Nonlinearity of the Relationship between Human Capital and Exportation in Brazil : Table 5

Table 5: Results of regressions run by using GMM models, the dependent variable is exports (), but separating Brazilian states into more and less industrialized states.


	GMM
Variables	More industrialized states	Less industrialized states
	(1)	(2)

	0.879*	0.895*
	(0.079)	(0.106)
	0.249*	−0.123
	(0.075)	(0.208)
	0.928**	0.628*
	(0.424)	(0.217)
	−0.0604**	−0.0432*
	(0.029)	(0.016)
	−0.162**	0.270***
	(0.072)	(0.158)
Constant	−2.825**	−2.726
Constant	(1.299)	(1.863)
AR(2) (2nd-order serial correlation, P value)	0.34	0.63
Sargan test	0.99	0.98
(inflection point)^b	7.68	7.26
Number of observations	77	220

Source: estimated by the authors.
*Indicates level of significance of 1%; **indicates level of significance of 5%; ***indicates level of significance of under 10%, ns: nonsignificant. Robust std error are in parentheses. ^aTime dummies are not reported. ^bSee endnote number 12.
(1) states from Southeast and South Regions; (2) other Brazilian states.