1. Table 4. Liquid Assets (Depth)-economic growth: GMM
Sample of 70 countries
62 developing countries
8 developed countries
Variables
Coeff
Constante
-0,561***
-0,513***
-0,542***
(1,87)
(1,83)
(1,90)
PIB{1}
0,048**
0,046**
-0,049**
(2,02)
(2,08)
Depth{1}
0,049*
-0,045*
0,045*
(3,39)
(3,19)
(2,96)
INF{1}
-0,055*
-0,057*
-0,061*
(3,07)
(3,15)
(3,49)
OUV{1}
0,008***
-0,003***
0,013***
(1,69)
(1,68)
(1,71)
INVES{1}
0,075*
0,062*
0,078*
(3,46)
(3,41)
(3,89)
GOV{1}
0,007
-0,008
-0,009
(1,09)
(1,12)
(1,28)
CH{1}
0,099*
0,097*
0,113*
(4,83)
(4,89)
(5,14)
Q (2)a
34,912
26,351
36,433
J-Specificationb
443,391
437,322
409,315 R2
0,575
0,528
0,595
Notes: The dependent variable is the growth rate of GDP per capita. Brackets, the value of t-statistics.
*** Significant at 10% level, ** significant at 5% level, * significant at 1%.
a The Q(2) statistic represents the test for second-order autocorrelation. The values shown in the table are p-values of the Q(2) statistic These values clearly show that a lack of autocorrelation of order 2.
b The values presented in the table represent the p-values of the J-test Specification. These values can widely accept the assumption of validity of the instruments.
Khalil Mhadhbi et al. Financial Development and Economic Growth: A Dynamic Panel Data Analysis. International Journal of Econometrics and Financial Management, 2014, Vol. 2, No. 2, doi: /ijefm-2-2-1
© The Author(s) Published by Science and Education Publishing.