Table 12 - Estimations for Fitch: high and low rated countries
________Pooled OLS_______ |
_______Random Effects______ |
__________Fixed Effects_________ | ||||
Above BBB+ (1) |
BBB+ and below (2) |
Above BBB+ (3) |
BBB+ and below (4) |
Above BBB+ (5) |
BBB+ and below (6) | |
Constant |
5.438*** |
5.201*** |
10.299*** |
6.941 *** |
14.644*** |
6.555*** |
(3.38) |
(3.61) |
(9.49) |
(16.60) |
(170.63) |
(59.37) | |
GDP per capita |
0.740** |
2.488*** |
1.101*** |
2.350*** |
1.159*** |
2.416*** |
(2.16) |
(5.96) |
(6.59) |
(6.85) |
(7.40) |
(7.35) | |
GDP per capita Avg. |
0.823*** |
0.270 | ||||
(4.44) |
(1.46) | |||||
GDP growth |
3.170 |
0.531 | ||||
(1.38) |
(0.16) | |||||
GDP growth Avg. | ||||||
Unemployment | ||||||
Unemployment Avg. | ||||||
Inflation |
-16.326*** |
-0.364*** |
-4.069* |
-0.137 | ||
(-4.88) |
(-4.18) |
(-1.72) |
(-1.49) | |||
Inflation Avg. |
-17.617*** |
-0.338*** | ||||
(-5.36) |
(-3.39) | |||||
Gov Debt |
-0.003 |
-0.028*** |
-0.023*** |
-0.025*** |
-0.018*** |
-0.024*** |
(-0.50) |
(-3.80) |
(-7.04) |
(-3.88) |
(-5.51) |
(-3.27) | |
Gov Debt Avg. |
-0.007*** |
0.000 | ||||
(-2.65) |
(-0.05) | |||||
Gov Balance |
4.214** |
2.290 | ||||
(2.25) |
(0.56) | |||||
Gov Balance Avg. |
12.403*** |
10.113** | ||||
(5.04) |
(2.32) | |||||
Gov Effectiveness |
-0.029 |
0.875** |
0.572*** |
0.913*** |
0.593*** |
0.818*** |
(-0.08) |
(2.31) |
(3.27) |
(3.38) |
(3.35) |
(2.99) | |
Gov Effectiveness Avg. |
0.839*** |
2.103*** |
1.447 |
2.507*** | ||
(4.50) |
(7.65) |
(1.62) |
(6.76) | |||
External Debt |
-0.002 |
-0.004** |
-0.005** | |||
(-1.07) |
(-2.25) |
(-2.32) | ||||
External Debt Avg. |
-0.011*** |
-0.013*** | ||||
(-6.62) |
(-4.27) | |||||
Current Account | ||||||
Current Account Avg. | ||||||
Reserves | ||||||
Reserves Avg. |
-0.928 |
4.042*** |
0.122 |
4.039*** | ||
(-1.53) |
(6.27) |
(0.07) |
(3.64) | |||
Def 1 |
-1.159*** |
-1.236*** |
-1.325*** | |||
(-5.75) |
(-4.52) |
(-4.28) | ||||
Def 2 | ||||||
EU |
0.525*** |
-0.241 |
0.433* |
-0.569 | ||
(3.32) |
(-0.46) |
(1.71) |
(-1.30) | |||
IND |
1.473*** |
2.552** | ||||
(5.55) |
(2.06) | |||||
LAC |
-0.649*** | |||||
(-3.32) | ||||||
R2 |
0.832 |
0.830 |
0.669 |
0.812 |
0.973 |
0.924 |
Countries |
38 |
33 |
39 |
33 |
38 |
33 |
Observations |
296 |
229 |
301 |
229 |
296 |
229 |
Hausman Test $________ |
5.91 (0.315) |
2.42 (0.933) |
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 5 and 7 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.
44
More intriguing information
1. Bidding for Envy-Freeness: A Procedural Approach to n-Player Fair Division Problems2. Computational Batik Motif Generation Innovation of Traditi onal Heritage by Fracta l Computation
3. An Intertemporal Benchmark Model for Turkey’s Current Account
4. Income Growth and Mobility of Rural Households in Kenya: Role of Education and Historical Patterns in Poverty Reduction
5. POWER LAW SIGNATURE IN INDONESIAN LEGISLATIVE ELECTION 1999-2004
6. The name is absent
7. Wage mobility, Job mobility and Spatial mobility in the Portuguese economy
8. The name is absent
9. The name is absent
10. The name is absent