Table 6: PcGets Results: Return and Risk Variables (Trade)
|
All countries |
Africa |
Asia |
Latin America | |
|
GDP per capita |
-0.001*** | |||
|
[0.0001] | ||||
|
Growth |
0.423** |
0.419*** |
1.330*** |
0.417*** |
|
[0.186] |
[0.119] |
[0.383] |
[0.043] | |
|
Urban population |
0.188*** |
-0.055*** | ||
|
[0.0669] |
[0.003] | |||
|
Earn |
-0.205* |
-0.695*** | ||
|
[0.107] |
[0.197] | |||
|
Ores |
0.055*** | |||
|
[0.004] | ||||
|
Landarea |
0.738*** | |||
|
[0.233] | ||||
|
Roads |
-0.014** | |||
|
[0.007] | ||||
|
Telephone |
0.031*** |
0.026*** | ||
|
[0.011] |
[0.002] | |||
|
Tax rate |
-0.009 | |||
|
[0.007] | ||||
|
Trade |
0.010 |
0.033*** |
0.014*** | |
|
[0.011] |
[0.006] |
[0.003] | ||
|
Inflation |
-0.016*** |
-0.005*** |
-0.041*** |
-0.217* |
|
[0.003] |
[0.001] |
[0.007] |
[0.001] | |
|
Current account |
-0.339*** |
-0.675*** |
0.185*** | |
|
[0.097] |
[0.166] |
[0.033] | ||
|
External debt |
-2.861** |
-1.095*** | ||
|
[1.092] |
[0.331] | |||
|
Change in exchange rate |
-0.077** |
-0.270*** |
-0.002*** | |
|
[0.031] |
[0.071] |
[0.006] | ||
|
Variance of the exchange rate |
-0.226** |
0.805** |
0.134*** | |
|
[0.110] |
[0.361] |
[0.021] | ||
|
International reserves |
-3.475** | |||
|
[1.602] | ||||
|
Government expenditure |
6.047** | |||
|
[2.350] | ||||
|
Corruption |
-3.181** |
-1.728*** | ||
|
[1.395] |
[0.263] | |||
|
Law |
3.387*** |
0.677* |
0.759*** | |
|
[1.241] |
[0.344] |
[0.237] | ||
|
Political rights |
1.682** | |||
|
[0.712] | ||||
|
Voice and accountability |
7.202*** | |||
|
[1.759] | ||||
|
RSS |
^^8!β |
∣8 |
344 |
“4 |
|
Number of observations |
100 |
43 |
35 |
22 |
|
Adjusted R-squared |
0.39____________ |
0.78 |
0.64 |
0.88_________________________ |
Note: A constant term is included but not reported. Diagnostic tests include residual autocorrelation,
ARCH, heteroscedasticity, functional form mis-specification and non-normality. ***, ** and * indicate
significance on a 1, 5 and 10 percent significance level. Standard errors are in paranthesis.
21
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