Statistique des variables

Variable Obs Mean Std. Dev. Min Max

lPIBH 296 6.60208 .4110896 5.880279 7.454141

lGINI 296 3.74443 .170414 3.448399 4.033533
lDCMPO 296 2.883669 1.20595 .0629079 4.496383

lPIBH
L1. 288 6.596327 .4097039 5.880279 7.454141

lGINI
L1. 288 3.744771 .1700928 3.448399 4.033533

lACINF 295 2.760404 .4542719 2.38968 4.227565

lCE 296 26.44243 1.839344 19.55109 30.11948
lIPC 295 4.241289 .7006909 .1731126 4.74824
lSUBT 296 3.74796 1.677004 -.5108256 7.791886

Régression multiple

Equation 1

Source SS df MS Number of obs = 296

F(3, 292) = 21.53
Model 77.7215003 3 25.9071668 Prob > F = 0.0000
Residual 351.301637 292 1.2030878 R-squared = 0.1812
Adj R-squared = 0.1727
Total 429.023138 295 1.45431572 Root MSE = 1.0969

lDCMPO Coef. Std. Err. t P>|t| [95% Conf. Interval]

lPIBH .813374 .1957449 4.16 0.000 .4281242 1.198624

lGINI 1.898085 .375292 5.06 0.000 1.159464 2.636705
lRDM -.3839785 .0647359 -5.93 0.000 -.5113866 -.2565705
_cons -1.150988 1.884378 -0.61 0.542 -4.859673 2.557697

Equation 2
 Source SS df MS Number of obs = 287
F(6, 280) = 5033.98
Model 47.2646139 6 7.87743564 Prob > F = 0.0000
Residual .438158643 280 .001564852 R-squared = 0.9908
Adj R-squared = 0.9906
Total 47.7027725 286 .166792911 Root MSE = .03956

lPIBH Coef. Std. Err. t P>|t| [95% Conf. Interval]

lGINI .0185843 .0154886 1.20 0.231 -.0119045 .0490731

lPIBH
L1. .9763097 .0083116 117.46 0.000 .9599486 .9926708

lACINF -.0029593 .0065323 -0.45 0.651 -.0158179 .0098993

lCE -.0002922 .003224 -0.09 0.928 -.0066385 .0060541
lIPC -.00699 .00548 -1.28 0.203 -.0177772 .0037972
lSUBT .0090536 .0030846 2.94 0.004 .0029816 .0151256
_cons .1065991 .083717 1.27 0.204 -.0581955 .2713937

Equation 3

Source SS df MS Number of obs = 287

F(6, 280) = 487.78
Model 7.45155835 6 1.24192639 Prob > F = 0.0000
Residual .712902401 280 .00254608 R-squared = 0.9127
Adj R-squared = 0.9108
Total 8.16446075 286 .028547066 Root MSE = .05046

lGINI Coef. Std. Err. t P>|t| [95% Conf. Interval]

lPIBH -.0025505 .0107632 -0.24 0.813 -.0237376 .0186365

lGINI
L1. .932659 .0194726 47.90 0.000 .8943278 .9709902

lACINF .0165913 .0082488 2.01 0.045 .0003538 .0328289

lCE -.0002442 .0041185 -0.06 0.953 -.0083514 .007863
lIPC .0082289 .0070251 1.17 0.242 -.0055998 .0220576
lSUBT -.0039373 .0039405 -1.00 0.319 -.011694 .0038195
_cons .2074183 .1067204 1.94 0.053 -.0026579 .4174945

Test de normalité des variables

 Skewness/Kurtosis tests for Normality
joint
Variable Obs Pr(Skewness) Pr(Kurtosis) adj chi2(2) Prob>chi2

lDCMPO 296 0.0003 0.0000 . 0.0000

lGINI 296 0.1494 0.0000 32.29 0.0000
lPIBH 296 0.0047 0.0000 . 0.0000
lRDM 296 0.0009 0.7710 10.08 0.0065

Equation 2

Skewness/Kurtosis tests for Normality

joint
Variable Obs Pr(Skewness) Pr(Kurtosis) adj chi2(2) Prob>chi2

lPIBH 296 0.0047 0.0000 . 0.0000

lGINI 296 0.1494 0.0000 32.29 0.0000
lACINF 295 0.0000 0.0000 . 0.0000
lCE 296 0.0000 0.0000 42.60 0.0000
lIPC 295 0.0000 0.0000 . 0.0000

