34
Table 4. Net foreign assets: cross-sectional regressions
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) | |
|
CUMCA |
CUMCA+IIP CUMCA |
CUMCA |
CUMFL |
CUMFL | ||
|
1990-98 |
1990-98 |
1990-98 |
1990-98 |
1990-98 |
1990-98 | |
|
Industrial |
Industrial |
Dev_____ |
Dev, no Sing Dev, no |
Sing Dev, no Sing | ||
|
Log GDP per capita |
0.45 (3.58)** |
0.54 (2.92)** |
0.18 (2.32)** |
0.17 (2.0)** |
0.15 (1.6) |
-1.87 (2.93)** |
|
Log GDP per capita |
0.13 (3.26)** | |||||
|
Public Debt |
0.10 |
-0.11 |
-0.44 |
-0.45 |
-0.65 |
-0.71 |
|
(0.7) |
(0.35) |
(4.52)** |
(4.47)** |
(5.18)** |
(6.55)** | |
|
χ2 (Demog.) |
3.05 |
2.21 |
35.3 |
33.6 |
36.7 |
1.35 |
|
(0.38) |
(0.53) |
(0.00)** |
(0.00)** |
(0.00)** |
(0.28) | |
|
Adjusted R2 |
0.45 |
0.33 |
0.62 |
0.57 |
0.63 |
0.69 |
|
Countries |
22 |
22 |
39 |
38 |
38 |
38 |
|
α (POP<15) |
-1.2 |
394.2 |
-489.2 |
-442.3 |
-276.9 |
-2.25 |
|
α (POP>64) |
-0.44 |
-1314.6 |
1527.8 |
1389.0 |
921.8 |
-0.04 |
|
α max |
0.62 |
424.3 |
1527.8 |
1389.0 |
921.8 |
1.24 |
|
(30-34) |
(15-19) |
(65+) |
(65+) |
(65+) |
(50-54) | |
|
α min |
-1.2 |
-1314.6 |
-511.9 |
-464.0 |
-298.1 |
-2.25 |
|
(0-14) |
(65+) |
(20-24) |
(20-24) |
(35-39) |
(0.14) | |
* Ordinary least squares, heteroskedasticity-corrected !-statistics in parentheses (р-value for the χ2
(Demog.) statistic). * (**) indicates statistical significance at the 5% (1%) confidence level. In regressions
(1) 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 (2) the dependent variable 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. Regressions (3)-(6) refer to
the developing country sample, In regressions (3) and (4), the dependent variable is CUMCA, in regression
(5) it is CUMFL. Regressions (4)-(5) exclude Singapore.