Table 7 - Estimations for Moody’s: two sub-periods
|
Pooled OLS |
Random Effects |
Fixed Effects | ||||
|
1996-2000 |
2001-2005 (2) |
1996-2000 |
2001-2005 (4) |
1996-2000 |
2001-2005 (6) | |
|
Constant |
6.593*** |
-0.434 |
8.299*** |
8.222*** |
10.434*** |
9.968*** |
|
(3.89) |
(-0.21) |
(11.80) |
(10.16) |
(165.01) |
(28.21) | |
|
GDP per capita |
1.640** |
0.846** |
1.667*** |
1.074*** |
1.709*** |
1.306*** |
|
(2.44) |
(2.07) |
(2.75) |
(4.43) |
(2.75) |
(6.17) | |
|
GDP per capita Avg. |
0.288 |
1.276*** | ||||
|
(1.29) |
(4.60) | |||||
|
GDP growth |
2.989 |
13.248** |
4.222 |
9.358* |
3.731 |
4.752 |
|
(0.64) |
(2.51) |
(0.98) |
(1.83) |
(0.89) |
(1.18) | |
|
GDP growth Avg. | ||||||
|
Unemployment |
-0.090*** |
-0.097** | ||||
|
(-2.55) |
(-2.23) | |||||
|
Unemployment Avg. |
-0.050*** |
-0.043** |
-0.067 |
-0.067 | ||
|
(-2.74) |
(-2.14) |
(-1.54) |
(-1.40) | |||
|
Inflation |
-0.340*** |
-4.834*** |
-0.049 |
0.205 |
0.055 |
0.197 |
|
(-2.78) |
(-2.82) |
(-0.53) |
(0.21) |
(0.79) |
(0.21) | |
|
Inflation Avg. |
-0.513*** |
-5.240*** |
-0.269 |
-0.031 | ||
|
(-4.04) |
(-3.03) |
(-1.30) |
(-0.03) | |||
|
Gov Debt |
-0.030*** |
-0.019** |
-0.025*** |
-0.018 |
-0.022*** |
-0.011 |
|
(-2.76) |
(-2.51) |
(-2.68) |
(-1.60) |
(-2.74) |
(-1.05) | |
|
Gov Debt Avg. |
-0.018*** |
-0.021*** |
-0.014** |
-0.014* | ||
|
(-3.88) |
(-4.29) |
(-1.93) |
(-1.90) | |||
|
Gov Balance |
7.643** |
3.110 |
7.415** |
2.169 | ||
|
(1.91) |
(0.71) |
(2.00) |
(0.64) | |||
|
Gov Balance Avg. |
6.351 |
0.271 | ||||
|
(1.39) |
(0.05) | |||||
|
Gov Effectiveness |
0.184 |
0.455 | ||||
|
(0.70) |
(1.37) | |||||
|
Gov Effectiveness Avg. |
1.831*** |
1.198*** |
2.313*** |
2.629*** | ||
|
(7.00) |
(4.35) |
(5.45) |
(6.25) | |||
|
External Debt |
-0.014*** |
-0.006** |
-0.007** |
0.000 | ||
|
(-7.38) |
(-2.51) |
(-2.40) |
(-0.02) | |||
|
External Debt Avg. |
-0.008*** |
-0.004** |
-0.005** |
-0.002 | ||
|
(-6.16) |
(-2.12) |
(-2.48) |
(-0.60) | |||
|
Current Account |
-9.369*** |
-4.944 |
-7.767*** |
-2.553 |
-5.338** |
0.929 |
|
(-3.17) |
(-1.50) |
(-2.68) |
(-0.85) |
(-2.06) |
(0.40) | |
|
Current Account Avg. | ||||||
|
Reserves |
0.988 |
1.368** |
0.065 |
2.462*** |
-0.549 |
1.669*** |
|
(0.91) |
(2.11) |
(-0.08) |
(3.76) |
(-0.87) |
(2.72) | |
|
Reserves Avg. |
1.660** |
1.831*** |
0.845 |
0.773 | ||
|
(2.32) |
(3.30) |
(0.79) |
(0.70) | |||
|
Def 1 |
-0.783** |
-2.303*** |
-1.764*** |
-2.281*** |
-2.088*** |
-2.171*** |
|
(-2.22) |
(-6.21) |
(-5.07) |
(-3.93) |
(-5.00) |
(-2.59) | |
|
Def 2 |
0.046 |
0.158*** | ||||
|
(1.34) |
(4.93) | |||||
|
EU (2) |
1.381*** |
1.095*** |
1.099*** |
1.803*** |
1.392*** | |
|
(4.98) |
(4.81) |
(2.64) |
(7.69) |
(3.70) | ||
|
IND |
3.411*** |
1.987*** |
3.787*** |
3.157*** | ||
|
(6.74) |
(3.64) |
(4.43) |
(3.93) | |||
|
LAC |
-1.057*** |
-1.614*** | ||||
|
(-3.97) |
(-5.08) | |||||
|
R2 |
0.949 |
0.957 |
0.941 |
0.944 |
0.988 |
0.989 |
|
Countries |
64 |
65 |
64 |
65 |
75 |
77 |
|
Observations |
280 |
277 |
280 |
277 |
324 |
375 |
|
Hausman Test $________ |
12.86 (0.169) |
14.31 (0.112) # | ||||
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 9 degrees of freedom. The p-value is in brackets. # The Hausman test was done
excluding External Debt, as it was highly non-significant and seemed correlated with the errors in this particular sample.
39
More intriguing information
1. The name is absent2. Palvelujen vienti ja kansainvälistyminen
3. Evolving robust and specialized car racing skills
4. The name is absent
5. Empirically Analyzing the Impacts of U.S. Export Credit Programs on U.S. Agricultural Export Competitiveness
6. How to do things without words: Infants, utterance-activity and distributed cognition.
7. The economic doctrines in the wine trade and wine production sectors: the case of Bastiat and the Port wine sector: 1850-1908
8. The Role of State Trading Enterprises and Their Impact on Agricultural Development and Economic Growth in Developing Countries
9. Place of Work and Place of Residence: Informal Hiring Networks and Labor Market Outcomes
10. The name is absent