st: interpretation of pvar

[Biljana Jonoska <biljanajonoska@yahoo.com>]

Dear all, 

I'm using pvar.ado and I obtain these results.
How can interpret them? I need to estimate panel VECM model.


pvar exp gdp, lag(1)  gmm monte 500 "decomp 30"

-----------------------------------------------------------------------

output:



Current memory allocation

                    current                                 memory usage
    settable          value     description                 (1M = 1024k)
    --------------------------------------------------------------------
    set maxvar         5000     max. variables allowed           1.909M
    set memory           50M    max. data space                 50.000M
    set matsize         200     max. RHS vars in models          0.322M
                                                            -----------
                                                                52.231M
GMM started : 22:40:52  
accumulating matrices equation 1,2,calculating b2sls
calculating big ZuuZ matrix
finished accumulating ZuuZ
_______ Results of the Estimation by system GMM_________
number of observations used : 252
------------------------------------------------------------------------------
EQ1: dep.var     : h_exp

              b_GMM      se_GMM       t_GMM
L.h_exp   .77014599   .13895993   5.5422161
L.h_gdp  -2.647e-06   6.225e-06  -.42521326
------------------------------------------------------------------------------
------------------------------------------------------------------------------
EQ2: dep.var     : h_gdp

              b_GMM      se_GMM       t_GMM
L.h_exp  -198.98295   193.45212  -1.0285902
L.h_gdp   .91490206   .04716643   19.397313
------------------------------------------------------------------------------
just identified - Hansen statistic is not calculated 

symmetric uu[2,2]
            exp         gdp
exp   1.8130455
gdp  -275.23504   2509974.8
 
Residuals correlation matrix 

             |       u1       u2
-------------+------------------
          u1 |   1.0000 
             |
             |
          u2 |  -0.1293   1.0000 
             |   0.0403
             |
 
GMM finished : 22:41:14


Thanks in advance.
Many regards,
Biljana



      
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