Table 10 - Estimations for Moody’s: high and low rated countries
________Pooled OLS_______ |
Random Effects |
Fixed Effects | ||||
Above BBB+ (1) |
BBB+ and |
Above BBB+ (3) |
BBB+ and |
Above BBB+ (5) |
BBB+ and | |
Constant |
8.496*** |
8.526*** |
9.606*** |
8.298*** |
14.243*** |
6.303*** |
(6.17) |
(6.13) |
(9.90) |
(14.06) |
(87.56) |
(60.59) | |
GDP per capita |
0.863*** |
1.132** |
1192*** |
1.591*** |
1.197*** |
1.684*** |
(3.11) |
(2.09) |
(6.64) |
(3.07) |
(6.73) |
(4.41) | |
GDP per capita Avg. |
0.274 |
-0.021 | ||||
(1.71) |
(-0.12) | |||||
GDP growth |
1.210 |
6.393 |
1.747 |
6.927* |
1.600 |
4.976 |
(0.24) |
(1.63) |
(0.48) |
(1.74) |
(0.44) |
(1.50) | |
GDP growth Avg. | ||||||
Unemployment |
-0.139*** |
-0.080** | ||||
(-3.71) |
(-2.37) | |||||
Unemployment Avg. |
-0.004 |
-0.007 |
-0.005 |
-0.059 | ||
(-0.20) |
(-0.36) |
(-0.08) |
(-1.46) | |||
Inflation |
-6.363* |
-0.405*** |
-4.171* |
-0.174** |
-3.994* |
-0.138** |
(-1.79) |
(-3.43) |
(-1.75) |
(-2.26) |
(-1.69) |
(-2.39) | |
Inflation Avg. |
-6.272* |
-0.547*** |
-4.676* |
-0.333** | ||
(-177) |
(-4.29) |
(-1.81) |
(-2.28) | |||
Gov Debt |
-0.007 |
-0.020** |
-0.018*** |
-0.018** |
-0.020*** |
-0.018*** |
(-0.93) |
(-2.54) |
(-3.04) |
(-2.06) |
(-3.53) |
(-2.97) | |
Gov Debt Avg. |
-0.002 |
-0.028** |
-0.005 |
-0.019*** | ||
(-0.70) |
(-6.73) |
(-0.80) |
(-3.38) | |||
Gov Balance |
6.955*** |
2.931 |
5.843*** |
3.009 | ||
(2.90) |
(0.59) |
(3.20) |
(0.95) | |||
Gov Balance Avg. |
12.504*** |
5.168 | ||||
(4.48) |
(0.95) | |||||
Gov Effectiveness |
0.214 |
0.591* | ||||
(1.27) |
(1.66) | |||||
Gov Effectiveness Avg. |
1.490*** |
2.132*** |
2.436*** |
2.359*** | ||
(7.86) |
(9.64) |
(5.15) |
(6.98) | |||
External Debt |
-0.010*** |
-0.005* | ||||
(-5.47) |
(-1.96) | |||||
External Debt Avg. |
-0.006*** |
-0.004** | ||||
(-5.06) |
(-2.33) | |||||
Current Account |
1.186 |
-7.238*** |
-2.922 |
-7.595*** |
-2.386 |
-3.367** |
(0.51) |
(-2.93) |
(-1.59) |
(-2.95) |
(-1.33) |
(-1.98) | |
Current Account Avg. | ||||||
Reserves |
2.130*** |
1.470** |
1.112** |
2.269*** |
1.013*** |
1.664*** |
(3.42) |
(2.27) |
(2.48) |
(4.04) |
(2.50) |
(3.61) | |
Reserves Avg. |
0.139 |
1.967*** |
1.082 |
0.607 | ||
(0.20) |
(3.61) |
(0.84) |
(0.64) | |||
Def 1 |
-1.514*** |
-1.956*** |
-2.192*** | |||
(-5.68) |
(-7.37) |
(-7.30) | ||||
Def 2 |
0.092*** | |||||
(3.67) | ||||||
EU (2) |
0.611*** |
2.803*** |
0.591** |
2.272*** |
0.601*** |
2.245*** |
(3.83) |
(5.64) |
(2.28) |
(6.24) |
(2.27) |
(13.65) | |
IND |
2.194*** |
1.821 | ||||
(9.49) |
(2.86) | |||||
LAC |
-0.755*** | |||||
(-3.24) | ||||||
R2 |
0.815 |
0.832 |
0.785 |
0.795 |
0.955 |
0.923 |
Countries |
33 |
42 |
39 |
42 |
41 |
49 |
Observations |
324 |
291 |
324 |
291 |
336 |
363 |
Hausman Test $________ |
4.89(8) (0.768) |
20.68 (0.023)* |
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 8 and 10 degrees of freedom respectively (the variables on External debt were
removed from the estimation above BBB+ because there where few observation points). The p-value is in brackets.
42
More intriguing information
1. The fundamental determinants of financial integration in the European Union2. The name is absent
3. Iconic memory or icon?
4. Research Design, as Independent of Methods
5. The name is absent
6. Palkkaneuvottelut ja työmarkkinat Pohjoismaissa ja Euroopassa
7. A THEORETICAL FRAMEWORK FOR EVALUATING SOCIAL WELFARE EFFECTS OF NEW AGRICULTURAL TECHNOLOGY
8. Unemployment in an Interdependent World
9. The Role of Land Retirement Programs for Management of Water Resources
10. The name is absent