The small sample size also exacerbates the estimation concerns arising because, in GMM, the number of instruments can easily become “too large” relative to the number of observations (Roodman, 2009). Among other things, this required focusing on a parsimonious set of control variables. Indeed, extending the baseline specification (for example, to look for non-linearity or heterogeneity of the effects) provided inconclusive results (see below). All these caveats suggest that quantifying the inequality-growth nexus remains a daunting task and that the coefficients estimated and discussed below are to be taken as indicative.