The name is absent



Table 6 - Estimations for Fitch

________Pooled OLS_______

Random Effects

Fixed Effects

(1)

(2)

(3)

(4)

(5)

(6)

Constant

3.477***

3.238***

4.409

7.179***

10.918***

11.055***

(2.97)

(3.12)

(1.19)

(13.16)

(100.38)

(183.16)

GDP per capita

1.670***

1.752***

1.697***

1.667***

1.743***

1.820***

(5.54)

(6.13)

(8.83)

(9.51)

(9.31)

(10.87)

GDP per capita Avg.

0.562***

0.604***

0.375

(3.93)

(4.64)

(0.87)

GDP growth

3.468

3.385

4.110*

3.277

(1.10)

(1.39)

(1.74)

(1.36)

GDP growth Avg.

0.659

3.220

(0.14)

(0.26)

Unemployment

-0.024

0.017

0.019

(-0.74)

(0.61)

(0.64)

Unemployment Avg.

0.013

0.027

(0.76)

(0.50)

Inflation

-0.424***

-0.421***

-0.107

-0.088

-0.127***

(-3.41)

(-3.09)

(-1.24)

(-0.98)

(-1.61)

Inflation Avg.

-0.478***

-0.464***

-0.150

(-3.38)

(-3.21)

(-0.66)

Gov Debt

-0.024***

-0.026***

-0.022***

-0.027***

-0.020***

-0.023***

(-3.75)

(-5.18)

(-3.82)

(-7.30)

(-3.19)

(-5.51)

Gov Debt Avg.

-0.007**

-0.006*

-0.007

(-2.15)

(-1.92)

(-0.69)

Gov Balance

0.310

4.371

4.872

4.381*

(0.08)

(1.37)

(1.53)

(1.78)

Gov Balance Avg.

9.084***

8.223***

5.220

(2.94)

(2.86)

(0.69)

Gov Effectiveness

0.715**

0.869***

0.787***

0.887***

0.807***

0.953***

(2.44)

(3.22)

(4.54)

(5.34)

(4.69)

(5.96)

Gov Effectiveness Avg.

1.966***

1.960***

2.155***

2.741***

(12.33)

(12.55)

(4.23)

(7.47)

External Debt

-0.007***

-0.006***

-0.005***

-0.005***

-0.005***

-0.005***

(-3.17)

(-2.83)

(-2.97)

(-2.76)

(-2.83)

(-3.06)

External Debt Avg.

-0.010***

-0.010***

-0.010**

-0.011***

(-7.12)

(-7.12)

(-2.53)

(-3.34)

Current Account

-3.591

-3.137

-3.176

(-1.44)

(-1.16)

(-1.10)

Current Account Avg.

0.545

2.955

(0.32)

(0.63)

Reserves

0.804

-0.100

-0.197

(1.34)

(-0.23)

(-0.45)

Reserves Avg.

2.854***

2.886***

3.090***

2.987***

(6.74)

(6.80)

(3.59)

(3.78)

Def 1

-1.243***

-1.257***

-1.523***

-1.331***

-1.501***

-1.329***

(-4.26)

(-6.32)

(-4.13)

(-4.60)

(-3.92)

(-3.92)

Def 2

-0.011

0.075

0.093

(-0.31)

(1.15)

(1.08)

EU

1.063***

1.029***

0.507**

0.554**

0.305

(5.57)

(5.64)

(2.03)

(2.40)

(1.14)

IND

2.246***

2.119***

2.781***

2.634***

(5.90)

(6.19)

(2.61)

(3.55)

LAC

-0.627***

-0.738***

-0.718

(-3.41)

(-4.19)

(-1.29)

R2

0.950

0.950

0.947

0.944

0.987

0.987

Countries

58

58

58

58

58

58

Observations

481

481

480

481

480

481

Hausman Test $

12.68 (0.473)

3.68 (0.816)

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

38



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