Research on the Impact of Technological Finance on Financial Stability: Based on the Perspective of High-Quality Economic Growth

Table 13

GMM estimates of the eastern, middle, and western regions.

	h_lnx1 (east)	H_lnx1 (middle)	H_lnx1 (west)
L.h_lnm	−0.08076 (0.03555)	0.44397 (0.25034)	−0.21014(0.24478)
L2.h_lnm	−0.00963(0.01730)	—	−0.15406(0.11912)
L3.h_lnm	0.05437 (0.01528)	—	0.10999 (0.06510)
L4.h_lnm	—	—	0.01101(0.03112)
L5.h_lnm	—	—	0.02764(0.02798)

Note: , and represent, respectively, passing 10%, 5%, and 1% significance level test. The bracketed figure is the Z statistic value.