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. Nurses' retention and hospital characteristics in New South Wales, CHERE Discussion Paper No 522. The demand for urban transport: An application of discrete choice model for Cadiz
3. Conflict and Uncertainty: A Dynamic Approach
4. The name is absent
5. The name is absent
6. Heterogeneity of Investors and Asset Pricing in a Risk-Value World
7. The name is absent
8. The Effects of Attendance on Academic Performance: Panel Data Evidence for Introductory Microeconomics
9. Innovation Trajectories in Honduras’ Coffee Value Chain. Public and Private Influence on the Use of New Knowledge and Technology among Coffee Growers
10. Washington Irving and the Knickerbocker Group