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
VariablesMore 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
(1.299)(1.863)
AR(2) (2nd-order serial correlation, P value)0.340.63
Sargan test0.990.98
(inflection point)b7.687.26
Number of observations77220

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.