32
Table 2. Determinants of net foreign assets, industrial countries
Panel DOLS regressions with fixed time and country effects
|
(1) |
(2) |
(3) |
(4) |
(5) | |
|
CUMCA 1970-98 |
CUMCA 1980-98 |
CUMCA+IIP 1970-98 |
CUMCA+IIP 1980-98 |
CUMCA | |
|
Log GDP per capita |
0.91 (12.63)** |
0.91 |
0.9 |
0.89 |
0.94 |
|
Public Debt |
-0.125 (3.1)** |
-0.05 |
-0.124 |
-0.07 (1.1) |
-0.18 (4.54)** |
|
χ2 (Demog.) |
30.1 |
2.3 |
22.1 |
4.2 |
43.6 |
|
Adjusted R2 |
0.89 |
0.91 |
0.89 |
0.93 |
0.9 |
|
Observations |
516 |
389 |
516 |
382 |
390 |
|
Countries |
22 |
22 |
22 |
22 |
15 |
|
α (POP<15) |
-1.47 |
-0.81 |
-1.24 |
-1.2 |
-2.26 |
|
α (POP>64) |
-0.66 |
-0.59 |
-1.29 |
-0.44 |
-0.05 |
|
α max |
1.41 |
0.46 |
1.24 |
0.63 |
1.24 |
|
α min |
-1.49 |
-0.81 (0-14) |
-1.29 |
-1.2 |
-2.26 (0-14) |
* Dynamic ordinary least squares, t-statistics in parentheses (р-value for the χ2 (Demog.) statistic). * (**)
indicates statistical significance at the 5% (1%) confidence level. In regressions (1) and (2) the dependent
variable is CUMCA for all countries except Belgium, for which it is the IIP estimate of net foreign assets minus
gold. In regression (3) the dependent variable is the IIP estimate of NFA for Belgium, Canada, Italy, Japan and
United Kingdom, and CUMCA for all other countries. In regression (4) it is the IIP estimate of NFA for
Austria, Belgium, Canada, Finland, Germany, Italy, Japan, Netherlands, Spain, Sweden, Switzerland, United
Kingdom and United States and CUMCA for the remaining countries.