Nonlinearity of the Relationship between Human Capital and Exportation in Brazil

Table 4

Results of regressions run using P-W,FGLS, and GMM Models, the dependent variable is exportation (ln𝑋).

Variables	P-W		FGLS		GMM
(1)	(2)	(3)	(4)	(5)	(6)^a
ln𝑋𝑡−1					0.82*
					(0,07)
ln𝐾	0.54*	0.53*	0.43*	0.46*	0.13^ns
	(0.08)	(0.09)	(0.06)	(0.05)	(0.11)
𝐻	1.54*	0.96*	0.964*	0.41***	0.76**
	(0.40)	(0.37)	(0.24)	(0.23)	(0.30)
𝐻^2	−0.11*	−0.07**	−0.064*	−0.03***	−0.057**
	(0.04)	(0.03)	(0.02)	(0.02)	(0.02)
ln𝐿	0.87*	1.04*	0.96*	1.18*	0.22***
	(0.13)	(0.19)	(0.09)	(0.11)	(0.13)
Central West		−0.26^ns		0.16^ns
		(0.38)		(0.29)
Northeast		−0.02^ns		−0.20^ns
		(0.45)		(0.22)
North		1.01*		1.19*
		(0.46)		(0.27)
South		0.85*		0.91*
		(0.29)		(0.19)
Constant	−12.29*	−13.12*	−10.32*	−12.18*	−5.10*
𝑅^2	0.95	0.96
AR(2) (2nd order serial correlation, P value)					0.69
Sargan test					0.74
𝐻^∗ (inflection point)^b	7.0	6.9	7.5	6.8	6.7
Number of observations	324	324	324	324	297

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.