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Dynamic panel estimation of expenditure composition and its impact on per capita GSDP growth of NSC states

Annex 1: Dynamic panel estimation of expenditure composition and its impact on per capita GSDP growth of NSC states
  Model 1 Model 2 Model 3 Model 4
GFD/GSDP -1.05* -1.36* -1.49* -1.19*
  (0.00) (0.00) (0.00) (0.00)
Debt/GSDP lagged 0.67*** 0.79** 1.01* 1.31*
  (0.06) (0.02) (0.00) (0.00)
(Debt/GSDP)2 lagged -0.01*** -0.01** -0.01** -0.01**
  (0.08) (0.02) (0.03) (0.01)
Capital Outlay / Total Expenditure 0.48*      
  (0.00)      
Revenue Expenditure / Total Expenditure   -0.54*    
    (0.00)    
Development Expenditure / Total Expenditure     0.55*  
      (0.00)  
Non-development Expenditure / Total Expenditure       -0.66*
        (0.00)
Constant 0.13 51.99* -37.65* 13.89**
  (0.98) (0.00) (0.00) (0.04)
Number of observations 187 187 187 187
Arellano-Bond test@        
AR(1) -3.04 -2.42 -2.51 -2.74
  (0.00) (0.02) (0.01) (0.01)
AR(2) -1.42 -1.54 -1.71 -1.32
  (0.15) (0.12) (0.09) (0.19)
*,**, and *** indicate significance at 1%, 5% and 10% levels, respectively; Figures in parenthesis show the p-value.
@:Arellano-Bond test (1991) for AR(1) and AR(2) in first difference with p-value in parenthesis.
The overall validity of instruments in each of the equations are checked using the Sargan test of over-identifying restrictions.

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