Table 6: Determinants of variation in country cyclicality
Cyclicality coefficient on | ||||
Equity capital (1) |
Equity capital (2) |
Bond capital (3) |
Bond capital (4) | |
GDP-PC |
6.00 |
3.05 |
1.96 |
2.08 |
(1.66)*** |
(1.55)** |
(1.26) |
(1.35) | |
Stock market |
3.39 |
3.51 | ||
capitalisation |
(1.80)* |
(1.66)** | ||
Bond market |
-0.61 |
-2.46 | ||
capitalisation |
(0.44) |
(0.69)*** | ||
R2 |
0.29 |
0.25 |
0.15 |
0.18 |
Notes:
The dependent variables are the estimated beta-coefficients from the individual country analysis; the
explanatory variables are country averages of GDP per capita in natural log form, domestic stock
market capitalisation (as ratio to GDP) and domestic bond market capitalisation (as ratio to GDP).
See text for definitions of all variables. Estimation by weighted least squares (weighting by t-statistics
of “first-step” estimation). Standard errors in parentheses. Switzerland excluded from analysis. ***,
**, * denote significance at the 1, 5 and 10 percent levels respectively.
18
More intriguing information
1. Sex differences in the structure and stability of children’s playground social networks and their overlap with friendship relations2. Valuing Access to our Public Lands: A Unique Public Good Pricing Experiment
3. Correlation Analysis of Financial Contagion: What One Should Know Before Running a Test
4. The name is absent
5. Structure and objectives of Austria's foreign direct investment in the four adjacent Central and Eastern European countries Hungary, the Czech Republic, Slovenia and Slovakia
6. Can a Robot Hear Music? Can a Robot Dance? Can a Robot Tell What it Knows or Intends to Do? Can it Feel Pride or Shame in Company?
7. Om Økonomi, matematik og videnskabelighed - et bud på provokation
8. Determinants of U.S. Textile and Apparel Import Trade
9. Public-Private Partnerships in Urban Development in the United States
10. Social Balance Theory