Equation 3
Skewness/Kurtosis tests for Normality
joint
Variable Obs Pr(Skewness) Pr(Kurtosis) adj chi2(2) Prob>chi2

lGINI 296 0.1494 0.0000 32.29 0.0000

lPIBH 296 0.0047 0.0000 . 0.0000
lACINF 295 0.0000 0.0000 . 0.0000
lCE 296 0.0000 0.0000 42.60 0.0000
lIPC 295 0.0000 0.0000 . 0.0000
lSUBT 296 0.1515 0.0165 7.40 0.0247

Estimation modèle à effet fixe eq1

Fixed-effects (within) regression Number of obs = 296
Group variable: CODE Number of groups = 8

R-sq: Obs per group:

within = 0.0739 min = 37
between = 0.0033 avg = 37.0
overall = 0.0009 max = 37

F(3,285) = 7.58
corr(u_i, Xb) = -0.1829 Prob > F = 0.0001

lDCMPO Coef. Std. Err. t P>|t| [95% Conf. Interval]

lPIBH -.4699006 .1341655 -3.50 0.001 -.7339817 -.2058195

lGINI .1220963 .1142709 1.07 0.286 -.1028258 .3470184
lRDM .0160311 .0252334 0.64 0.526 -.0336363 .0656986
_cons 5.176332 .9277541 5.58 0.000 3.350213 7.002451

sigma_u 1.2816241
sigma_e .24731352
rho .96409984 (fraction of variance due to u_i)

F test that all u_i=0: F(7, 285) = 779.80 Prob > F = 0.0000

Effet aléatoire eq1

Random-effects GLS regression Number of obs = 296
Group variable: CODE Number of groups = 8

R-sq: Obs per group:

within = 0.0739 min = 37
between = 0.0028 avg = 37.0
overall = 0.0007 max = 37

Wald chi2(3) = 22.59

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

lDCMPO Coef. Std. Err. z P>|z| [95% Conf. Interval]

lPIBH -.4596062 .1334193 -3.44 0.001 -.7211032 -.1981091

lGINI .1273832 .1140072 1.12 0.264 -.0960668 .3508332
lRDM .0144943 .0251631 0.58 0.565 -.0348245 .063813
_cons 5.122361 1.041166 4.92 0.000 3.081713 7.16301

sigma_u 1.3623631
sigma_e .24731352
rho .96809719 (fraction of variance due to u_i)

Effet fixe eq2

Fixed-effects (within) regression Number of obs = 287
Group variable: CODE Number of groups = 8

R-sq: Obs per group:

within = 0.9314 min = 35
between = 0.9974 avg = 35.9
overall = 0.9889 max = 36

F(6,273) = 617.91
corr(u_i, Xb) = 0.7246 Prob > F = 0.0000

lPIBH Coef. Std. Err. t P>|t| [95% Conf. Interval]

lGINI -.0056138 .0202019 -0.28 0.781 -.0453852 .0341575

lPIBH
L1. .8773571 .0239657 36.61 0.000 .8301761 .9245382

lACINF .025434 .0227221 1.12 0.264 -.0192987 .0701667

lCE .0097936 .0051875 1.89 0.060 -.0004189 .0200061
lIPC -.0209889 .0067229 -3.12 0.002 -.0342243 -.0077535
lSUBT .0108927 .0033802 3.22 0.001 .0042381 .0175474
_cons .5572292 .1759647 3.17 0.002 .2108089 .9036495

sigma_u .03321017
sigma_e .03805145
rho .43237544 (fraction of variance due to u_i)

F test that all u_i=0: F(7, 273) = 4.23 Prob > F = 0.0002

Effet aléatoire eq2

Random-effects GLS regression Number of obs = 287
Group variable: CODE Number of groups = 8

R-sq: Obs per group:

within = 0.9305 min = 35
between = 0.9989 avg = 35.9
overall = 0.9904 max = 36

Wald chi2(6) = 7764.92

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

lPIBH Coef. Std. Err. z P>|z| [95% Conf. Interval]

lGINI .0097256 .0186333 0.52 0.602 -.026795 .0462461

lPIBH
L1. .9361479 .0159379 58.74 0.000 .9049102 .9673855

lACINF .0142181 .0129098 1.10 0.271 -.0110846 .0395208

lCE .0040011 .0045035 0.89 0.374 -.0048255 .0128277
lIPC -.013295 .006189 -2.15 0.032 -.0254253 -.0011648
lSUBT .0098687 .0032715 3.02 0.003 .0034566 .0162807
_cons .2674035 .1248333 2.14 0.032 .0227347 .5120722

sigma_u .01527841
sigma_e .03805145
rho .13883536 (fraction of variance due to u_i)

