System dynamic panel-data estimation Number of obs = 1222
Group variable: code Number of groups = 70
Time variable: time
Obs per group: min = 2
avg = 17.45714
max = 34
Number of instruments = 1.1e+03 Wald chi2(12) = 8.81e+14
Prob > chi2 = 0.0000
Two-step results
Warning: gmm two-step standard errors are biased; robust standard
errors are recommended.
Instruments for differenced equation
GMM-type: L(2/.).gdpgap L(1/.).L.del L(1/.).L.delstructure
Standard: D.urban D.education D.inflation D.lggovernmentsize D.lgtradeopeness D.capiaccum D.industrial
D.populationgrowth D.structureactivity
Instruments for level equation
GMM-type: LD.gdpgap LD.del LD.delstructure
Standard: _cons
. estat abond cannot calculate AR tests with dropped variables
Arellano-Bond test for zero autocorrelation in first-differenced errors cannot calculate test with dropped variables +-----------------------+ |Order | z Prob > z| |------+----------------| | 1 | . . | | 2 | . . | +-----------------------+ H0: no autocorrelation
. estat sargan Sargan test of overidentifying restrictions H0: overidentifying restrictions are valid cannot calculate Sargan test with dropped variables