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
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