Table 5 Results of dynamic assessment through Two-Steps Sys-GMM
Models | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 |
|---|---|---|---|---|---|---|
Ind. Vars | Dep. Var.: EFI | Dep. Var.: ESI | Dep. Var.: EPI | Dep. Var.: EVI | Dep. Var.: ANS | Dep. Var.: PN |
L. dep. var | 0.553* (0.000) | 0.96* (0.000) | 0.342* (0.000) | 0.914* (0.000) | 0.811* (0.000) | 0.680* (0.000) |
LnEC | 0.438* (0.000) | − 0.215** (0.001) | − 0.582* (0.000) | 0.010* (0.000) | 0.050* (0.000) | 0.070* (0.000) |
LnFD | 0.171** (0.038) | − 0.056** (0.018) | − 0.152* (0.000) | 0.004** (0.002) | 0.070* (0.000) | 0.024** (0.002) |
LnTI | − 0.020** (0.002) | 0.447* (0.000) | 0.404* (0.000) | − 0.023* (0.000) | − 0.019** (0.001) | − 0.080** (0.001) |
lnGDP | 0.97* (0.000) | − 0.789** (0.003) | − 1.017** (0.005) | 0.812** (0.001) | 1.028* (0.000) | 1.173* (0.000) |
ln GDP 2 | − 0.017** (0.001) | 0.012* (0.000) | 0.022** (0.001) | − 0.061* (0.000) | − 0.041* (0.000) | − 0.069* (0.000) |
EKC Shape | Inverted U-shape | U-shape | U-shape | Inverted U-shape | Inverted U-shape | Inverted U-shape |
LnTI × LnFD | − 0.178** (0.028) | 0.022 (0.062) | 0.069** (0.003) | 0.013 (0.089) | − 0.062** (0.003) | − 0.074** (0.011) |
Interactive effect | Increasing | Increasing | Increasing | Decreasing | Increasing | Increasing |
Diagnostic tests | ||||||
Sargan Test (p value) | 25.359 (1.000) | 28.678 (1.000) | 26.350 (1.000) | 25.793 (1.000) | 27.010 (1.000) | 25.710 (1.000) |
AR (1) (p value) | − 3.265 (0.001) | − 1.257 (0.202) | − 1.561 (0.118) | − 3.393 (0.000) | − 4.148 (0.000) | − 2.650 (0.008) |
AR (2) (p value) | 0.891 (0.741) | 1.126 (0.259) | 1.247 (0.212) | 0.457 (0.647) | 1.350 (0.179) | 0.801 (0.419) |