Impacts of the Recent Expansion of the Sugarcane Sector on Municipal per Capita Income in São Paulo State

Table 4

System-GMM model estimation results.

	Coefficient	SE	𝑧	𝑃>|𝑧|
𝑦𝑡−1	0.568	0.022	26.35	0.000
𝑊^∗𝑦	0.306	0.071	4.31	0.000
𝐷^𝑈	3456.043	1060.243	3.26	0.001
𝑊^∗𝐷^𝑈	−2400.948	2667.930	−0.90	0.368
𝑠^𝑐𝑎	12.583	5.617	2.24	0.025
𝑊^∗𝑠^𝑐𝑎	−60.132	15.207	−3.95	0.000
𝑠^𝑎𝑓	20.669	8.505	2.43	0.015
𝑊^∗𝑠^𝑎𝑓	−23.194	20.274	−1.14	0.253
𝑠^𝑓	13.729	5.108	2.69	0.007
𝑊^∗𝑠^𝑓	6.474	12.453	0.52	0.603
𝑟	22.762	138.061	0.16	0.869
𝑊^∗𝑟	104.596	146.678	0.71	0.476
𝑤	5.091	1.491	3.42	0.001
𝑤^𝐴	2.837	1.243	2.28	0.023
𝑢	24.852	21.496	1.16	0.248
𝑢^𝐴	−127.360	53.828	−2.37	0.018
Constant	−14 964.800	4933.162	−3.03	0.002
Instruments for equation in differences	𝑦𝑡−2, 𝑊^∗𝑦𝑡−2, 𝑤𝑡−2, 𝑤^𝐴𝑡−2, 𝑢𝑡−2, 𝑢^𝐴𝑡−2
Instruments for equation in level	Δ𝑦𝑡−1, Δ𝑊^∗𝑦𝑡−1, Δ𝑤𝑡−1, Δ𝑤^𝐴𝑡−1, Δ𝑢𝑡−1, Δ𝑢^𝐴𝑡−1
Wald (𝑃)	0.000
1st-order autocorrelation (𝑃)	0.042
2nd-order autocorrelation (𝑃)	0.517
Observations	5805

Source: research results.