Effet fixe eq3

Fixed-effects (within) regression Number of obs = 287
Group variable: CODE Number of groups = 8

R-sq: Obs per group:

within = 0.8676 min = 35
between = 0.9298 avg = 35.9
overall = 0.8879 max = 36

F(6,273) = 298.17
corr(u_i, Xb) = -0.2768 Prob > F = 0.0000

lGINI Coef. Std. Err. t P>|t| [95% Conf. Interval]

lPIBH -.0545386 .0323972 -1.68 0.093 -.1183188 .0092416

lGINI
L1. .879439 .0257104 34.21 0.000 .8288231 .9300549

lACINF .0852101 .0292493 2.91 0.004 .0276273 .1427929

lCE .0096004 .0067811 1.42 0.158 -.0037496 .0229503
lIPC -.0005501 .0089463 -0.06 0.951 -.0181625 .0170624
lSUBT -.0061167 .004464 -1.37 0.172 -.014905 .0026715
_cons .345708 .2326593 1.49 0.138 -.1123264 .8037424

sigma_u .03204092
sigma_e .04976988
rho .29301363 (fraction of variance due to u_i)

F test that all u_i=0: F(7, 273) = 2.11 Prob > F = 0.0423

Effet aléatoire eq3

Random-effects GLS regression Number of obs = 287
Group variable: CODE Number of groups = 8

R-sq: Obs per group:

within = 0.8632 min = 35
between = 0.9965 avg = 35.9
overall = 0.9127 max = 36

Wald chi2(6) = 2926.68

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

lGINI Coef. Std. Err. z P>|z| [95% Conf. Interval]

lPIBH -.0025505 .0107632 -0.24 0.813 -.023646 .0185449

lGINI
L1. .932659 .0194726 47.90 0.000 .8944934 .9708245

lACINF .0165913 .0082488 2.01 0.044 .0004239 .0327587

lCE -.0002442 .0041185 -0.06 0.953 -.0083164 .007828
lIPC .0082289 .0070251 1.17 0.241 -.0055401 .0219979
lSUBT -.0039373 .0039405 -1.00 0.318 -.0116605 .0037859
_cons .2074183 .1067204 1.94 0.052 -.0017499 .4165865

sigma_u 0
sigma_e .04976988
rho 0 (fraction of variance due to u_i)

Hausman eq1
Coefficients
(b) (B) (b-B) sqrt(diag(V_b-V_B))
eq1 . Difference S.E.

lPIBH -.4699006 -.4596062 -.0102944 .0141307

lGINI .1220963 .1273832 -.0052869 .0077595
lRDM .0160311 .0144943 .0015368 .0018823

b = consistent under Ho and Ha; obtained from xtreg

B = inconsistent under Ha, efficient under Ho; obtained from xtreg

Test: Ho: difference in coefficients not systematic

chi2(3) = (b-B)'[(V_b-V_B)^(-1)](b-B)
= 0.85
Prob>chi2 = 0.8377

Hausman eq2
 Coefficients
(b) (B) (b-B) sqrt(diag(V_b-V_B))
eq1 . Difference S.E.

lGINI -.0056138 .0097256 -.0153394 .007805

lPIBH
L1. .8773571 .9361479 -.0587907 .017898
lACINF .025434 .0142181 .0112159 .0186984
lCE .0097936 .0040011 .0057925 .0025746
lIPC -.0209889 -.013295 -.0076938 .0026256
lSUBT .0108927 .0098687 .0010241 .0008504

b = consistent under Ho and Ha; obtained from xtreg

B = inconsistent under Ha, efficient under Ho; obtained from xtreg

Test: Ho: difference in coefficients not systematic

chi2(6) = (b-B)'[(V_b-V_B)^(-1)](b-B)
= 13.10
Prob>chi2 = 0.0415
(V_b-V_B is not positive definite)

Hausman eq3

Coefficients
(b) (B) (b-B) sqrt(diag(V_b-V_B))
eq1 . Difference S.E.

lPIBH -.0545386 -.0025505 -.0519881 .0305571

lGINI
L1. .879439 .932659 -.05322 .0167882
lACINF .0852101 .0165913 .0686188 .028062
lCE .0096004 -.0002442 .0098446 .0053872
lIPC -.0005501 .0082289 -.008779 .0055393
lSUBT -.0061167 -.0039373 -.0021795 .0020976

b = consistent under Ho and Ha; obtained from xtreg

B = inconsistent under Ha, efficient under Ho; obtained from xtreg

Test: Ho: difference in coefficients not systematic

chi2(6) = (b-B)'[(V_b-V_B)^(-1)](b-B)
= 11.73
Prob>chi2 = 0.0683
(V_b-V_B is not positive definite)

Estimation GMM en système à deux niveau avec déviation

Equation 1
Favoring speed over space. To switch, type or click on mata: mata set matafavor
> space, perm.
Warning: Number of instruments may be large relative to number of observations.
Warning: Two-step estimated covariance matrix of moments is singular.
Using a generalized inverse to calculate optimal weighting matrix for two-ste
> p estimation.
Difference-in-Sargan/Hansen statistics may be negative.

