Table 13 Dynamic panel data estimation, one-step system GMM: interaction effect of Private Creditors and financial development on HEWE

 L1 HEWE

1.067527*** (.0736107)

1.034372*** (.0310108)

 Private creditors

38.16728 (224.8028)

15.04816 (47.04743)

 L1 Private creditors

36.44954 (84.47849)

9.583578 (21.01398)

 DOMCR

.1622903 (.235105)

–

 L1 DOMCR

−.2334195* (.1201478)

–

 MS

–

.3250248* (.1740122)

 L1 MS

–

−.4128301*** (.1169096)

 Private creditors*DOMCR

−13.71776 (68.70689)

–

 L1 Private creditors*DOMCR

−12.23399 (25.2259)

–

 Private creditors *MS

–

−4.005739 (10.9315)

 L1 Private creditors *MS

–

−1.933295 (4.696352)

 Openness

.0529606 (.2093308)

−.0461291 (.2456225)

 Inflation

−.0152063*** (.0046217)

−.0136163*** (.004243)

 AR 1

0.151

0.173

 AR 2

0.279

0.327

 Hansen

0.274

0.164