Hansen test of overid. restrictions: chi2(390) = 7.39 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(352) = 7.39 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(38) = -0.00 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(372) = 12.91 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = -5.52 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store S41, title(Subsample panel regressions, S41) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/1).(lopenc lrule2 ldemoc) yr19* yr20*, gmm(L(0/2).(lr > gdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 474 Time variable : year Number of groups = 31 Number of instruments = 443 Obs per group: min = 6 F(25, 30) = 8788.65 avg = 15.29 Prob > F = 0.000 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9826596 .0076509 128.44 0.000 .9670344 .9982849 ldisteq | -.0033444 .0038347 -0.87 0.390 -.0111759 .0044871 lopenc | --. | .0468859 .029711 1.58 0.125 -.0137921 .1075638 L1. | -.0628889 .0299482 -2.10 0.044 -.1240513 -.0017265 lrule2 | --. | .1289272 .0466748 2.76 0.010 .0336047 .2242498 L1. | -.1177961 .0514286 -2.29 0.029 -.2228274 -.0127648 ldemoc | --. | .0439917 .021756 2.02 0.052 -.0004399 .0884233 L1. | -.0333507 .0218873 -1.52 0.138 -.0780505 .0113492 yr1985 | .0791054 .0455183 1.74 0.092 -.0138555 .1720662 yr1986 | .1099032 .0487965 2.25 0.032 .0102475 .209559 yr1987 | .0373702 .0351486 1.06 0.296 -.0344128 .1091533 yr1988 | .0381269 .033913 1.12 0.270 -.0311326 .1073864 yr1989 | .0917323 .0557192 1.65 0.110 -.0220616 .2055261 yr1990 | .0971768 .0533188 1.82 0.078 -.0117148 .2060684 yr1991 | .0817908 .051472 1.59 0.123 -.0233291 .1869107 yr1992 | .0215124 .0379224 0.57 0.575 -.0559355 .0989604 yr1993 | .12164 .0670692 1.81 0.080 -.0153336 .2586136 yr1994 | .1656335 .068753 2.41 0.022 .0252212 .3060458 yr1995 | .113751 .0603873 1.88 0.069 -.0095763 .2370783 yr1996 | .1060441 .0555091 1.91 0.066 -.0073206 .2194087 yr1997 | .0704693 .0265246 2.66 0.013 .0162989 .1246397 yr1998 | .1340581 .0485428 2.76 0.010 .0349205 .2331957 yr1999 | .0775869 .0496431 1.56 0.129 -.0237977 .1789716 yr2000 | .0989156 .0397489 2.49 0.019 .0177374 .1800937 yr2001 | .0742479 .0320446 2.32 0.028 .008804 .1396917 _cons | .0708465 .0838794 0.84 0.405 -.1004581 .242151 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -3.23 Pr > z = 0.001 Arellano-Bond test for AR(2) in first differences: z = -0.97 Pr > z = 0.332 Hansen test of overid. restrictions: chi2(417) = 1.26 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(332) = 1.26 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(85) = -0.00 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(400) = 3.41 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(17) = -2.15 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store S42, title(Subsample panel regressions, S42) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/2).(lopenc lrule2 ldemoc) yr19* yr20*, gmm(L(0/2).