解释变量

收入分权(z)

支出分权(z)

L.y

0.525^***

(7.44)

0.753^***

(8.75)

revd

0.435^***

(3.81)

-

expd

-

−0.704^***

(−4.74)

rgdp

0.186^***

(3.56)

0.200^***

(3.07)

rrev

-

0.126^***

(5.93)

rexp

−0.126^***

(−5.46)

-

is

−0.781^***

(−4.25)

−0.325

(−1.41)

AR(2)

0.570

0.684

hansen检验

1.000

0.999