38
Table 8. Real Interest Rates And Real Interest Differentials: Cross-Section Evidence
A. Real interest rate
|
(1) |
(2) |
(3) |
(4 | |
|
RINT 1990-98 |
RINT 1990-98 |
RINT 1990-98 |
RINT 1990-98 | |
|
_ NFAZexports |
-0.88 |
-0.88 |
-1.2 |
-ΓT18 |
|
(2.6)* |
(2.68)* |
(5.39)** |
(5.28)** | |
|
Public debt |
1.57 |
1.31 | ||
|
(1.55) |
(1.67) | |||
|
D(RER) |
-0.19 |
-0.19 | ||
|
(0.9) |
(1.1) | |||
|
Adjusted R2 |
0.31 |
0.35 |
0.49 |
0.52 |
|
Countries |
21_____________ |
21_____________ |
21_____________ |
21_______________ |
B. Real interest differential
|
(1) |
(2) |
(3) |
(4) | |
|
RDIF 1990-98 |
RDIF 1990-98 |
RDIF 1990-98 |
RDIF 1990-98 | |
|
_ NFAZexports |
-1.07 |
-1.07 |
-127 |
-126 |
|
(3.62)** |
(4.12)** |
(6.61)** |
(8.21)** | |
|
Public debt |
1.72 |
1.33 | ||
|
(1.8) |
(1.7) | |||
|
D(RER) |
-0.08 |
-0.1 | ||
|
(.43) |
(.72) | |||
|
Adjusted R2 |
0.54 |
0.59 |
0.65 |
0.68 |
|
Countries______ |
20____________ |
20____________ |
20____________ |
20_____________ |
* Sample is Industrial Countries, with exception of Iceland. 1990-98 averaged data. In panel A,
dependent variable is the real interest rate; in panel B, dependent variable is real interest
differential vis-à-vis the US. In regressions (1)-(2), CUMCA is employed as measure of NFA; in
regressions (3)-(4) it is based on fitted value from regression of NFA on GDP per capita, public
debt and demographic variables. In regressions (2) and (4), multivariate real exchange rate is
employed in panel A and bivariate real exchange rate vis-à-vis the US in panel B. * (**) indicates
statistical significance at the 5% (1%) confidence level.
More intriguing information
1. WP 92 - An overview of women's work and employment in Azerbaijan2. RETAIL SALES: DO THEY MEAN REDUCED EXPENDITURES? GERMAN GROCERY EVIDENCE
3. Secondary stress in Brazilian Portuguese: the interplay between production and perception studies
4. The name is absent
5. Wage mobility, Job mobility and Spatial mobility in the Portuguese economy
6. Business Networks and Performance: A Spatial Approach
7. The name is absent
8. The technological mediation of mathematics and its learning
9. he Effect of Phosphorylation on the Electron Capture Dissociation of Peptide Ions
10. fMRI Investigation of Cortical and Subcortical Networks in the Learning of Abstract and Effector-Specific Representations of Motor Sequences