{\rtf1\par

\qc
Model 7: TSLS, using observations 1999-2018 (T = 20)\par
Dependent variable: humancap\par
Instrumented: educationexpenditure pupilteacherratio \par
Instruments: const gdppercapital povertyheadcount Urbanpopgrowth \par
\par
\par
{\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100\
cellx7500\cellx8000
\intbl \qc {\i }\cell \qc {\i Coefficient}\cell \qc {\i Std. Error}\cell \qc {\i
t-ratio}\cell \qc {\i p-value}\cell \ql \cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100\
cellx7500\cellx8000
\intbl\ql const\cell \qc 49.7788\cell \qc 5.01413\cell \qc 9.928\cell \qc <0.0001\
cell \ql ***\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100\
cellx7500\cellx8000
\intbl\ql educationexpenditure\cell \qc \u8722?1.04949\cell \qc 0.535640\cell \qc \
u8722?1.959\cell \qc 0.0677\cell \ql *\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100\
cellx7500\cellx8000
\intbl\ql Urbanpopgrowth\cell \qc \u8722?2.05683\cell \qc 0.525094\cell \qc \u8722?
3.917\cell \qc 0.0012\cell \ql ***\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100\
cellx7500\cellx8000
\intbl\ql pupilteacherratio\cell \qc \u8722?0.172195\cell \qc 0.0316307\cell \qc \
u8722?5.444\cell \qc <0.0001\cell \ql ***\cell \intbl \row
}

\par
{\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700\
cellx8000
\intbl\ql Mean dependent var\cell\qr 25.49285\cell \qc \cell\ql S.D. dependent
var\cell\qr 0.998613\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700\
cellx8000
\intbl\ql Sum squared resid\cell\qr 8.516912\cell \qc \cell\ql S.E. of regression\
cell\qr 0.729594\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700\
cellx8000
\intbl\ql R-squared\cell\qr 0.657759\cell \qc \cell\ql Adjusted R-squared\cell\qr
0.593589\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700\
cellx8000
\intbl\ql F(3, 16)\cell\qr 10.81258\cell \qc \cell\ql P-value(F)\cell\qr
0.000398\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700\
cellx8000
\intbl\ql Log-likelihood\cell\qr \u8722?79.00062\cell \qc \cell\ql Akaike
criterion\cell\qr 166.0012\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700\
cellx8000
\intbl\ql Schwarz criterion\cell\qr 169.9842\cell \qc \cell\ql Hannan-Quinn\cell\
qr 166.7788\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700\
cellx8000
\intbl\ql rho\cell\qr 0.473549\cell \qc \cell\ql Durbin-Watson\cell\qr 1.028581\
cell\intbl\row
}

\par \ql Hausman test -\par

Null hypothesis: OLS estimates are consistent\par
Asymptotic test statistic: Chi-square(2) = 30.5641\par
with p-value = 2.30724e-007\par

Weak instrument test - \par

Cragg-Donald minimum eigenvalue = 3.33234