Variables;(1);(2);(3) BE;OLS;"FE OLS";System-GMM "Log of land area";3.778***;;2.745** ;(0.968);;(1.121) "Log of population";3.334***;3.503;0.617 ;(1.108);(4.883);(1.075) "Urban population (%)";0.006;–0.067;0.014 ;(0.096);(0.128);(0.065) "Log of PC GSP";–0.930;4.015;–3.304 ;(7.143);(2.560);(4.162) "Log of PC mining";–2.345;–2.122**;–2.177* ;(1.615);(0.877);(1.262) "Social Transfers / Revenue (%)";–3.232***;–1.472***;–1.891*** ;(1.105);(0.340);(0.630) "Transfers from Federal government (%)";4.329;–12.456***;–12.957** ;(18.687);(3.759);(5.804) "Gini coefficient";27.062;–8.550**;–3.577 ;(30.992);(3.357);(7.657) "Share of non-Hispanic Whites";29.484***;6.482;4.021 ;(10.440);(11.587);(6.972) "Homogeneity index for non-Hispanic Whites";–53.038*;11.176;–3.368 ;(26.752);(14.435);(11.819) "Individualistic political nature";3.486;;2.390** ;(2.195);;(1.118) "Expenditure decentralization (t – 1)";;;0.578*** ;;;(0.090) Constant;–55.831;–54.642;26.529 ;(83.368);(74.549);(46.558) Observations;750;750;700 R-squared;0.744;0.694; "Number of States";50;50;50 "Number of instruments";;;36 "AR(2) (p-value)";;;0.172 "Hansen J (p-value)";;;0.256