Research Article
GMM Estimator: An Application to Intraindustry Trade
Table 3
Determinants of intraindustry trade.
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The null hypothesis that each coefficient is equal to zero is tested using one-step robust standard error. -statistics (heteroskedasticity corrected) are in round brackets.values are in square brackets; ***/*statistically significant at the 1 percent and 10 percent levels. Ar(2) is tests for second-order serial correlation in the first-differenced residuals, asymptotically distributed as (0,1) under the null hypothesis of no serial correlation (based on the efficient two-step GMM estimator). The Sargan test addresses the overidentifying restrictions, asymptotically distributed under the null of the instruments’ validity (with the two-step estimator). |