Regional Convergence in Greece (1995–2005): A Dynamic Panel Perspective

Table 2

GMM estimation—NUTS II.

(a)

Estimates	Regression results	𝑡-stat and 𝑃 value
Constant	−0.103 (0.09)	−1.13	0.25
lngdp(t-1)	0.015 (0.01)	1.51	0.13
CSF2	0.011* (0.004)	2.95	0.003
CSF3	—	—
𝑅-squared	0.064

(b)

Estimates	Regression results	𝑡-stat and 𝑃 value
Constant	−0.036 (0.09)	−0.39	0.69
lngdp(t-1)	0.0085 (0.01)	0.85	0.39
CSF2	—	—
CSF3	−0.0031 (0.003)	−0.78	0.43
𝑅-squared	0.010

Numbers in parentheses is the standard deviation. Single asterisk (*): significance at 1%, Double asterisk (**): significance at 5%.