Working Paper Series: Special Edition of 2016 to 2018 Interns

Table 7. System GMM Estimation Results for Model 2. Determinants of per capita GDP growth in Latin America and the Caribbean. Variables Model 2 Model 2 Fixed Model 2 Float Model 2 Latin America Model 2 Caribbean l.lngdp_pc 0.485*** 0.462*** 0.523*** 0.624*** 0.411*** (0.0646) (0.106) (0.0812) (0.0733) (0.124) rem -0.0415*** -0.0370** -0.0523** -0.0285** -0.0503*** (0.00929) (0.0161) (0.0198) (0.0129) (0.0162) fdi 0.0173** 0.0202* 0.0229 0.00962 0.0171* (0.00783) (0.00975) (0.0349) (0.0152) (0.00944) lnf_cons -0.417** -0.499** 0.598 -0.446 -0.459* (0.182) (0.210) (1.240) (0.603) (0.244) infla 0.00536* 0.00738*** -0.00620 0.00424* -0.00181 (0.00263) (0.00210) (0.00871) (0.00216) (0.00804) pop_g -0.199*** -0.198** -0.184 -0.171* -0.186** (0.0544) (0.0797) (0.127) (0.0877) (0.0716) Intercept 6.713*** 7.222*** 2.003 5.638** 7.624*** (0.836) (1.079) (5.447) (2.489) (1.737) Observations 90 48 42 48 42 Number of id 30 16 14 16 14 No. of Instruments 9 9 9 9 9 Hansen test of over- identifying restrictions 5.54 ((0.063)) 2.63 ((0.269)) 2.73 ((0.256)) 5.37 ((0.068)) 2.02 ((0.364)) Arellano-Bond test for AR(1) -1.87 ((0.061)) -1.41 ((0.158)) -1.44 ((0.151)) -2.65 ((0.008)) -1.95 ((0.051)) Robust standard errors in single parentheses for system GMM estimates, p-value in double parentheses for Hansen and Arellano-Bond tests. Level of statistical significance: 1% ***, 5% ** and 10% *. Time dummies are not reported.

147