The system GMM model can be expressed mathematically as:

\[Y_t = \alpha + \beta X_t + \epsilon_t\]

where:

- \(Y_t\) is the dependent variable.

- \(X_t\) is the matrix of explanatory variables.

- \(\alpha\) is the intercept term.

- \(\beta\) is the coefficient vector.

- \(\epsilon_t\) is the error term.