set

neer values

Instrumental variables

J-test

(1)

From BIS

c R (−1 to −5, −8, −10)

neer (−1 to −4) neer² (−1 to −4)

2.494^***

(0.134) [0.000]

−0.479^***

(0.113) [0.000]

−0.135^**

(0.052) [0.010]

0.566^**

(0.275) [0.042]

15.129

[0.299]

(2)

From IFS

c R(−1 to −3, −5, −7)

neer (−1 to −7) neer² (−1 to −4)

2.161^***

(0.189) [0.000]

−0.439^***

(0.113) [0.000]

0.243^***

(0.082) [0.004]

−1.104^**

(0.499) [0.029]

11.318

[0.61]