Dynamic panel-data estimation, two-step system GMM

Group variable: CODE Number of obs = 288

Time variable : DATE Number of groups = 8
Number of instruments = 40 Obs per group: min = 36
Wald chi2(3) = 6.16 avg = 36.00
Prob > chi2 = 0.104 max = 36

Corrected
D.lDCMPO Coef. Std. Err. z P>|z| [95% Conf. Interval]

lPIBH .0735195 .0388305 1.89 0.058 -.002587 .1496259

lGINI .0400198 .0615123 0.65 0.515 -.0805421 .1605818
lRDM -.0315543 .0128597 -2.45 0.014 -.0567587 -.0063498
_cons .0586748 .3352736 0.18 0.861 -.5984493 .7157989

Instruments for orthogonal deviations equation

Standard
FOD.(lPIBH lGINI)
GMM-type (missing=0, separate instruments for each period unless collapsed)
L(1/36).lDCMPO collapsed
Instruments for levels equation
Standard
lPIBH lGINI
_cons
GMM-type (missing=0, separate instruments for each period unless collapsed)
D.lDCMPO collapsed

Arellano-Bond test for AR(1) in first differences: z = -1.39 Pr > z = 0.163

Arellano-Bond test for AR(2) in first differences: z = -0.43 Pr > z = 0.669

Sargan test of overid. restrictions: chi2(36) = 279.11 Prob > chi2 = 0.000
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(36) = 4.28 Prob > chi2 = 1.000
(Robust, but weakened by many instruments.)

Difference-in-Hansen tests of exogeneity of instrument subsets:

GMM instruments for levels
Hansen test excluding group: chi2(35) = 4.29 Prob > chi2 = 1.000
Difference (null H = exogenous): chi2(1) = -0.00 Prob > chi2 = 1.000
iv(lPIBH lGINI)
Hansen test excluding group: chi2(34) = 3.60 Prob > chi2 = 1.000
Difference (null H = exogenous): chi2(2) = 0.68 Prob > chi2 = 0.713

Equation 2
Favoring speed over space. To switch, type or click on mata: mata set matafavor
> space, perm.
Warning: Number of instruments may be large relative to number of observations.
Warning: Two-step estimated covariance matrix of moments is singular.
Using a generalized inverse to calculate optimal weighting matrix for two-ste
> p estimation.
Difference-in-Sargan/Hansen statistics may be negative.

Dynamic panel-data estimation, two-step system GMM

Group variable: CODE Number of obs = 287

Time variable : DATE Number of groups = 8
Number of instruments = 228 Obs per group: min = 35
Wald chi2(6) = 999.73 avg = 35.88
Prob > chi2 = 0.000 max = 36

Corrected
D.lPIBH Coef. Std. Err. z P>|z| [95% Conf. Interval]

lGINI .4880758 .4714796 1.04 0.301 -.4360073 1.412159

lPIBH
L1. -.6353627 .2273643 -2.79 0.005 -1.080989 -.1897368

lACINF .3651086 .1588612 2.30 0.022 .0537463 .6764709

lCE .0505345 .0354601 1.43 0.154 -.018966 .120035
lIPC -.082293 .0412996 -1.99 0.046 -.1632388 -.0013472
lSUBT .0276136 .0293236 0.94 0.346 -.0298596 .0850869
_cons .2749522 2.180598 0.13 0.900 -3.998941 4.548845

Instruments for orthogonal deviations equation

Standard
FOD.(lGINI lACINF lCE lIPC lSUBT)
GMM-type (missing=0, separate instruments for each period unless collapsed)
L(1/36).(lPIBH lGINI lACINF lCE lIPC lSUBT) collapsed
Instruments for levels equation
Standard
lGINI lACINF lCE lIPC lSUBT
_cons
GMM-type (missing=0, separate instruments for each period unless collapsed)
D.(lPIBH lGINI lACINF lCE lIPC lSUBT) collapsed

Arellano-Bond test for AR(1) in first differences: z = -1.46 Pr > z = 0.145

Arellano-Bond test for AR(2) in first differences: z = 0.41 Pr > z = 0.680

Sargan test of overid. restrictions: chi2(221) = 288.67 Prob > chi2 = 0.001
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(221) = 0.01 Prob > chi2 = 1.000
(Robust, but weakened by many instruments.)

