| Variable |
Coefficient |
| lnGDPt-1 |
0.709*** (0.018) |
| lnFDI |
-0.030*** (0.005) |
| lnH |
-0.048 (0.040) |
| lnIF |
0.033 (0.049) |
| lnK |
0.312*** (0.011) |
| lnL |
0.015 (0.021) |
| AR (1): p-value |
0.01 |
| AR (2): p-value |
0.49 |
| Sargan test: p-value |
0.20 |
| Instruments |
28 |
|
| Note: *** indicates significant at 1%. Between ( ) are t-statistics. Three years average has been taken. Time dummy which is significant did not include in the table |
| Table 5: System-GMM results. |