. xtabond2 IndicedeTheil PIBparhabitantUSconstants InflationdéflateurduPIBa ITC Créditintérieurfourniausecte, gmm( IndicedeThei

> l, lag(2 4)collapse) iv( PIBparhabitantUSconstants InflationdéflateurduPIBa ITC Créditintérieurfourniausecte) twostep small n

> odiffsargan

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

Dynamic panel-data estimation, two-step system GMM

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Group variable: codepays Number of obs = 171

Time variable : Année Number of groups = 10

Number of instruments = 9 Obs per group: min = 12

F(4, 9) = 559.85 avg = 17.10

Prob > F = 0.000 max = 20

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

-----------------------------+----------------------------------------------------------------

PIBparhabitantUSconstants | .0000781 .0000141 5.53 0.000 .0000461 .00011

InflationdéflateurduPIBa | -.0137815 .0021388 -6.44 0.000 -.0186197 -.0089432

ITC | .0045328 .0029732 1.52 0.162 -.002193 .0112587

Créditintérieurfourniausecte | -.0241084 .0106227 -2.27 0.049 -.0481386 -.0000781

_cons | 3.522798 .8558666 4.12 0.003 1.586694 5.458903

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Warning: Uncorrected two-step standard errors are unreliable.

Instruments for first differences equation

Standard

D.(PIBparhabitantUSconstants InflationdéflateurduPIBa ITC

Créditintérieurfourniausecte)

GMM-type (missing=0, separate instruments for each period unless collapsed)

L(2/4).IndicedeTheil collapsed

Instruments for levels equation

Standard

PIBparhabitantUSconstants InflationdéflateurduPIBa ITC

Créditintérieurfourniausecte

_cons

GMM-type (missing=0, separate instruments for each period unless collapsed)

DL.IndicedeTheil collapsed

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Arellano-Bond test for AR(1) in first differences: z = -0.35 Pr > z = 0.724

Arellano-Bond test for AR(2) in first differences: z = -0.68 Pr > z = 0.498

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Sargan test of overid. restrictions: chi2(4) = 141.46 Prob > chi2 = 0.000

(Not robust, but not weakened by many instruments.)

Hansen test of overid. restrictions: chi2(4) = 5.04 Prob > chi2 = 0.283

(Robust, but weakened by many instruments.)