| |
Traditional M OLS
|
Structural M OLS
|
Structural M PPML
|
Structural M PPML
|
|---|
|
(i)
|
(ii)
|
(iii)
|
(iv)
|
|---|
|
Equation (1)
|
Equation (2)
|
Equation (2)
|
Equation (3)
|
|---|
|
Const. [α0, β0, γ0]
|
− 0.689 (1.290)
|
11.941*** (0.778)
|
2.465*** (0.037)
|
0.074 (0.284)
|
|
ln DIS [α1]
|
− 1.263*** (0.217)
| | | |
|
In (GDPi) [α2]
|
2.299*** (0.087)
| | | |
|
In (GDPj) [α3]
|
1.411*** (0.088)
| | | |
|
In GAP [α4, β1, γ2]
|
0.413*** (0.100)
|
0.156 (0.981)
|
0.025 (0.049)
|
0.071 (0.054)
|
|
LPI [γ1]
| | | |
0.761*** (0.088)
|
|
Dummy: Myanmar
|
|
2007
| |
− 10.718***
|
− 3.747***
| |
|
2010
| |
− 10.874***
|
− 3.938***
| |
|
2012
| |
− 10.870***
|
− 3.613***
| |
|
2014
| |
− 10.927***
|
− 3.761***
| |
|
2016
| |
− 9.500***
|
− 2.369***
| |
|
2017
| |
− 9.493***
|
− 2.366***
| |
|
Dummy: Lao PDR
|
|
2007
| |
− 8.190***
|
− 1.135***
| |
|
2010
| |
− 7.932***
|
− 1.048***
| |
|
2012
| |
− 7.865***
|
− 1.026***
| |
|
2014
| |
− 7.832***
|
− 1.011***
| |
|
2016
| |
− 7.684***
|
− 0.980***
| |
|
2017
| |
− 7.555***
|
− 0.962***
| |
|
Dummy: Cambodia
|
|
2007
| |
− 7.440***
|
− 0.769***
| |
|
2010
| |
− 7.210***
|
− 0.723***
| |
|
2012
| |
− 7.137***
|
− 0.718***
| |
|
2014
| |
− 6.990***
|
− 0.691***
| |
|
2016
| |
− 7.287***
|
− 0.728***
| |
|
2017
| |
− 7.428***
|
− 0.739***
| |
|
Dummy: Philippines
|
|
2007
| |
1.297
|
0.155***
| |
|
2010
| |
1.434
|
0.170***
| |
|
2012
| |
1.430
|
0.163***
| |
|
2014
| |
1.494
|
0.172***
| |
|
2016
| |
1.496
|
0.168***
| |
|
2017
| |
1.507
|
0.171***
| |
|
Dummy: Vietnam
|
|
2007
| |
− 1.577
|
− 0.109
| |
|
2010
| |
− 1.441
|
− 0.099
| |
|
2012
| |
− 1.421
|
− 0.100
| |
|
2014
| |
− 1.329
|
− 0.092
| |
|
2016
| |
− 0.757
|
− 0.017
| |
|
2017
| |
− 0.736
|
− 0.019
| |
|
Dummy: Thailand
|
|
2007
| |
1.781***
|
0.136***
| |
|
2010
| |
1.932***
|
0.150***
| |
|
2012
| |
1.992***
|
0.162***
| |
|
2014
| |
2.052***
|
0.161***
| |
|
2016
| |
2.001***
|
0.162***
| |
|
2017
| |
1.996***
|
0.161***
| |
|
Dummy: Malaysia
|
|
2007
| |
2.377***
|
0.181***
| |
|
2010
| |
2.552***
|
0.212***
| |
|
2012
| |
2.566***
|
0.208***
| |
|
2014
| |
2.620***
|
0.213***
| |
|
2016
| |
2.682***
|
0.218***
| |
|
2017
| |
2.686***
|
0.217***
| |
|
Adjusted R2
|
0.661
|
0.986
|
0.866
|
0.866
|
|
i,t Fixed effects
|
No
|
Yes
|
Yes
|
No
|
|
j,t Fixed effects
|
No
|
Yes
|
Yes
|
Yes
|
|
i,j Fixed effects
|
No
|
Yes
|
Yes
|
Yes
|
|
RESET p-vals
|
0.000
|
0.000
|
0.160
|
0.000
|
- Standard errors are in parentheses. *** denotes the statistical significance at 99 percent level