Procedure to use XTPCSE correctly

I am working on extending a paper whose regressions were obtained by OLS on a panel data (aprox. 20 years of data for 50 countries) using year and region (not country) dummies. I may think they pooled the data since the next criterion: R2 and F-statistic are the only test values presented for each regression.


Facts:

1) By now, I have the data for the next 20 years for the same countries (not compeltely balanced).

2) The model presents serial correlation (according to the xtserial command, and obviously for the type of the info).

3) It is implicitly obvious the panel-specific AR1 autocorrelation structure since countries follows their own cycles.

4) Due to the fact that the info is for countries the estimation option "hetonly" is discard.

5) Variables are monetary measures for countries.


Questions:

1) Does running

xtpcse depvar indepvar, corr(psar1) pairwise

is the best way to estimate the model?

2) If the answer to the previous question is "Of course not, please don't be a fullish" What do I have to do? Do I have to add rhotype(tscorr)? What do you recommend about the estimation?

I just want to be sure if I am running correctly the model and avoid being a rocky disappointment.

I will appreciate your answer and advice.