The name is absent



Table 6.3    Determinants of Deficit- and Debt-specific SFA - EU15

EU15 - 1994-2004 -

2SLS fixed effects estimation (1)__________

Dependent Variable

Deficit SFA (x)

Deficit SFA (x)

Debt SFA (z)

Debt SFA (z)

Data set___________

Current Values (2)

Original Values (3)

Current Values (2)

Original Values (3)

Constant

0.5

1.28*

1.63**

1.39*

0.94

2.32

2.62

2.04

Dummy 1999

0.97**

1.09**

0.38

0.19

3.29

3.54

1.25

0.57

“True deficit”

0.31**

0.33**

0.33**

0.31**

5.97

6.11

5.62

4.94

Growth effect

-0.34**

-0.29*

2.89

2.19

Deficitrule(H)

-0.27*

-0.45**

2.43

3.97

Debt rule (W)

-0.2**

-0.18**

5.72________

4.76_______

Number of

134

134

129

129

observations

R2:   within

0.276

0.339

0.385

0.329

between

0.353

0.398

0.446

0.348

______overall_______

0.299________

0.346________

0.203________

0.159

Notes: (1) Adjusted T- statistics in italics. *, ** indicate coefficient significance at the 95% and 99%
level, respectively. "True Deficit" and "h" are instrumented by their lagged values.

(2) Data as in the latest releases available.

(3) 1998-2004 data for Greece, Italy, and Portugal are those from first official releases

Table 6.4    Determinants of Deficit- and Debt-specific SFA - Euro area

Euro area - 1994-2004

- 2SLS fixed effects estimation (1)______

Dependent Variable

Deficit SFA (x)

Deficit SFA (x)

Debt SFA (z)

Debt SFA (z)

Data set_____________

Current Values (2)

Original Values (3)

Current Values (2)

Original Values (3)

Constant

0.27

1.5*

1.65**

1.39*

0.46

2.27

2.13

1.62

Dummy 1999

0.87**

0.98**

1.71

-0.0-5

2.8

2.91

0.5

0.13

“True deficit”

0.29**

0.32**

0.30**

0.28**

4.78

4.83

3.97

3.38

Growth effect

-0.35**

-0.29*

2.68

1.99

Deficitrule(H)

-0.21

-0.48**

1.68

3.67

Debtrule (W)

-0.2**

-0.18**

4.69________

3.83________

Number of

101

101

99

99

observations

R2: within

0.258

0.349

0.330

0.269

between

0.451

0.408

0.467

0.378

______overall_________

0.345________

0.340________

0.195________

0.151

Notes: (1) Adjusted T- statistics in italics. *, ** indicate coefficient significance at the 95% and 99%
level, respectively. "True Deficit" and "h" are instrumented by their lagged values.

(2) Data as in the latest releases available.

(3) 1998-2004 data for Greece, Italy, and Portugal are those from first official releases

176



More intriguing information

1. The fundamental determinants of financial integration in the European Union
2. Mergers under endogenous minimum quality standard: a note
3. Effort and Performance in Public-Policy Contests
4. A NEW PERSPECTIVE ON UNDERINVESTMENT IN AGRICULTURAL R&D
5. The name is absent
6. The name is absent
7. Can a Robot Hear Music? Can a Robot Dance? Can a Robot Tell What it Knows or Intends to Do? Can it Feel Pride or Shame in Company?
8. Antidote Stocking at Hospitals in North Palestine
9. Language discrimination by human newborns and by cotton-top tamarin monkeys
10. The name is absent