set

neer values

Instrumental variables

J-test

(1)

From BIS

c R(−1 to −5)

neer(−1 to −5) neer²(−1 to −5)

2.432^***

(0.093) [0.000]

−0.352^***

(0.079) [0.000]

−0.085^***

(0.028) [0.004]

0.484^**

(0.214) [0.028]

8.200

[0.514]

(2)

From IFS

c R(-1 to -5)

neer(−1 to −5) neer²(−1 to −5)

2.183^***

(0.171) [0.000]

−0.631^***

(0.082) [0.000]

−0.109^**

(0.044) [0.017]

0.347^**

(0.167) [0.043]

9.361

[0.745]