Difference-in-Hansen tests of exogeneity of instrument subsets:

GMM instruments for levels
Hansen test excluding group: chi2(215) = 0.01 Prob > chi2 = 1.000
Difference (null H = exogenous): chi2(6) = -0.00 Prob > chi2 = 1.000

Equation 3
Favoring speed over space. To switch, type or click on mata: mata set matafavor
> space, perm.
Warning: Number of instruments may be large relative to number of observations.
Warning: Two-step estimated covariance matrix of moments is singular.
Using a generalized inverse to calculate optimal weighting matrix for two-ste
> p estimation.
Difference-in-Sargan/Hansen statistics may be negative.

Dynamic panel-data estimation, two-step system GMM

Group variable: CODE Number of obs = 287

Time variable : DATE Number of groups = 8
Number of instruments = 228 Obs per group: min = 35
Wald chi2(6) = 4.88 avg = 35.88
Prob > chi2 = 0.560 max = 36

Corrected
D.lGINI Coef. Std. Err. z P>|z| [95% Conf. Interval]

lPIBH -.7943164 .9203424 -0.86 0.388 -2.598154 1.009522

lGINI
L1. .2677442 .5402954 0.50 0.620 -.7912154 1.326704

lACINF .5204605 .6062555 0.86 0.391 -.6677786 1.7087

lCE .1069297 .0810622 1.32 0.187 -.0519493 .2658088
lIPC -.0288544 .1143409 -0.25 0.801 -.2529585 .1952498
lSUBT -.0276319 .0756945 -0.37 0.715 -.1759904 .1207266
_cons .2005088 2.560104 0.08 0.938 -4.817203 5.21822

Instruments for orthogonal deviations equation

Standard
FOD.(lPIBH lACINF lCE lIPC lSUBT)
GMM-type (missing=0, separate instruments for each period unless collapsed)
L(1/36).(lGINI lPIBH lACINF lCE lIPC lSUBT) collapsed
Instruments for levels equation
Standard
lPIBH lACINF lCE lIPC lSUBT
_cons
GMM-type (missing=0, separate instruments for each period unless collapsed)
D.(lGINI lPIBH lACINF lCE lIPC lSUBT) collapsed

Arellano-Bond test for AR(1) in first differences: z = -2.53 Pr > z = 0.011

Arellano-Bond test for AR(2) in first differences: z = 0.39 Pr > z = 0.698

Sargan test of overid. restrictions: chi2(221) = 282.65 Prob > chi2 = 0.003
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(221) = 0.09 Prob > chi2 = 1.000
(Robust, but weakened by many instruments.)

Difference-in-Hansen tests of exogeneity of instrument subsets:

GMM instruments for levels
Hansen test excluding group: chi2(215) = 0.09 Prob > chi2 = 1.000
Difference (null H = exogenous): chi2(6) = -0.00 Prob > chi2 = 1.000

GMM en système à deux niveau sans déviation avec variation

Equation 1
Favoring speed over space. To switch, type or click on mata: mata set matafavor
> space, perm.

Dynamic panel-data estimation, two-step system GMM

Group variable: CODE Number of obs = 288

Time variable : DATE Number of groups = 8
Number of instruments = 6 Obs per group: min = 36
Wald chi2(3) = 2.98 avg = 36.00
Prob > chi2 = 0.394 max = 36

Corrected
D.lDCMPO Coef. Std. Err. z P>|z| [95% Conf. Interval]

lPIBH .1814882 .2180047 0.83 0.405 -.2457932 .6087695

lGINI .2509751 .3029941 0.83 0.407 -.3428826 .8448327
lRDM -.0683573 .1048927 -0.65 0.515 -.2739433 .1372286
_cons -.63907 2.205557 -0.29 0.772 -4.961883 3.683743

Instruments for first differences equation

Standard
D.(lPIBH lGINI)
GMM-type (missing=0, separate instruments for each period unless collapsed)
L(1/2).lDCMPO collapsed
Instruments for levels equation
Standard
lPIBH lGINI
_cons
GMM-type (missing=0, separate instruments for each period unless collapsed)
D.lDCMPO collapsed

Arellano-Bond test for AR(1) in first differences: z = -1.39 Pr > z = 0.164

Arellano-Bond test for AR(2) in first differences: z = -0.43 Pr > z = 0.667

Sargan test of overid. restrictions: chi2(2) = 204.90 Prob > chi2 = 0.000
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(2) = 1.76 Prob > chi2 = 0.414
(Robust, but weakened by many instruments.)

