35
Table 5. Changes in net foreign assets: speed of adjustment
Panel regressions, error-correction specification
A. Industrial countries*
|
(1) |
(2) |
(3) |
(4) | |
|
CUMCA |
CUMCA |
CUMCA+IIP |
CUMCA+IIP | |
|
1970-98 |
1980-98 |
1970-98 |
1980-98 | |
|
Error Correct. |
-0.11 |
-0.17 |
-0.12 |
-0.14 |
|
(4.11)** |
(4.59)** |
(4.23)** |
(3.34)** | |
|
Adjusted R2 |
0.28 |
0.30 |
0.27 |
0.13 |
|
Observations |
539 |
393 |
537 |
374 |
|
Countries_______ |
22_________ |
22_________ |
22___________ |
22__________ |
* Ordinary least squares, t-statistics in parentheses (р-value for the χ2 (Demog.) statistic). * (**) indicates
statistical significance at the 5% (1%) confidence level. Regressions also include the lagged first difference in
CUMCA, contemporaneous first differences in the other variables belonging to the Z vector and country and
time dummies. In regressions (1) and (2) the dependent variable is the change in CUMCA for all countries
except Belgium, for which it is the change in the IIP estimate of net foreign assets minus gold. In regression (3)
the dependent variable is the change in the IIP estimate of NFA for Belgium, Canada, Italy, Japan and United
Kingdom, and the change in CUMCA for all other countries. In regression (4) it is the change in the IIP
estimate of NFA for Austria, Belgium, Canada, Finland, Germany, Italy, Japan, Netherlands, Spain, Sweden,
Switzerland, United Kingdom and United States and the change in CUMCA for the remaining countries.
B. Developing countries**
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) | |
|
CUMCA |
CUMCA |
CUMCA |
CUMCA |
CUMFL |
CUMFL | |
|
All |
All |
No Sing |
No Sing |
No Sing |
No Sing | |
|
1970-98 |
1980-98 |
1970-98 |
1980-98 |
1970-98 |
1980-98 | |
|
Error Correct. |
-0.06 |
-0.11 |
-0.10 |
-0.16 |
-0.10 |
-0.15 |
|
(2.36)* |
(2.96)** |
(4.99)** |
(5.05)** |
(4.53)** |
(4.66)** | |
|
Adjusted R2 |
0.44 |
0.45 |
0.48 |
0.50 |
0.54 |
0.56 |
|
Observations |
849 |
612 |
822 |
594 |
786 |
585 |
|
Countries______ |
39_______ |
39_______ |
38_______ |
38_______ |
38 |
38_______ |
** Ordinary least squares, t-statistics in parentheses (p-value for the χ2 (Demog.) statistic). * (**) indicates
statistical significance at the 5% (1%) confidence level. In regressions (1)-(4) the dependent variable is the
change in CUMCA, in regressions (5)-(6) it is the change in CUMFL. Regressions also include the lagged first
difference in the dependent variable, contemporaneous first differences in the other variables belonging to the Z
vector and country and time dummies. Regressions (3)-(6) exclude Singapore from the sample.
More intriguing information
1. Categorial Grammar and Discourse2. CURRENT CHALLENGES FOR AGRICULTURAL POLICY
3. Manufacturing Earnings and Cycles: New Evidence
4. Who’s afraid of critical race theory in education? a reply to Mike Cole’s ‘The color-line and the class struggle’
5. Initial Public Offerings and Venture Capital in Germany
6. Effects of red light and loud noise on the rate at which monkeys sample the sensory environment
7. The name is absent
8. ISSUES AND PROBLEMS OF IMMEDIATE CONCERN
9. Impact of Ethanol Production on U.S. and Regional Gasoline Prices and On the Profitability of U.S. Oil Refinery Industry
10. The name is absent