(lr > gdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 430 Time variable : year Number of groups = 31 Number of instruments = 417 Obs per group: min = 5 F(27, 30) = 45389.90 avg = 13.87 Prob > F = 0.000 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | .9874734 .0060147 164.18 0.000 .9751898 .999757 ldisteq | -.0021844 .0036552 -0.60 0.555 -.0096494 .0052805 lopenc | --. | -.0104659 .0190802 -0.55 0.587 -.0494328 .0285009 L1. | .0397184 .0298715 1.33 0.194 -.0212872 .1007241 L2. | -.0405253 .0213708 -1.90 0.068 -.0841704 .0031198 lrule2 | --. | .0768711 .0261766 2.94 0.006 .0234113 .1303308 L1. | -.0140248 .0556117 -0.25 0.803 -.1275991 .0995494 L2. | -.0374386 .0403853 -0.93 0.361 -.1199165 .0450392 ldemoc | --. | .015907 .0099873 1.59 0.122 -.0044897 .0363037 L1. | -.0185097 .016026 -1.15 0.257 -.0512392 .0142197 L2. | .0111349 .0144852 0.77 0.448 -.0184478 .0407176 yr1986 | .0399668 .029547 1.35 0.186 -.0203763 .1003099 yr1987 | .0067147 .028059 0.24 0.812 -.0505895 .0640189 yr1988 | -.0004944 .0279867 -0.02 0.986 -.0576509 .0566622 yr1989 | .0149644 .0300935 0.50 0.623 -.0464947 .0764236 yr1990 | .0307222 .0239859 1.28 0.210 -.0182636 .079708 yr1991 | -.0041108 .0269634 -0.15 0.880 -.0591775 .0509559 yr1992 | -.0445445 .0241882 -1.84 0.075 -.0939434 .0048544 yr1993 | .0650447 .0412948 1.58 0.126 -.0192906 .14938 yr1994 | .0798311 .0423708 1.88 0.069 -.0067016 .1663639 yr1995 | .0200367 .0335061 0.60 0.554 -.0483919 .0884653 yr1996 | .0005097 .0282168 0.02 0.986 -.0571168 .0581361 yr1997 | .0168292 .0257788 0.65 0.519 -.0358181 .0694765 yr1998 | .0413571 .0309218 1.34 0.191 -.0217937 .1045079 yr1999 | .0107051 .0319874 0.33 0.740 -.0546219 .0760322 yr2000 | .0440121 .0266045 1.65 0.108 -.0103215 .0983456 yr2001 | .0466041 .023565 1.98 0.057 -.0015221 .0947302 _cons | .0376192 .0576626 0.65 0.519 -.0801436 .1553819 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -3.18 Pr > z = 0.001 Arellano-Bond test for AR(2) in first differences: z = -1.34 Pr > z = 0.181 Hansen test of overid. restrictions: chi2(389) = 1.88 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(305) = 1.88 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(84) = -0.00 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(373) = 2.73 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(16) = -0.86 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store S43, title(Subsample panel regressions, S43) . restore . preserve . keep lrgdpch lopenc lrule2 ldemoc ldist yr19* yr20* scode2 year region . label define region 2 "SW Asia" 4 "SE Asia", modify . keep if region == 3 | region == 4 (19674 observations deleted) . drop if lrgdpch == . | lopenc == . | lrule2 == . | ldemoc == . | ldist == . (689 observations deleted) . xtset scode2 year panel variable: scode2 (unbalanced) time variable: year, 1984 to 2002, but with a gap . xtabond2 lrgdpch L.lrgdpch ldisteq lopenc lrule2 ldemoc yr19* yr20*, gmm(L.