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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