13
∆𝑢𝑖,𝑡 ∆𝑢𝑖,𝑐,𝑡 ≡ 𝜏𝑡+ 𝜉𝑖𝑡
𝜏𝑡 𝜉𝑖𝑡
14
VARIABLES N Mean SD min max
15
∆𝑙𝑖,𝑡
∆𝑘𝑖,𝑡
∆𝑚𝑖,𝑡 𝑠𝑖,𝑡𝐿 𝑠𝑖,𝑡𝑀
VARIABLES N Mean SD min max
18
(1) (2) (3)
VARIABLES Entire period Before 1995 After 1995
∆𝑥𝑖,𝑡𝜇 0.163*** 0.171*** 0.257*** (0.0244) (0.0313) (0.0458) ∆𝑘𝑖,𝑡 0.0688*** 0.111*** -0.0976** (0.0229) (0.0277) (0.0457) ∆𝑥𝑖,𝑡𝜃 1.220*** 0.941*** 2.349*** (0.222) (0.271) (0.511) 𝜏 0.00403 0.0269** 0.0226* (0.00399) (0.0122) (0.0121) Observations 486 252 234 Number of sectors 18 18 18 Hansen test 1.000 1.000 1.000 Diff. Hansen 1.000 1.000 1.000 Sargan test 0.000 0.000 0.042
Standard errors in parentheses *** p<0.01, ** p<0.05, * p<0.1
τ
∆𝑥𝑖,𝑡𝜇
20
(1) (2) (3)
VARIABLES Entire period Before 1995 After 1995
∆𝑥𝑖,𝑡𝜇 -0.0218 -0.160** 0.102 (0.0475) (0.0781) (0.0665) ∆𝑘𝑖,𝑡 0.101** 0.286*** -0.0292 (0.0458) (0.0907) (0.0589) ∆𝑥𝑖,𝑡𝜃 -0.212 -2.504*** 1.747*** (0.429) (0.789) (0.492) 𝜏 0.0393*** 0.0529 0.0674*** (0.00989) (0.0342) (0.0234) Observations 486 252 234 Number of sectors 18 18 18 Hansen test 1.000 1.000 1.000 Diff. Hansen 1.000 1.000 1.000 Sargan test 0.000 0.076 0.002
Standard errors in parentheses *** p<0.01, ** p<0.05, * p<0.1
21
𝜆 𝜆
Ѳ
24
τ
τ
25
Ѳ
26
(1) (2) (3)
VARIABLES Entire period Before 1995 After 1995
∆𝑥𝑖,𝑡𝜇 0.193*** 0.153*** 0.246*** (0.0265) (0.0349) (0.0404) ∆𝑘𝑖,𝑡 -0.00135 0.0294 -0.102*** (0.0236) (0.0308) (0.0278) ∆𝑥𝑖,𝑡𝜃 1.877*** 1.202*** 2.541*** (0.239) (0.238) (0.365) 𝜏 0.000107 0.0298* 0.0110 (0.00395) (0.0169) (0.0111) Observations 468 234 216 R-squared 0.237 0.248 0.344
Robust standard errors in parentheses *** p<0.01, ** p<0.05, * p<0.1
Ѳ
27
(1) (2) (3)
VARIABLES Entire period Before 1995 After 1995
∆𝑥𝑖,𝑡𝜇 -0.0709 -0.113** -0.0336 (0.0444) (0.0515) (0.0514) ∆𝑘𝑖,𝑡 0.0453 0.149* -6.16e-06 (0.0449) (0.0767) (0.0530) ∆𝑥𝑖,𝑡𝜃 -0.140 -1.406*** 0.662** (0.317) (0.520) (0.324) 𝜏 0.0415*** 0.0617** 0.0953*** (0.00883) (0.0266) (0.0219) Observations 468 234 216 R-squared 0.100 0.120 0.177
Robust standard errors in parentheses *** p<0.01, ** p<0.05, * p<0.1
Ѳ
τ
31
(1) (2) (3) (4) (5)
VARIABLES N mean SD Min max
∆𝑄𝑖,𝑡 252 1.854 3.341 -12.11 9.397 ∆𝑙𝑖,𝑡 252 -0.822 2.656 -8.789 8.249 ∆𝑘𝑖,𝑡 252 3.261 2.099 -1.752 8.517 ∆𝑚𝑖,𝑡 252 2.028 3.838 -11.21 12.21 𝑠𝑖,𝑡𝐿 252 0.327 0.104 0.143 0.634 𝑠𝑖,𝑡𝑀 252 0.566 0.112 0.341 0.779 𝑆𝑅𝑖,𝑡 252 0.662 1.131 -2.565 5.128 ∆𝑥𝑖,𝑡𝜇 252 -2.061 2.582 -11.19 5.692 ∆𝑥𝑖,𝑡𝜃 252 0.371 0.313 -1.917 1.202 𝜏 252 6.500 4.039 0 13 (1) (2) (3) (4) (5)
