| VARIABLES | First stage cfin | 2sls ecs |
| L.cfin | 0.256*** |
|
|
| (3.72) |
|
| cfin |
| 0.499*** |
|
|
| (6.90) |
| is | −0.347*** | −0.011 |
|
| (−3.00) | (−0.16) |
| ep | −0.001 | 0.000 |
|
| (−0.96) | (1.35) |
| er | 0.766 | 0.165 |
|
| (0.91) | (0.30) |
| u | −0.571*** | −0.213*** |
|
| (−3.82) | (−2.78) |
| Constant | 0.894*** |
|
|
| (5.68) |
|
| Under identification test |
| 59.963*** |
| Weak identification test |
| 78.269*** |
| Observations | 270 | 270 |
| R-squared | 0.683 | 0.186 |
| Number of id | 30 | 30 |
| F | 37.57 | 18.60 |