Table 5 Empirical results of β convergence
Variable | (1) Absolute β convergence | (2) Spatial absolute β convergence | (3) Conditional β convergence | (4) Spatial conditional β convergence |
|---|---|---|---|---|
two-way fixed effects OLS | two-way fixed effects SEM | two-way fixed effects OLS | two-way fixed effects SDM | |
β | -0.471*** (0.027) | -0.469*** (0.026) | -0.627*** (0.055) | -0.644*** (0.033) |
ln_SIZE | -0.069 (0.072) | -0.030 (0.061) | ||
ln_GDP | 0.213** (0.094) | 0.236*** (0.066) | ||
ln_UR | 0.193 (0.123) | 0.175** (0.074) | ||
ln_GFC | 0.134** (0.050) | 0.151*** (0.047) | ||
ln_GFS | -0.011 (0.042) | 0.073 (0.051) | ||
W × β | -0.067 (0.270) | |||
W × ln_SIZE | -0.829* (0.487) | |||
W × ln_GDP | 0.584 (0.464) | |||
W × ln_UR | 0.172 (0.599) | |||
W × ln_GFC | 0.097 (0.308) | |||
W × ln_GFS | -1.156*** (0.395) | |||
ρ/λ | 0.345** (0.156) | 0.307* (0.162) | ||
N | 492 | 492 | 492 | 492 |
R2 | 0.527 | 0.284 | 0.580 | 0.010 |
Convergence rate | 5.31% | 5.27% | 8.22% | 8.61% |