The name is absent



Table 5 - Estimations for S&P

Pooled OLS

Random Effects

Fixed Effects

(1)

(2)

(3)

(4)

(5)

(6)

Constant

4.521***

3.749***

4.347

7.421***

10.301***

10.278***

(3.64)

(3.78)

(1.25)

(15.11)

(136.51)

(240.18)

GDP per capita

1.339***

1.430***

1.411***

1.403***

1.452***

1.918***

(4.65)

(5.32)

(7.12)

(7.67)

(7.14)

(11.53)

GDP per capita Avg.

0.461***

0.530***

0.450

(2.90)

(4.01)

(1.05)

GDP growth

5.715*

7.568***

8.125***

8.256***

8.221***

6.896***

(1.95)

(2.83)

(3.50)

(3.72)

(3.37)

(3.02)

GDP growth Avg.

-5.358

-1.907

(-1.45)

(-0.20)

Unemployment

-0.008

0.055**

0.056***

0.062***

0.053***

(-0.32)

(2.53)

(2.73)

(2.63)

(2.63)

Unemployment Avg.

-0.024*

-0.022*

-0.018

(-1.90)

(-1.81)

(-0.45)

Inflation

-0.586**

-0.597**

-0.235***

-0.229***

-0.219***

-0.235***

(-2.39)

(-2.40)

(-6.17)

(-6.13)

(-5.33)

(-6.07)

Inflation Avg.

-0.732***

-0.716***

-0.427***

-0.353**

(-2.83)

(-2.79)

(-2.65)

(-2.44)

Gov Debt

-0.026***

-0.024***

-0.033***

-0.033***

-0.033***

-0.030***

(-4.78)

(-4.67)

(-6.61)

(-7.22)

(-5.92)

(-6.62)

Gov Debt Avg.

-0.011***

-0.009***

-0.010

-0.012**

(-3.56)

(-3.24)

(-1.34)

(-1.97)

Gov Balance

5.892*

6.280**

4.387**

4.411**

4.430**

3.948*

(1.81)

(2.05)

(1.97)

(2.01)

(2.01)

(1.85)

Gov Balance Avg.

7.026**

6.639**

5.144

(2.19)

(2.12)

(0.59)

Gov Effectiveness

0.385

0.370**

0.362**

0.371**

0.717***

(1.30)

(2.36)

(2.47)

(2.33)

(4.40)

Gov Effectiveness Avg.

2.287***

2.244***

2.370***

2.758***

(12.82)

(14.26)

(4.91)

(7.75)

External Debt

-0.004*

-0.004*

-0.003*

-0.003

-0.003*

(-1.81)

(-1.74)

(-1.68)

(-1.51)

(-1.65)

External Debt Avg.

-0.007***

-0.007***

-0.006*

-0.007**

(-5.76)

(-5.72)

(-1.81)

(-2.18)

Current Account

-6.338***

-6.183***

-3.700**

-3.586**

-3.476*

(-2.85)

(-2.93)

(-2.18)

(-2.18)

(-1.96)

Current Account Avg.

-0.439

0.123

(-0.26)

(0.03)

Reserves

0.564

0.064

0.048

(1.16)

(0.19)

(0.13)

Reserves Avg.

2.170***

2.117***

1.909**

1.988**

(5.31)

(5.49)

(2.06)

(2.28)

Def 1

-1.032***

-1.131***

-1.307***

-1.337***

-1.353***

-1.422***

(-3.62)

(-5.84)

(-5.23)

(-6.74)

(-5.48)

(-6.58)

Def 2

-0.010

-0.018

-0.025

(-0.31)

(-0.33)

(-0.34)

EU (2)

1.068***

1.008***

0.415**

0.418**

0.291

(6.07)

(6.02)

(2.41)

(2.48)

(1.55)

IND

2.446***

2.387***

2.831***

3.438***

(8.24)

(8.77)

(3.03)

(4.69)

LAC

-0.677***

-0.669***

-0.459

(-3.82)

(-4.06)

(-0.94)

R2

0.951

0.950

0.948

0.946

0.987

0.985

Countries

65

65

65

65

65

74

Observations

564

568

564

565

564

657

Hausman Test $________

16.77 (0.210)

10.73 (0.467)

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 11 degrees of freedom respectively (the number of time-varying regressors).
The p-value is in brackets.

37



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