(lrgdpch lopenc l > rule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 170 Time variable : year Number of groups = 10 Number of instruments = 169 Obs per group: min = 13 F(22, 9) = 9.63 avg = 17.00 Prob > F = 0.001 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | 1.009944 .0050217 201.12 0.000 .9985843 1.021304 ldisteq | .00244 .0078678 0.31 0.764 -.0153583 .0202383 lopenc | -.0037288 .0179233 -0.21 0.840 -.0442742 .0368165 lrule2 | .0318599 .0129337 2.46 0.036 .0026018 .061118 ldemoc | -.0094222 .0052235 -1.80 0.105 -.0212387 .0023943 yr1985 | -.0303551 .0168233 -1.80 0.105 -.068412 .0077017 yr1986 | .0152359 .0153767 0.99 0.348 -.0195487 .0500204 yr1987 | .0309191 .0170701 1.81 0.104 -.0076961 .0695342 yr1988 | .0312835 .0120203 2.60 0.029 .0040916 .0584754 yr1989 | .0217063 .0163887 1.32 0.218 -.0153675 .05878 yr1990 | .0218427 .0162997 1.34 0.213 -.0150298 .0587151 yr1991 | -.0077859 .0181414 -0.43 0.678 -.0488247 .0332529 yr1992 | .0052479 .0200147 0.26 0.799 -.0400285 .0505244 yr1993 | .0012347 .0152049 0.08 0.937 -.0331613 .0356306 yr1994 | .015623 .0106612 1.47 0.177 -.0084942 .0397403 yr1995 | .0076454 .0083196 0.92 0.382 -.0111747 .0264656 yr1996 | .0026844 .0092831 0.29 0.779 -.0183155 .0236843 yr1997 | -.0039896 .0127923 -0.31 0.762 -.0329278 .0249486 yr1998 | -.0529136 .0164902 -3.21 0.011 -.0902169 -.0156102 yr1999 | .0036652 .0119649 0.31 0.766 -.0234012 .0307316 yr2000 | .0133743 .0136852 0.98 0.354 -.0175837 .0443322 yr2001 | -.0275721 .0093154 -2.96 0.016 -.0486449 -.0064992 _cons | -.1375053 .0782532 -1.76 0.113 -.3145262 .0395156 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.25 Pr > z = 0.024 Arellano-Bond test for AR(2) in first differences: z = -1.50 Pr > z = 0.133 Hansen test of overid. restrictions: chi2(146) = 0.00 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(136) = 0.00 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(10) = 0.00 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(142) = 0.00 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(4) = 0.00 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store S51, title(Subsample panel regressions, S51) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/1).(lopenc lrule2 ldemoc) yr19* yr20*, gmm(L(0/2).(lr > gdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 170 Time variable : year Number of groups = 10 Number of instruments = 171 Obs per group: min = 13 F(25, 9) = 8.80 avg = 17.00 Prob > F = 0.001 max = 18 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | 1.008781 .0055266 182.53 0.000 .9962791 1.021283 ldisteq | .001596 .0080821 0.20 0.848 -.0166871 .0198791 lopenc | --. | -.0095489 .0269477 -0.35 0.731 -.0705089 .051411 L1. | .0037082 .018581 0.20 0.846 -.038325 .0457415 lrule2 | --. | .0118721 .0185136 0.64 0.537 -.0300086 .0537528 L1. | .0249136 .0242759 1.03 0.332 -.0300024 .0798296 ldemoc | --. | -.0271213 .0153357 -1.77 0.111 -.061813 .0075703 L1. | .0195963 .0154476 1.27 0.236 -.0153485 .0545411 yr1985 | -.0309972 .0164644 -1.88 0.092 -.0682422 .0062477 yr1986 | .0140253 .0163224 0.86 0.412 -.0228986 .0509492 yr1987 | .0334046 .016424 2.03 0.072 -.0037491 .0705584 yr1988 | .0313538 .011486 2.73 0.023 .0053706 .0573369 yr1989 | .0233711 .0166518 1.40 0.194 -.0142978 .06104 yr1990 | .0287466 .0120147 2.39 0.040 .0015675 .0559256 yr1991 | -.0078735 .0184612 -0.43 0.680 -.0496356 .0338886 yr1992 | .0153863 .0171231 0.90 0.392 -.0233489 .0541215 yr1993 | .00225 .0148082 0.15 0.883 -.0312485 .0357484 yr1994 | .0162468 .0105911 1.53 0.159 -.0077119 .0402054 yr1995 | .0077682 .0079828 0.97 0.356 -.01029 .0258265 yr1996 | .0036626 .0096674 0.38 0.714 -.0182065 .0255317 yr1997 | -.0050079 .0125749 -0.40 0.700 -.0334543 .0234385 yr1998 | -.053135 .0159559 -3.33 0.009 -.0892298 -.0170403 yr1999 | .0079751 .0110157 0.72 0.487 -.0169443 .0328944 yr2000 | .0116993 .0128879 0.91 0.388 -.0174553 .0408538 yr2001 | -.0285554 .009042 -3.16 0.012 -.0490099 -.0081009 _cons | -.1348604 .084749 -1.59 0.146 -.3265759 .0568552 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.41 Pr > z = 0.016 Arellano-Bond test for AR(2) in first differences: z = -1.56 Pr > z = 0.120 Hansen test of overid. restrictions: chi2(145) = 0.00 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(127) = 0.00 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(18) = 0.00 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(141) = 0.00 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(4) = -0.00 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store S52, title(Subsample panel regressions, S52) . xtabond2 lrgdpch L.lrgdpch ldisteq L(0/2).(lopenc lrule2 ldemoc) yr19* yr20*, gmm(L(0/2).(lr > gdpch lopenc lrule2 ldemoc)) iv(ldisteq yr19* yr20*, equation(level)) robust small orthog Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. yr1975 dropped due to collinearity yr1976 dropped due to collinearity yr1977 dropped due to collinearity yr1978 dropped due to collinearity yr1979 dropped due to collinearity yr1980 dropped due to collinearity yr1981 dropped due to collinearity yr1982 dropped due to collinearity yr1983 dropped due to collinearity yr1984 dropped due to collinearity yr1985 dropped due to collinearity yr2002 dropped due to collinearity yr2003 dropped due to collinearity yr2004 dropped due to collinearity yr2005 dropped due to collinearity yr2006 dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan statistics may be negative. Warning: Number of instruments may be large relative to number of observations. Dynamic panel-data estimation, one-step system GMM Orthogonal deviations transform ------------------------------------------------------------------------------ Group variable: scode2 Number of obs = 159 Time variable : year Number of groups = 10 Number of instruments = 159 Obs per group: min = 12 F(27, 9) = 3.28 avg = 15.90 Prob > F = 0.033 max = 17 ------------------------------------------------------------------------------ | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- lrgdpch | L1. | 1.009856 .0051684 195.39 0.000 .9981642 1.021548 ldisteq | .0043084 .0087877 0.49 0.636 -.0155707 .0241875 lopenc | --. | -.0134962 .0374953 -0.36 0.727 -.0983165 .0713241 L1. | .0053311 .0220946 0.24 0.815 -.0446503 .0553125 L2. | .0088601 .0342176 0.26 0.802 -.0685456 .0862657 lrule2 | --. | .0042764 .025612 0.17 0.871 -.053662 .0622147 L1. | .0117755 .0312154 0.38 0.715 -.0588386 .0823897 L2. | .0127153 .0311616 0.41 0.693 -.0577771 .0832076 ldemoc | --. | -.0304811 .0157222 -1.94 0.084 -.0660471 .005085 L1. | .0055148 .0100006 0.55 0.595 -.0171082 .0281379 L2. | .0159867 .0195522 0.82 0.435 -.0282434 .0602169 yr1986 | .0196142 .0176309 1.11 0.295 -.0202698 .0594981 yr1987 | .0431594 .0158678 2.72 0.024 .007264 .0790549 yr1988 | .0316242 .0115917 2.73 0.023 .005402 .0578463 yr1989 | .0236256 .0168059 1.41 0.193 -.014392 .0616433 yr1990 | .0312486 .0127403 2.45 0.037 .002428 .0600692 yr1991 | -.0022444 .0119778 -0.19 0.856 -.0293401 .0248513 yr1992 | .0171349 .0157277 1.09 0.304 -.0184435 .0527134 yr1993 | .0125022 .0187965 0.67 0.523 -.0300185 .055023 yr1994 | .0205499 .0093502 2.20 0.056 -.0006017 .0417014 yr1995 | .0114603 .0087543 1.31 0.223 -.0083433 .0312639 yr1996 | .0071466 .0102789 0.70 0.504 -.0161059 .0303992 yr1997 | -.0010459 .0142538 -0.07 0.943 -.0332901 .0311983 yr1998 | -.0505843 .0164488 -3.08 0.013 -.087794 -.0133745 yr1999 | .0109338 .0117874 0.93 0.378 -.0157312 .0375987 yr2000 | .0175234 .0134203 1.31 0.224 -.0128354 .0478822 yr2001 | -.0281757 .0111106 -2.54 0.032 -.0533095 -.0030418 _cons | -.1531934 .0961279 -1.59 0.145 -.3706498 .0642629 ------------------------------------------------------------------------------ Arellano-Bond test for AR(1) in first differences: z = -2.27 Pr > z = 0.023 Arellano-Bond test for AR(2) in first differences: z = -1.28 Pr > z = 0.201 Hansen test of overid. restrictions: chi2(131) = 0.00 Prob > chi2 = 1.000 Difference-in-Sargan tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(118) = 0.00 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(13) = 0.00 Prob > chi2 = 1.000 ivstyle(ldisteq yr19* yr20*, equation(level)) Hansen test excluding group: chi2(127) = 0.00 Prob > chi2 = 1.000 Difference (null H = exogenous): chi2(4) = 0.00 Prob > chi2 = 1.000 Warning: Sargan/Hansen tests are weak when instruments are many. ------------------------------------------------------------------------------ . estimates store S53, title(Subsample panel regressions, S53) . estout * using "C:\Panda\Output\table7b.tex", replace style(tex) varlabels(_cons Constant) c > ells (b(star fmt(%9.3f)) se(par fmt(%9.2f))) stats (r2 r2_a sargan sarganp ar2 ar2p N, label > s("R$^2$" "Adjusted R$^2$" "Sargan $\chi^2$" "Sargan p-value" "AR(2) $\chi^2$" "AR(2) p-valu > e" "N")) starlevels(* 0.10 ** 0.05 *** 0.01) & S11 & S12 & S13 & S21 & S22 & > S23 & S31 & S32 & S33 & S41 & S42 > & S43 & S51 & S52 & S53 \\ & b/se & b/se & b/se & b/se & b/se & > b/se & b/se & b/se & b/se & b/se & b/se > & b/se & b/se & b/se & b/se \\ L.lrgdpch & 0.999***& 0.994***& 0.998***& 0.995***& 0.993***& > 0.996***& 1.002***& 1.002***& 1.003***& 0.994***& 0.983* > **& 0.987***& 1.010***& 1.009***& 1.010***\\ & (0.00) & (0.01) & (0.01) & (0.00) & (0.00) & > (0.00) & (0.01) & (0.01) & (0.01) & (0.01) & (0.01) > & (0.01) & (0.01) & (0.01) & (0.01) \\ ldisteq & 0.006* & 0.005 & 0.011** & 0.002 & 0.000 & > 0.003 & 0.005***& 0.004** & 0.004** & 0.000 & -0.003 > & -0.002 & 0.002 & 0.002 & 0.004 \\ & (0.00) & (0.00) & (0.01) & (0.00) & (0.00) & > (0.00) & (0.00) & (0.00) & (0.00) & (0.00) & (0.00) > & (0.00) & (0.01) & (0.01) & (0.01) \\ lopenc & 0.007 & -0.130* & -0.336***& -0.008 & 0.021 & > -0.005 & 0.010** & -0.073***& -0.082***& -0.016 & 0.047 > & -0.010 & -0.004 & -0.010 & -0.013 \\ & (0.01) & (0.07) & (0.09) & (0.01) & (0.04) & > (0.05) & (0.00) & (0.02) & (0.02) & (0.01) & (0.03) > & (0.02) & (0.02) & (0.03) & (0.04) \\ lrule2 & 0.008 & 0.077 & -0.146***& 0.068***& 0.071 & > 0.079 & 0.015 & 0.007 & 0.030* & 0.034** & 0.129* > **& 0.077***& 0.032** & 0.012 & 0.004 \\ & (0.01) & (0.07) & (0.05) & (0.02) & (0.05) & > (0.06) & (0.01) & (0.01) & (0.01) & (0.02) & (0.05) > & (0.03) & (0.01) & (0.02) & (0.03) \\ ldemoc & 0.019 & -0.080 & 0.078 & -0.000 & 0.038 & > -0.053* & 0.008 & 0.025***& 0.029***& 0.010** & 0.044* > & 0.016 & -0.009 & -0.027 & -0.030* \\ & (0.03) & (0.16) & (0.07) & (0.01) & (0.04) & > (0.03) & (0.01) & (0.01) & (0.01) & (0.00) & (0.02) > & (0.01) & (0.01) & (0.02) & (0.02) \\ yr1985 & 0.004 & -0.016 & & -0.002 & 0.044 & > & 0.023 & 0.010 & & 0.023 & 0.079* > & & -0.030 & -0.031* & \\ & (0.01) & (0.02) & & (0.01) & (0.03) & > & (0.02) & (0.01) & & (0.03) & (0.05) > & & (0.02) & (0.02) & \\ yr1986 & 0.011 & -0.018 & 0.054** & 0.016 & 0.052* & > 0.048 & 0.044** & 0.032* & 0.032* & 0.043 & 0.110* > * & 0.040 & 0.015 & 0.014 & 0.020 \\ & (0.01) & (0.01) & (0.02) & (0.01) & (0.03) & > (0.04) & (0.02) & (0.02) & (0.02) & (0.03) & (0.05) > & (0.03) & (0.02) & (0.02) & (0.02) \\ yr1987 & 0.014* & -0.006 & 0.139***& 0.012 & 0.038 & > 0.027 & 0.035* & 0.027* & 0.030 & 0.023 & 0.037 > & 0.007 & 0.031 & 0.033* & 0.043** \\ & (0.01) & (0.02) & (0.04) & (0.01) & (0.03) & > (0.04) & (0.02) & (0.02) & (0.02) & (0.03) & (0.04) > & (0.03) & (0.02) & (0.02) & (0.02) \\ yr1988 & 0.007 & -0.011 & 0.020 & 0.019 & 0.076** & > 0.052 & 0.020 & 0.013 & 0.013 & 0.056 & 0.038 > & -0.000 & 0.031** & 0.031** & 0.032** \\ & (0.01) & (0.03) & (0.02) & (0.01) & (0.04) & > (0.03) & (0.02) & (0.02) & (0.02) & (0.04) & (0.03) > & (0.03) & (0.01) & (0.01) & (0.01) \\ yr1989 & -0.001 & -0.050 & -0.008 & 0.002 & 0.056 & > 0.040 & 0.009 & -0.001 & -0.004 & 0.047 & 0.092 > & 0.015 & 0.022 & 0.023 & 0.024 \\ & (0.01) & (0.05) & (0.02) & (0.01) & (0.04) & > (0.04) & (0.02) & (0.02) & (0.02) & (0.05) & (0.06) > & (0.03) & (0.02) & (0.02) & (0.02) \\ yr1990 & -0.001 & -0.054 & 0.015 & 0.020 & 0.053 & > -0.001 & 