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Tablo 1. Sistem GMM Tahmin Sonuçlar 0.415** (0.170) -0.0123** (0.00609) 0.304** (0.132) -0.00460 (0.00375) -0.894 (3.322) 0.0007 (0.00228) -0.146* (0.0823) 0.00878 (0.0168) 0.00991* (0.00508) -0.0229 (0.0226) 0.0315** (0.0141) 0.107 (0.122) -0.0956*** (0.0295) 0.469** (0.195) 0.0179 (0.0149) Sabit 3.341 (2.740) Ülke Say s 18

Araç De÷iúken Say s 18

Arellano Bond test –AR(1) -2.24**

Arellano Bond test –AR(2) -0.68

Hansen-J 2.19

Dirençli hata terimleri parantez içinde verilmiútir. *, **, *** s ras yla yüzde 10, 5 ve 1 anlaml l k düzeylerini ifade etmektedir. AR(1), AR(2) ve Hansen testleri için boú hipotezler s ras yla úöyledir: AR(1): =Birinci fark al nm ú hata terimleri aras nda birinci dereceden otokorelasyon yoktur; AR(2): = Birinci fark al nm ú hata terimleri aras nda ikinci dereceden otokorelasyon yoktur; = Tüm araçlar geçerlidir(Hata terimleriyle araç de÷iúkenler aras nda korelasyon yoktur. AR(1), AR(2) ve Hansen test istatistiklerinin p-de÷erleri s ras yla 0.025, 0.494, ve 0.139 olarak hesaplanm út r.

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