The name is absent

________Moo

idy’s_______________

S&P__________

Fitch________________

(1)

(2)

(3)

(4)

(5)

(6)

GDP per capita

3.422***

3.349***

3.246***

2.686***

4.087***

4.160***

(9.40)

(9.14)

(9.02)

(8.12)

(12.15)

(13.12)

GDP per capita Avg.

0.478***

0.562***

1.117***

0.614***

1.132***

0.913***

(2.75)

(3.84)

(6.03)

(3.94)

(7.81)

(5.45)

GDP growth

6.464**

7.852**

5.979*

7.729***

-5.119*

(2.06)

(2.30)

(1.93)

(2.60)

(-1.73)

GDP growth Avg.

-9.387**

-8.43*

-6.083

(-2.04)

(-1.79)

(-1.31)

Unemployment

0.016

0.152***

0.135***

0.012

(0.50)

(4.57)

(3.01)

(0.36)

Unemployment Avg.

-0.078***

-0.085***

0.002

-0.073***

-0.033**

(-4.40)

(-5.18)

(0.10)

(-4.40)

(-2.09)

Inflation

-0.199

-0.214

-0.353**

-0.418***

-0.273**

-0.245*

(-1.41)

(-1.51)

(-2.53)

(-2.93)

(-1.96)

(-1.79)

Inflation Avg.

-0.623***

-0.939***

-0.532***

-0.949***

-0.713***

-0.272*

(-4.01)

(-6.11)

(-3.41)

(-6.08)

(-4.62)

(-1.84)

Gov Debt

-0.03***

-0.032***

-0.085***

-0.088***

-0.043***

-0.051***

(-4.61)

(-4.94)

(-11.90)

(-12.41)

(-7.24)

(-9.07)

Gov Debt Avg.

-0.026***

-0.028***

-0.027***

-0.031***

0.001

(-6.99)

(-8.80)

(-8.77)

(-10.47)

(0.26)

Gov Balance

13.898***

10.937***

10.187***

11.559***

9.487***

(3.74)

(2.77)

(3.07)

(3.32)

(3.00)

Gov Balance Avg.

6.757*

8.873**

22.304***

21.812***

(1.84)

(2.40)

(6.18)

(5.83)

Gov Effectiveness

0.223

0.707**

0.794**

1.761***

1.838***

(0.64)

(2.08)

(2.42)

(4.86)

(5.17)

Gov Effectiveness Avg.

3.679***

3.547***

4.606***

3.752***

2.722***

3.104***

(13.46)

(15.44)

(16.30)

(15.62)

(11.37)

(12.28)

External Debt

-0.004**

-0.002**

-0.002

(-2.29)

(-2.21)

(-0.79)

External Debt Avg.

-0.004***

-0.008***

-0.014***

(-3.11)

(-6.40)

(-10.39)

Current Account

-8.57***

-12.863***

-4.899**

2.772

(-3.62)

(-5.94)

(-2.04)

(1.23)

Current Account Avg.

5.24**

3.723*

18.39***

5.769**

18.993***

26.980***

(2.21)

(1.73)

(7.21)

(2.54)

(7.89)

(11.27)

Reserves

2.246***

2.952***

0.205

-0.549

(4.37)

(5.82)

(0.42)

(-1.14)

Reserves Avg.

0.416

3.365***

2.520***

0.876*

(0.88)

(6.94)

(5.57)

(1.83)

Def 1

-3.101***

-2.936***

-1.789***

-2.077***

-2.176***

-1.266***

(-12.18)

(-11.95)

(-8.05)

(-9.25)

(-9.33)

(-6.03)

EU

2.197***

2.237***

0.324

0.336

(9.04)

(8.90)

(1.55)

(1.57)

IND

3.554***

3.626***

3.923***

5.848***

4.982***

6.163***

(7.71)

(9.08)

(8.18)

(11.38)

(13.24)

(15.54)

LAC

-1.766***

-1.711***

-1.485***

-0.901***

-2.570***

-3.165***

(-7.08)

(-8.86)

(-6.38)

(-4.34)

(-11.08)

(-13.78)