Difference-in-Hansen tests of exogeneity of instrument subsets:

GMM instruments for levels
Hansen test excluding group: chi2(1) = 1.66 Prob > chi2 = 0.197
Difference (null H = exogenous): chi2(1) = 0.10 Prob > chi2 = 0.752

Equation 2
> twostep robust artests (2)
Favoring speed over space. To switch, type or click on mata: mata set matafavor
> space, perm.
Warning: Number of instruments may be large relative to number of observations.
Warning: Two-step estimated covariance matrix of moments is singular.
Using a generalized inverse to calculate optimal weighting matrix for two-ste
> p estimation.
Difference-in-Sargan/Hansen statistics may be negative.

Dynamic panel-data estimation, two-step system GMM

Group variable: CODE Number of obs = 287

Time variable : DATE Number of groups = 8
Number of instruments = 24 Obs per group: min = 35
Wald chi2(6) = 126.20 avg = 35.88
Prob > chi2 = 0.000 max = 36

Corrected
D.lPIBH Coef. Std. Err. z P>|z| [95% Conf. Interval]

lGINI -.5996833 .2593912 -2.31 0.021 -1.108081 -.0912859

lPIBH
L1. -.6008704 .6218842 -0.97 0.334 -1.819741 .6180002

lACINF .1682719 .3317912 0.51 0.612 -.4820269 .8185707

lCE -.0142619 .0539983 -0.26 0.792 -.1200965 .0915728
lIPC -.1183368 .0559227 -2.12 0.034 -.2279433 -.0087303
lSUBT .0989274 . . . . .
_cons 6.263832 1.75341 3.57 0.000 2.827212 9.700452

Instruments for first differences equation

Standard
D.(lGINI lACINF lCE lIPC lSUBT)
GMM-type (missing=0, separate instruments for each period unless collapsed)
L(1/2).(lPIBH lGINI lACINF lCE lIPC lSUBT) collapsed
Instruments for levels equation
Standard
lGINI lACINF lCE lIPC lSUBT
_cons
GMM-type (missing=0, separate instruments for each period unless collapsed)
D.(lPIBH lGINI lACINF lCE lIPC lSUBT) collapsed

Arellano-Bond test for AR(1) in first differences: z = -0.51 Pr > z = 0.612

Arellano-Bond test for AR(2) in first differences: z = -1.67 Pr > z = 0.096

Sargan test of overid. restrictions: chi2(17) = 270.89 Prob > chi2 = 0.000
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(17) = 3.31 Prob > chi2 = 1.000
(Robust, but weakened by many instruments.)

Difference-in-Hansen tests of exogeneity of instrument subsets:

GMM instruments for levels
Hansen test excluding group: chi2(11) = 3.31 Prob > chi2 = 0.986
Difference (null H = exogenous): chi2(6) = 0.00 Prob > chi2 = 1.000
iv(lGINI lACINF lCE lIPC lSUBT)
Hansen test excluding group: chi2(12) = 0.54 Prob > chi2 = 1.000
Difference (null H = exogenous): chi2(5) = 2.77 Prob > chi2 = 0.735
Equation 3
> space, perm.
Warning: Number of instruments may be large relative to number of observations.
Warning: Two-step estimated covariance matrix of moments is singular.
Using a generalized inverse to calculate optimal weighting matrix for two-ste
> p estimation.
Difference-in-Sargan/Hansen statistics may be negative.

Dynamic panel-data estimation, two-step system GMM

Group variable: CODE Number of obs = 287

Time variable : DATE Number of groups = 8
Number of instruments = 24 Obs per group: min = 35
Wald chi2(6) = 95.91 avg = 35.88
Prob > chi2 = 0.000 max = 36

Corrected
D.lGINI Coef. Std. Err. z P>|z| [95% Conf. Interval]

lPIBH -.2114555 .0387836 -5.45 0.000 -.28747 -.1354409

lGINI
L1. -.8748091 . . . . .

lACINF .3208274 .2962317 1.08 0.279 -.259776 .9014308

lCE -.0172305 .0323311 -0.53 0.594 -.0805983 .0461373
lIPC -.0025359 .0418594 -0.06 0.952 -.0845788 .0795069
lSUBT .0136918 .0138932 0.99 0.324 -.0135384 .040922
_cons 4.205627 . . . . .