0.015 & 0.006 & 0.000 & 0.038 & 0.097* > & 0.031 & 0.022 & 0.029** & 0.031** \\ & (0.01) & (0.03) & (0.02) & (0.01) & (0.05) & > (0.04) & (0.02) & (0.02) & (0.01) & (0.04) & (0.05) > & (0.02) & (0.02) & (0.01) & (0.01) \\ yr1991 & -0.003 & -0.011 & 0.082***& -0.032 & 0.018 & > -0.008 & 0.036 & 0.026 & 0.021 & 0.058 & 0.082 > & -0.004 & -0.008 & -0.008 & -0.002 \\ & (0.01) & (0.01) & (0.03) & (0.02) & (0.05) & > (0.04) & (0.02) & (0.02) & (0.02) & (0.04) & (0.05) > & (0.03) & (0.02) & (0.02) & (0.01) \\ yr1992 & 0.006 & 0.001 & 0.036* & -0.012 & -0.007 & > -0.013 & 0.048** & 0.042** & 0.039** & -0.018 & 0.022 > & -0.045* & 0.005 & 0.015 & 0.017 \\ & (0.01) & (0.03) & (0.02) & (0.01) & (0.03) & > (0.03) & (0.02) & (0.02) & (0.02) & (0.03) & (0.04) > & (0.02) & (0.02) & (0.02) & (0.02) \\ yr1993 & -0.000 & -0.051** & 0.045***& 0.022 & 0.051 & > 0.045 & 0.036** & 0.029** & 0.027* & 0.015 & 0.122* > & 0.065 & 0.001 & 0.002 & 0.013 \\ & (0.01) & (0.02) & (0.02) & (0.02) & (0.04) & > (0.05) & (0.02) & (0.01) & (0.01) & (0.04) & (0.07) > & (0.04) & (0.02) & (0.01) & (0.02) \\ yr1994 & 0.003 & -0.015 & 0.063***& 0.018 & 0.011 & > 0.030 & 0.036** & 0.030** & 0.028 & 0.057 & 0.166* > * & 0.080* & 0.016 & 0.016 & 0.021* \\ & (0.01) & (0.03) & (0.02) & (0.01) & (0.04) & > (0.04) & (0.02) & (0.01) & (0.02) & (0.04) & (0.07) > & (0.04) & (0.01) & (0.01) & (0.01) \\ yr1995 & 0.004 & 0.078** & 0.029 & 0.001 & 0.081 & > 0.078* & 0.030* & 0.026** & 0.024* & 0.041 & 0.114* > & 0.020 & 0.008 & 0.008 & 0.011 \\ & (0.01) & (0.04) & (0.02) & (0.01) & (0.06) & > (0.04) & (0.01) & (0.01) & (0.01) & (0.04) & (0.06) > & (0.03) & (0.01) & (0.01) & (0.01) \\ yr1996 & 0.006 & -0.049 & -0.028** & 0.026* & 0.095* & > 0.024 & 0.034** & 0.024* & 0.022 & 0.053** & 0.106* > & 0.001 & 0.003 & 0.004 & 0.007 \\ & (0.01) & (0.04) & (0.01) & (0.02) & (0.05) & > (0.04) & (0.02) & (0.01) & (0.01) & (0.02) & (0.06) > & (0.03) & (0.01) & (0.01) & (0.01) \\ yr1997 & 0.012* & -0.101***& -0.012 & 0.001 & 0.014 & > 0.044* & 0.042** & 0.038***& 0.035** & 0.038** & 0.070* > * & 0.017 & -0.004 & -0.005 & -0.001 \\ & (0.01) & (0.04) & (0.02) & (0.01) & (0.03) & > (0.02) & (0.02) & (0.01) & (0.01) & (0.02) & (0.03) > & (0.03) & (0.01) & (0.01) & (0.01) \\ yr1998 & 0.009 & 0.017 & 0.047***& -0.000 & 0.092 & > 0.038 & 0.029 & 0.022 & 0.017 & 0.038** & 0.134* > **& 0.041 & -0.053** & -0.053***& -0.051** \\ & (0.01) & (0.02) & (0.01) & (0.01) & (0.07) & > (0.04) & (0.02) & (0.01) & (0.01) & (0.02) & (0.05) > & (0.03) & (0.02) & (0.02) & (0.02) \\ yr1999 & 0.006 & -0.019 & 0.026** & -0.000 & 0.124* & > 0.040 & 0.012 & 0.006 & 0.003 & 0.013 & 0.078 > & 0.011 & 0.004 & 0.008 & 0.011 \\ & (0.01) & (0.02) & (0.01) & (0.02) & (0.07) & > (0.04) & (0.01) & (0.01) & (0.01) & (0.04) & (0.05) > & (0.03) & (0.01) & (0.01) & (0.01) \\ yr2000 & 0.021***& 0.007 & 0.060***& 0.011 & 0.082** & > 0.049 & 0.027 & 0.025* & 0.025** & 0.041 & 0.099* > * & 0.044 & 0.013 & 0.012 & 0.018 \\ & (0.01) & (0.02) & (0.01) & (0.01) & (0.04) & > (0.03) & (0.02) & (0.01) & (0.01) & (0.03) & (0.04) > & (0.03) & (0.01) & (0.01) & (0.01) \\ yr2001 & 0.003 & -0.021 & -0.013 & -0.006 & 0.031* & > 0.078* & 0.013 & 0.003 & 0.005 & 0.023 & 0.074* > * & 0.047* & -0.028** & -0.029** & -0.028** \\ & (0.01) & (0.02) & (0.01) & (0.01) & (0.02) & > (0.04) & (0.02) & (0.01) & (0.01) & (0.02) & (0.03) > & (0.02) & (0.01) & (0.01) & (0.01) \\ L.lopenc & & 0.144* & 0.474***& & -0.028 & > 0.014 & & 0.082***& 0.126***& & -0.063* > * & 0.040 & & 0.004 & 0.005 \\ & & (0.07) & (0.15) & & (0.04) & > (0.06) & & (0.02) & (0.03) & & (0.03) > & (0.03) & & (0.02) & (0.02) \\ L2.lopenc & & & -0.116* & & & > -0.018 & & & -0.036* & & > & -0.041* & & & 0.009 \\ & & & (0.06) & & & > (0.04) & & & (0.02) & & > & (0.02) & & & (0.03) \\ L.lrule2 & & -0.058 & 0.049 & & -0.035 & > -0.051 & & 0.006 & 0.016 & & -0.118* > * & -0.014 & & 0.025 & 0.012 \\ & & (0.07) & (0.06) & & (0.04) & > (0.08) & & (0.01) & (0.02) & & (0.05) > & (0.06) & & (0.02) & (0.03) \\ L2.lrule2 & & & 0.084 & & & > -0.004 & & & -0.034 & & > & -0.037 & & & 0.013 \\ & & & (0.08) & & & > (0.05) & & & (0.02) & & > & (0.04) & & & (0.03) \\ L.ldemoc & & 0.149 & 0.258***& & -0.028 & > 0.053 & & -0.020* & -0.010 & & -0.033 > & -0.019 & & 0.020 & 0.006 \\ & & (0.16) & (0.09) & & (0.04) & > (0.04) & & (0.01) & (0.01) & & (0.02) > & (0.02) & & (0.02) & (0.01) \\ L2.ldemoc & & & -0.322***& & & > 0.016 & & & -0.011 & & > & 0.011 & & & 0.016 \\ & & & (0.08) & & & > (0.03) & & & (0.01) & & > & (0.01) & & & (0.02) \\ Constant & -0.103* & -0.206* & -0.112 & -0.145***& -0.081 & > -0.043 & -0.148** & -0.125** & -0.127** & -0.036 & 0.071 > & 0.038 & -0.138 & -0.135 & -0.153 \\ & (0.05) & (0.11) & (0.08) & (0.04) & (0.06) & > (0.06) & (0.06) & (0.06) & (0.06) & (0.07) & (0.08) > & (0.06) & (0.08) & (0.08) & (0.10) \\ R$^2$ & & & & & & > & & & & & > & & & & \\ Adjusted R$^2$& & & & & > & & & & & & > & & & & \\ Sargan $\chi^2$& 65.128 & 66.921 & 51.033 & 48.396 & 39.273 > & 43.564 & 0.000 & 0.000 & 0.000 & 7.387 & 1.2 > 58 & 1.876 & 0.000 & 0.000 & 0.000 \\ Sargan p-value& 1.000 & 1.000 & 1.000 & 1.000 & 1.000 > & 1.000 & 1.000 & 1.000 & 1.000 & 1.000 & 1.00 > 0 & 1.000 & 1.000 & 1.000 & 1.000 \\ AR(2) $\chi^2$& -2.801 & -3.437 & -3.002 & -0.293 & -0.815 > & 1.150 & -0.369 & -0.749 & -0.247 & -1.007 & -0.97 > 1 & -1.339 & -1.501 & -1.557 & -1.278 \\ AR(2) p-value& 0.005 & 0.001 & 0.003 & 0.769 & 0.415 & > 0.250 & 0.712 & 0.454 & 0.805 & 0.314 & 0.332 > & 0.181 & 0.133 & 0.120 & 0.201 \\ N & 1038.000 & 1038.000 & 950.000 & 859.000 & 859.000 & > 769.000 & 320.000 & 320.000 & 301.000 & 474.000 & 474.000 > & 430.000 & 170.000 & 170.000 & 159.000 \\ . estimates clear . restore . . exit end of do-file . . /* Close */ . . drop _all . set more on . clear . set mem 1m (1024k) . log close log: C:\Panda\main.log log type: text closed on: 24 Sep 2007, 15:34:39 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