Table 13 - Ordered Probit (robust standard errors)
|
Moody’s |
S&P_________ |
_______________Fitch | ||||
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) | |
|
GDP per capita |
1.940*** |
1.948*** |
1.716*** |
1.691*** |
2.051*** |
2.011*** |
|
(4.52) |
(4.44) |
(4.00) |
(4.02) |
(5.96) |
(5.47) | |
|
GDP per capita Avg. |
0.418 |
0.482 |
0.252 |
0.480 |
0.369 | |
|
(1.41) |
(1.44) |
(0.75) |
(1.54) |
(1.28) | ||
|
GDP growth |
2.977 |
2.613 |
2.367 | |||
|
(0.58) |
(0.71) |
(0.62) | ||||
|
GDP growth Avg. |
-0.382 |
-8.511 |
-0.988 | |||
|
(-0.05) |
(-1.01) |
(-0.11) | ||||
|
Unemployment |
-0.066 |
-0.072* |
-0.020 |
-0.026 | ||
|
(-1.42) |
(-1.69) |
(-0.54) |
(-0.49) | |||
|
Unemployment Avg. |
-0.049* |
-0.063** |
-0.038 |
-0.040 |
0.006 | |
|
(-1.87) |
(-2.26) |
(-1.40) |
(-1.50) |
(0.19) | ||
|
Inflation |
-0.402*** |
-0.426*** |
-0.515** |
-0.504** |
-0.372*** |
-0.359** |
|
(-2.57) |
(-2.62) |
(-2.40) |
(-2.10) |
(-2.68) |
(-2.26) | |
|
Inflation Avg. |
-0.464*** |
-0.503*** |
-0.621*** |
-0.562** |
-0.387** |
-0.277** |
|
(-3.15) |
(-3.56) |
(-2.69) |
(-2.48) |
(-2.42) |
(-2.10) | |
|
Gov Debt |
-0.010 |
-0.016* |
-0.024*** |
-0.022*** |
-0.022** |
-0.024*** |
|
(-1.03) |
(-1.64) |
(-2.75) |
(-2.57) |
(-2.43) |
(-2.87) | |
|
Gov Debt Avg. |
-0.018*** |
-0.020*** |
-0.014** |
-0.013** |
-0.011 |
-0.010 |
|
(-2.96) |
(-3.41) |
(-2.19) |
(-2.27) |
(-1.46) |
(-1.43) | |
|
Gov Balance |
6.727 |
5.833 |
5.617 |
8.089** |
2.340 | |
|
(1.44) |
(1.35) |
(1.37) |
(2.48) |
(0.53) | ||
|
Gov Balance Avg. |
3.843 |
4.001 |
7.575 | |||
|
(0.54) |
(0.49) |
(0.94) | ||||
|
Gov Effectiveness |
0.293 |
0.220 |
0.389 |
0.681** |
0.742** | |
|
(0.99) |
(0.81) |
(1.50) |
(1.97) |
(2.19) | ||
|
Gov Effectiveness Avg. |
1.781*** |
1.600*** |
2.185*** |
2.054*** |
1.887*** |
2.212*** |
|
(5.46) |
(4.62) |
(5.64) |
(5.33) |
(4.86) |
(6.18) | |
|
External Debt |
-0.010*** |
-0.008*** |
-0.003 |
-0.004 |
-0.006** |
-0.006** |
|
(-3.94) |
(-4.31) |
(-1.51) |
(-1.57) |
(-2.24) |
(-1.96) | |
|
External Debt Avg. |
-0.005*** |
-0.005*** |
-0.006** |
-0.006*** |
-0.010*** |
-0.011*** |
|
(-2.76) |
(-3.01) |
(-2.32) |
(-2.64) |
(-3.58) |
(-4.37) | |
|
Current Account |
-8.477*** |
-8.315*** |
-7.094** |
-5.429* |
-5.051 |
-4.773 |
|
(-2.58) |
(-3.21) |
(-2.29) |
(-1.94) |
(-1.38) |
(-1.58) | |
|
Current Account Avg. |
4.085 |
5.939 |
5.055 |
7.514* | ||
|
(1.14) |
(1.51) |
(1.13) |
(1.94) | |||
|
Reserves |
1.879*** |
2.287*** |
0.716 |
0.795 | ||
|
(3.50) |
(3.97) |
(1.32) |
(1.18) | |||
|
Reserves Avg. |
0.833 |
1.449 |
1.655* |
2.835*** |
2.322** | |
|
(0.86) |
(1.41) |
(1.74) |
(2.61) |
(2.19) | ||
|
Def 1 |
-1.119*** |
-1.048*** |
-0.923** |
-0.882** |
-1.217*** |
-1.219*** |
|
(-3.46) |
(-3.67) |
(-2.31) |
(-2.38) |
(-3.11) |
(-2.93) | |
|
EU |
1.146*** |
1.105*** |
0.914** |
0.901** |
1.053** |
0.889* |
|
(3.02) |
(2.63) |
(2.04) |
(2.10) |
(2.19) |
(1.88) | |
|
IND |
1.547** |
1.525** |
2.088*** |
1.470** |
1.923** |
2.105** |
|
(2.19) |
(1.99) |
(3.23) |
(2.41) |
(2.01) |
(2.39) | |
|
LAC |
-0.830** |
-0.857** |
-0.621* |
-0.680* |
-0.719** | |
|
(-2.24) |
(-2.34) |
(-1.72) |
(-1.82) |
(-2.05) | ||
45