Table 4: System-GMM model estimation results.

CoefficientSE

0.5680.02226.350.000
0.3060.0714.310.000
3456.0431060.2433.260.001
−2400.9482667.930−0.900.368
12.5835.6172.240.025
−60.13215.207−3.950.000
20.6698.5052.430.015
−23.19420.274−1.140.253
13.7295.1082.690.007
6.47412.4530.520.603
22.762138.0610.160.869
104.596146.6780.710.476
5.0911.4913.420.001
2.8371.2432.280.023
24.85221.4961.160.248
−127.36053.828−2.370.018
Constant−14 964.8004933.162−3.030.002

Instruments for equation in differences , , , , ,
Instruments for equation in level , , , , ,
Wald ( )0.000
1st-order autocorrelation ( )0.042
2nd-order autocorrelation ( )0.517
Observations5805

Source: research results.