Table 1. OLS regressions for the relationship between CBI and inflation
|
Period and CBI proxy: |
CBI coefficient |
t-statistic |
R2 (adj.) |
No. obs. |
|
Bivariate models | ||||
|
(1) 1980-89; new TOR |
30.55 |
2.57 *** |
0.20 |
76 |
|
(2) 1980-89; Cukierman TOR |
39.20 |
2.76 ** |
020 |
46 |
|
(3) 1990-98; new TOR |
23.26 |
2.30 ** |
0TÎ |
76 |
|
Multivariate mode |
s | |||
|
(4) 1980-89; new TOR |
14.61 |
1.33 |
0.46 |
55 |
|
(5) 1980-89; Cukierman TOR |
24.04 |
1.70 * |
0.53 |
29 |
|
(6) 1990-98; new TOR |
15.34 |
152 |
027 |
63 |
Note: heteroscedasticity-consistent t-ratios (White, 1980). In the regressions for the multivariate model
political instability, openness, the log of GDP per capita, a dummy for the exchange rate regime and the
debt-to-GDP ratio are included as control variables. *,**,*** denote 10%, 5%, and 1% significance
levels, respectively.