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. ASSESSMENT OF MARKET RISK IN HOG PRODUCTION USING VALUE-AT-RISK AND EXTREME VALUE THEORY2. Fiscal Sustainability Across Government Tiers
3. The name is absent
4. From Communication to Presence: Cognition, Emotions and Culture towards the Ultimate Communicative Experience. Festschrift in honor of Luigi Anolli
5. Modelling the Effects of Public Support to Small Firms in the UK - Paradise Gained?
6. Income Growth and Mobility of Rural Households in Kenya: Role of Education and Historical Patterns in Poverty Reduction
7. How we might be able to understand the brain
8. The name is absent
9. Firm Closure, Financial Losses and the Consequences for an Entrepreneurial Restart
10. Expectation Formation and Endogenous Fluctuations in Aggregate Demand