Table 5 Panel VAR models with different instruments

Dep.	Indep.	Model 1-1	Model 1-2	Model 1-3	Model 1-4	Model 1-5
COMP	L.PPG	3.6008	0.4289***	0.3730***	0.3998***	0.3771***
		(0.130)	(0.000)	(0.000)	(0.000)	(0.000)
	L.JPG	−0.2633	−0.1563	0.4249	0.5212	0.2043
		(0.553)	(0.727)	(0.273)	(0.123)	(0.449)
	L.PJRD	0.5698	0.6627**	0.3242	0.1375	0.4219*
		(0.299)	(0.042)	(0.278)	(0.612)	(0.053)
	L.COMP	1.1108	−3.1216***	−4.0290***	−4.3090***	−3.9512***
		(0.396)	(0.000)	(0.000)	(0.000)	(0.000)
JPG	L.PPG	−0.5596	−0.0291	−0.0353**	−0.0504***	−0.0660***
		(0.184)	(0.193)	(0.026)	(0.000)	(0.000)
	L.JPG	0.071	0.026	−0.2151***	−0.2562***	−0.3501***
		(0.474)	(0.767)	(0.008)	(0.001)	(0.000)
	L.PJRD	0.1884	0.1654	0.4111***	0.4725***	0.5907***
		(0.149)	(0.111)	(0.000)	(0.000)	(0.000)
	L.COMP	−0.094	0.3565**	0.5294***	0.5837***	0.7855***
		(0.683)	(0.043)	(0.001)	(0.000)	(0.000)
PPG	L.PPG	−0.0563	−0.0026	−0.0119	−0.0243**	−0.0388***
		(0.672)	(0.879)	(0.301)	(0.018)	(0.000)
	L.JPG	−0.1026	−0.1423*	−0.2260***	−0.2307***	−0.3779***
		(0.207)	(0.060)	(0.002)	(0.000)	(0.000)
	L.PJRD	0.295***	0.4037***	0.5865***	0.5957***	0.7670***
		(0.001)	(0.000)	(0.000)	(0.000)	0.000)
	L.COMP	−0.1468	−0.2489**	−0.1837**	−0.1932**	0.0565
		(0.299)	(0.011)	(0.039)	(0.023)	(0.577)
PJRD	L.PPG	−0.3243	−0.0193**	−0.0176***	−0.0208***	−0.0245***
		(0.154)	(0.034)	(0.006)	(0.000)	(0.000)
	L.JPG	0.041	0.0813	0.0275	0.0097	0.0145
		(0.399)	(0.114)	(0.504)	(0.798)	(0.655)
	L.PJRD	−0.082	−0.1497***	−0.1223***	−0.0960***	−0.0930***
		(0.157)	(0.000)	(0.001)	(0.003)	(0.001)
	L.COMP	−0.0309	0.3305***	0.3777***	0.4140***	0.4217***
		(0.797)	(0.001)	(0.000)	(0.000)	(0.000)
N		1,020	1,020	1,020	1,020	1,020
Instruments		-	instlags(1/3)	instlags(1/6)	instlags(1/9)	instlags(1/12)