VARIABLES N mean SD Min max
32 𝑠𝑖,𝑡𝐿 252 0.320 0.108 0.130 0.557 𝑠𝑖,𝑡𝑀 252 0.539 0.134 0.267 0.776 𝑆𝑅𝑖,𝑡 252 0.732 2.786 -12.60 10.89 ∆𝑥𝑖,𝑡𝜇 252 -1.266 6.000 -63.90 15.20 ∆𝑥𝑖,𝑡𝜃 252 0.244 0.521 -1.732 2.147 𝜏 252 6.500 4.039 0 13 (1) (2) (3) (4) (5)
VARIABLES N mean SD Min max
33
(1) (2) (3) (4) (5)
VARIABLES N mean SD Min max
34
(1) (2) (3)
VARIABLES Entire period Before 1995 After 1995
∆𝑥𝑖,𝑡𝜇 0.207*** 0.221*** 0.259*** (0.0595) (0.0335) (0.0633) ∆𝑘𝑖,𝑡 -0.0376 0.00762 -0.123** (0.0338) (0.0406) (0.0501) ∆𝑥𝑖,𝑡𝜃 2.498*** 1.822*** 3.019*** (0.517) (0.437) (0.848) 𝜏 0.00555 0.0521*** 0.0100 (0.00651) (0.0149) (0.0125) Observations 324 168 156 Number of sectors 12 12 12 Hansen test 1.000 1.000 1.000 Diff. Hansen 1.000 1.000 1.000 Sargan test 0.000 0.000 0.050
Robust standard errors in parentheses *** p<0.01, ** p<0.05, * p<0.1
(1) (2) (3)
VARIABLES Entire period Before 1995 After 1995
∆𝑥𝑖,𝑡𝜇 0.0573 -0.0111 0.163*** (0.116) (0.0578) (0.0576) ∆𝑘𝑖,𝑡 0.0625 0.115** -0.115*** (0.0650) (0.0437) (0.0407) ∆𝑥𝑖,𝑡𝜃 1.074 0.769*** 2.261*** (0.656) (0.215) (0.365) 𝜏 -0.0167 -0.0482** 0.0179 (0.0129) (0.0214) (0.0160) Observations 162 84 78 Number of sectors 6 6 6 Hansen test 1.000 1.000 1.000 Diff. Hansen 1.000 1.000 1.000 Sargan test 0.000 0.000 0.104
35
(1) (2) (3)
VARIABLES Entire period Before 1995 After 1995
∆𝑥𝑖,𝑡𝜇 0.0236 -0.103 0.102 (0.0990) (0.0790) (0.0667) ∆𝑘𝑖,𝑡 0.114 0.337*** 0.00267 (0.104) (0.109) (0.0634) ∆𝑥𝑖,𝑡𝜃 -0.371 -2.968*** 1.298** (0.613) (0.886) (0.501) 𝜏 0.0480*** 0.0545 0.0995*** (0.0116) (0.0381) (0.0286) Observations 324 168 156 Number of sectors 12 12 12 Hansen test 1.000 1.000 1.000 Diff. Hansen 1.000 1.000 1.000 Sargan test 0.000 0.573 0.002
Robust standard errors in parentheses *** p<0.01, ** p<0.05, * p<0.1
(1) (2) (3)
VARIABLES Services Services before 1995 Services after 1995
∆𝑥𝑖,𝑡𝜇 -0.520*** -0.580*** -0.384*** (0.0831) (0.103) (0.107) ∆𝑘𝑖,𝑡 -0.0864 0.0250 -0.106 (0.102) (0.106) (0.0745) ∆𝑥𝑖,𝑡𝜃 -0.717 -1.635** 0.199 (0.398) (0.773) (0.467) 𝜏 0.0579** 0.0735 0.106*** (0.0215) (0.0501) (0.0344) Observations 162 84 78 Number of sectors 6 6 6 Hansen test 1.000 1.000 1.000 Diff. Hansen 1.000 1.000 1.000 Sargan test 0.026 0.152 0.002