| Variable | (1) Model Ⅰ | (2) Model Ⅱ | (3) Model Ⅲ | (4) Model Ⅳ |
|---|---|---|---|---|
| Lag(ln UEE) | -0.135*** | -0.283*** | -0.413*** | -0.438*** |
| (-5.94) | (-7.97) | (-37.19) | (-35.41) | |
| IND | 0.018* | 0.024*** | 0.051*** | |
| (1.67) | (3.29) | (7.13) | ||
| TEC | 0.004*** | 0.004*** | 0.004*** | |
| (5.90) | (19.19) | (18.69) | ||
| FDI | 3.39* | 1.001 | 1.369* | |
| (1.85) | (1.22) | (1.93) | ||
| PERGDP | 0.013*** | 0.027*** | 0.027*** | |
| (4.47) | (26.40) | (26.47) | ||
| 0.103*** | 0.051* | |||
| (3.83) | (1.76) | |||
| 0.173*** | 0.122*** | |||
| (6.36) | (3.68) | |||
| City effect | Yes | Yes | Yes | Yes |
| Time effect | - | - | No | Yes |
| Hansen test | 0.875 | 0.343 | ||
| AR(2) | 0.343 | 0.478 | ||
| R2 | 0.679 | 0.571 | ||
| F/LogL | 8.12 | 11.10 | 1275.10 | 1072.32 |
| Obs. | 3614 | 3614 | 3614 | 3614 |
| Convergence rate | 0.1450 | 0.3327 | 0.5327 | 0.5763 |