Instruments for first differences equation

Standard
D.(lPIBH lACINF lCE lIPC lSUBT)
GMM-type (missing=0, separate instruments for each period unless collapsed)
L(1/2).(lGINI lPIBH lACINF lCE lIPC lSUBT) collapsed
Instruments for levels equation
Standard
lPIBH lACINF lCE lIPC lSUBT
_cons
GMM-type (missing=0, separate instruments for each period unless collapsed)
D.(lGINI lPIBH lACINF lCE lIPC lSUBT) collapsed

Arellano-Bond test for AR(1) in first differences: z = . Pr > z = .

Arellano-Bond test for AR(2) in first differences: z = 1.44 Pr > z = 0.151

Sargan test of overid. restrictions: chi2(17) = 352.71 Prob > chi2 = 0.000
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(17) = 0.63 Prob > chi2 = 1.000
(Robust, but weakened by many instruments.)

Difference-in-Hansen tests of exogeneity of instrument subsets:

GMM instruments for levels
Hansen test excluding group: chi2(11) = 1.45 Prob > chi2 = 1.000
Difference (null H = exogenous): chi2(6) = -0.82 Prob > chi2 = 1.000
iv(lPIBH lACINF lCE lIPC lSUBT)
Hansen test excluding group: chi2(12) = 2.05 Prob > chi2 = 0.999
Difference (null H = exogenous): chi2(5) = -1.42 Prob > chi2 = 1.000

.
GMM en système à deux niveaux sans variation sans déviation

Equation 1
Favoring speed over space. To switch, type or click on mata: mata set matafavor
> space, perm.

Dynamic panel-data estimation, two-step system GMM

Group variable: CODE Number of obs = 296

Time variable : DATE Number of groups = 8
Number of instruments = 6 Obs per group: min = 37
Wald chi2(3) = 62.09 avg = 37.00
Prob > chi2 = 0.000 max = 37

Corrected
lDCMPO Coef. Std. Err. z P>|z| [95% Conf. Interval]

lPIBH .1518951 1.118541 0.14 0.892 -2.040406 2.344196

lGINI .8432995 1.122784 0.75 0.453 -1.357317 3.043916
lRDM -.1116547 .1868122 -0.60 0.550 -.4777999 .2544905
_cons 1.260722 5.998572 0.21 0.834 -10.49626 13.01771

Instruments for first differences equation

Standard
D.(lPIBH lGINI)
GMM-type (missing=0, separate instruments for each period unless collapsed)
L(1/2).lDCMPO collapsed
Instruments for levels equation
Standard
lPIBH lGINI
_cons
GMM-type (missing=0, separate instruments for each period unless collapsed)
D.lDCMPO collapsed

Arellano-Bond test for AR(1) in first differences: z = -1.44 Pr > z = 0.149

Arellano-Bond test for AR(2) in first differences: z = -0.96 Pr > z = 0.336

Sargan test of overid. restrictions: chi2(2) = 104.76 Prob > chi2 = 0.000
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(2) = 1.87 Prob > chi2 = 0.392
(Robust, but weakened by many instruments.)

Difference-in-Hansen tests of exogeneity of instrument subsets:

GMM instruments for levels
Hansen test excluding group: chi2(1) = 0.68 Prob > chi2 = 0.410
Difference (null H = exogenous): chi2(1) = 1.20 Prob > chi2 = 0.274
iv(lPIBH lGINI)
Hansen test excluding group: chi2(0) = 0.00 Prob > chi2 = .
Difference (null H = exogenous): chi2(2) = 1.87 Prob > chi2 = 0.392

Equation 2
Favoring speed over space. To switch, type or click on mata: mata set matafavor
> space, perm.
Warning: Number of instruments may be large relative to number of observations.
Warning: Two-step estimated covariance matrix of moments is singular.
Using a generalized inverse to calculate optimal weighting matrix for two-ste
> p estimation.
Difference-in-Sargan/Hansen statistics may be negative.

