Table 4 - Estimations for Moody’s
Pooled OLS Random Effects Fixed Effects
(1) |
(2) |
(3) |
(4) |
(5) |
(6) | |
Constant |
3.618*** |
3.934*** |
3.431 |
8.291 |
10.064*** |
9.952 |
(2.85) |
(3.22) |
(0.95) |
(12.49) |
(99.36) |
(143.93) | |
GDP per capita |
1.686*** |
1.607*** |
1.779*** |
1.789*** |
1.800*** |
1.876 |
(5.07) |
(4.91) |
(7.61) |
(8.03) |
(7.53) |
(9.61) | |
GDP per capita Avg. |
0.664*** |
0.631*** |
0.650 | |||
(4.11) |
(3.92) |
(1.46) | ||||
GDP growth |
7.431*** |
9.044*** |
8.643*** |
8.768*** |
8.971*** |
5.909 |
(2.04) |
(2.76) |
(3.07) |
(3.26) |
(3.14) |
(2.44) | |
GDP growth Avg. |
0.527 |
5.237 | ||||
(0.12) |
(0.46) | |||||
Unemployment |
-0.044 |
-0.069** |
0.014 |
0.024 | ||
(-1.43) |
(-2.34) |
(0.52) |
(0.87) | |||
Unemployment Avg. |
-0.049*** |
-0.051*** |
-0.072* |
-0.073* | ||
(-3.68) |
(-3.67) |
(-1.78) |
(-1.70) | |||
Inflation |
-0.452*** |
-0.497*** |
-0.124* |
-0.145** |
-0.105** |
-0.136 |
(-2.64) |
(-2.95) |
(-1.79) |
(-2.11) |
(-2.01) |
(-2.66) | |
Inflation Avg. |
-0.648*** |
-0.712**** |
-0.360* |
-0.347** | ||
(-3.55) |
(-4.05) |
(-1.84) |
(-2.00) | |||
Gov Debt |
-0.008 |
-0.014** |
-0.014** |
-0.014** |
-0.016*** |
-0.015 |
(-1.21) |
(-2.40) |
(-2.38) |
(-2.53) |
(-2.65) |
(-3.54) | |
Gov Debt Avg. |
-0.013*** |
-0.016*** |
-0.011 |
-0.014** | ||
(-4.12) |
(-4.81) |
(-1.49) |
(-2.24) | |||
Gov Balance |
6.995* |
7.740*** |
6.991*** |
7.598*** |
6.056 | |
(1.94) |
(2.77) |
(2.54) |
(2.58) |
(2.99) | ||
Gov Balance Avg. |
6.311* |
6.122* |
7.893 | |||
(1.80) |
(1.67) |
(0.80) | ||||
Gov Effectiveness |
0.277 |
0.242 |
0.205 |
0.542 | ||
(0.88) |
(1.18) |
(0.98) |
(2.90) | |||
Gov Effectiveness Avg. |
1.927*** |
1.756*** |
1.906*** |
2.470*** | ||
(10.89) |
(9.78) |
(4.06) |
(6.80) | |||
External Debt |
-0.010*** |
-0.009*** |
-0.004* |
-0.004* |
-0.003 | |
(-5.84) |
(-5.60) |
(-1.79) |
(-1.95) |
(-1.27) | ||
External Debt Avg. |
-0.007*** |
-0.006*** |
-0.004** |
-0.004** | ||
(-6.54) |
(-5.82) |
(-2.20) |
(-2.47) | |||
Current Account |
-8.334*** |
-8.881*** |
-7.246*** |
-8.760*** |
-7.074*** |
-2.605 |
(-3.84) |
(-4.27) |
(-3.67) |
(-4.84) |
(-3.37) |
(-1.96) | |
Current Account Avg. |
-1.320 |
-3.321 | ||||
(-0.77) |
(-0.78) | |||||
Reserves |
1.689*** |
1.891*** |
1.423** |
1.710*** |
1.488*** |
1.132 |
(3.02) |
(3.52) |
(3.63) |
(4.61) |
(3.84) |
(3.56) | |
Reserves Avg. |
1.758*** |
1.788*** |
1.475 |
1.254 | ||
(3.85) |
(4.03) |
(1.60) |
(1.43) | |||
Def 1 |
-1.667*** |
-1.671*** |
-1.998*** |
-2.075*** |
-2.109*** |
-2.244 |
(-6.19) |
(-6.72) |
(-6.87) |
(-8.11) |
(-6.77) |
(-7.71) | |
Def 2 |
0.065*** |
0.089*** |
-0.015 |
-0.049 | ||
(2.67) |
(3.88) |
(-0.32) |
(-0.76) | |||
EU (2) |
1.220*** |
1.273*** |
1.598*** |
1.650*** |
1.704*** |
1.376 |
(6.97) |
(7.22) |
(6.63) |
(6.69) |
(6.84) |
(6.51) | |
IND |
2.176*** |
2.653*** |
2.289*** |
3.157*** | ||
(6.08) |
(7.57) |
(2.89) |
(4.61) | |||
LAC |
-1.072*** |
-1.282*** |
-0.903* | |||
(-5.44) |
(-6.39) |
(-1.93) | ||||
R2 |
0.950 |
0.948 |
0.945 |
0.940 |
0.984 |
0.980 |
Countries |
66 |
66 |
66 |
66 |
66 |
78 |
Observations |
551 |
557 |
551 |
557 |
551 |
699 |
Hausman Test$_________ |
21.93 (0.06) |
14.30 (0.160) |
Notes: White diagonal standard errors & covariance (d.f. corrected). The t statistics are in parentheses. *, **, *** - statistically significant at
the 10, 5, and 1 per cent. $ The null is that RE estimation is consistent and therefore preferable to fixed effects. The test statistic is to be
compared to a Qui-Square with 13 and 10 degrees of freedom respectively (the number of time-varying regressors). The p-value is in
brackets.
36
More intriguing information
1. The name is absent2. Innovation Policy and the Economy, Volume 11
3. The name is absent
4. The name is absent
5. The name is absent
6. The name is absent
7. The Dynamic Cost of the Draft
8. The name is absent
9. Pass-through of external shocks along the pricing chain: A panel estimation approach for the euro area
10. NEW DEVELOPMENTS IN FARM PRICE AND INCOME POLICY PROGRAMS: PART I. SITUATION AND PROBLEM