Dynamic panel-data estimation, two-step system GMM

Group variable: CODE Number of obs = 287

Time variable : DATE Number of groups = 8
Number of instruments = 24 Obs per group: min = 35
Wald chi2(6) = 126.23 avg = 35.88
Prob > chi2 = 0.000 max = 36

Corrected
lPIBH Coef. Std. Err. z P>|z| [95% Conf. Interval]

lGINI -.5996833 .2593903 -2.31 0.021 -1.108079 -.0912878

lPIBH
L1. .3991295 .621884 0.64 0.521 -.8197407 1.618

lACINF .1682719 .331791 0.51 0.612 -.4820265 .8185703

lCE -.0142619 .0539981 -0.26 0.792 -.1200963 .0915726
lIPC -.1183368 .0559227 -2.12 0.034 -.2279433 -.0087303
lSUBT .0989274 . . . . .
_cons 6.263832 1.753396 3.57 0.000 2.827239 9.700425

Instruments for first differences equation

Standard
D.(lGINI lACINF lCE lIPC lSUBT)
GMM-type (missing=0, separate instruments for each period unless collapsed)
L(1/2).(lPIBH lGINI lACINF lCE lIPC lSUBT) collapsed
Instruments for levels equation
Standard
lGINI lACINF lCE lIPC lSUBT
_cons
GMM-type (missing=0, separate instruments for each period unless collapsed)
D.(lPIBH lGINI lACINF lCE lIPC lSUBT) collapsed

Arellano-Bond test for AR(1) in first differences: z = -0.51 Pr > z = 0.612

Arellano-Bond test for AR(2) in first differences: z = -1.67 Pr > z = 0.096

Sargan test of overid. restrictions: chi2(17) = 270.89 Prob > chi2 = 0.000
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(17) = 3.31 Prob > chi2 = 1.000
(Robust, but weakened by many instruments.)

Difference-in-Hansen tests of exogeneity of instrument subsets:

GMM instruments for levels
Hansen test excluding group: chi2(11) = 3.31 Prob > chi2 = 0.986
Difference (null H = exogenous): chi2(6) = -0.00 Prob > chi2 = 1.000
iv(lGINI lACINF lCE lIPC lSUBT)
Hansen test excluding group: chi2(12) = 0.54 Prob > chi2 = 1.000
Difference (null H = exogenous): chi2(5) = 2.77 Prob > chi2 = 0.735
Equation 3
Favoring speed over space. To switch, type or click on mata: mata set matafavor
> space, perm.
Warning: Number of instruments may be large relative to number of observations.
Warning: Two-step estimated covariance matrix of moments is singular.
Using a generalized inverse to calculate optimal weighting matrix for two-ste
> p estimation.
Difference-in-Sargan/Hansen statistics may be negative.

Dynamic panel-data estimation, two-step system GMM

Group variable: CODE Number of obs = 287

Time variable : DATE Number of groups = 8
Number of instruments = 24 Obs per group: min = 35
Wald chi2(6) = 95.91 avg = 35.88
Prob > chi2 = 0.000 max = 36

Corrected
lGINI Coef. Std. Err. z P>|z| [95% Conf. Interval]

lPIBH -.2114554 .0387838 -5.45 0.000 -.2874703 -.1354406

lGINI
L1. .1251909 . . . . .

lACINF .3208274 .2962318 1.08 0.279 -.2597762 .901431

lCE -.0172305 .0323311 -0.53 0.594 -.0805983 .0461373
lIPC -.0025359 .0418594 -0.06 0.952 -.0845788 .0795069
lSUBT .0136918 .0138932 0.99 0.324 -.0135384 .040922
_cons 4.205626 . . . . .

Instruments for first differences equation

Standard
D.(lPIBH lACINF lCE lIPC lSUBT)
GMM-type (missing=0, separate instruments for each period unless collapsed)
L(1/2).(lGINI lPIBH lACINF lCE lIPC lSUBT) collapsed
Instruments for levels equation
Standard
lPIBH lACINF lCE lIPC lSUBT
_cons
GMM-type (missing=0, separate instruments for each period unless collapsed)
D.(lGINI lPIBH lACINF lCE lIPC lSUBT) collapsed

Arellano-Bond test for AR(1) in first differences: z = . Pr > z = .

Arellano-Bond test for AR(2) in first differences: z = 1.44 Pr > z = 0.151

Sargan test of overid. restrictions: chi2(17) = 352.71 Prob > chi2 = 0.000
(Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(17) = 0.63 Prob > chi2 = 1.000
(Robust, but weakened by many instruments.)

Difference-in-Hansen tests of exogeneity of instrument subsets:

GMM instruments for levels
Hansen test excluding group: chi2(11) = 1.45 Prob > chi2 = 1.000
Difference (null H = exogenous): chi2(6) = -0.82 Prob > chi2 = 1.000
iv(lPIBH lACINF lCE lIPC lSUBT)
Hansen test excluding group: chi2(12) = 2.05 Prob > chi2 = 0.999
Difference (null H = exogenous): chi2(5) = -1.42 Prob > chi2 = 1.000