|
Constant |
Maturity |
MV/Y |
ω∕Y |
∆y |
Inflation |
R2 | |
|
Ψ∏ » |
0.77 |
-0.04 |
0.12 |
-19.23 |
-0.474 |
-5.364 |
0.24 |
|
ψ1,2 |
(0.07) |
(0.32) |
(0.79) |
(0.14) |
(0.96) |
(0.480) | |
|
Ψ-. , |
1.64 |
-0.113 |
0.552 |
-60.148 |
-15.878 |
1.109 |
0.29 |
|
ψ1,3 |
(0.10) |
(0.26) |
(0.61) |
(0.07) |
(0.50) |
(0.95) | |
|
Ψ-. Γ∙ |
1.72 |
-0.142 |
0.639 |
-80.01 |
-36.94 |
18.17 |
018 |
|
ψ1,5 |
(0.20) |
(0.32) |
(0.69) |
(0.09) |
(0.30) |
(0.49) |
. |
|
Ψ,. |
0.75 |
-0.035 |
0.369 |
-22.767 |
-0.483 |
-8.611 |
0.33 |
|
2,2 |
(0.11) |
(0.44) |
(0.484) |
(0.13) |
(0.96) |
(0.33) | |
|
Ψn, |
1.56 |
-0.064 |
0.806 |
-95.730 |
-7.164 |
-10.680 |
015 |
|
ψ2,3 |
(0.34) |
(0.71) |
(0.68) |
(0.11) |
(0.87) |
(0.74) |
. |
|
Ψ2,5 |
1.63 |
-0.132 (0.58) |
-0.064 (0.98) |
-103.511 (0.18) |
-1.325 (0.98) |
12.191 (0.78) |
-0.262 |
|
Im |
1.54 |
-0.033 |
0.873 |
6.546 |
5.869 |
-22.43 |
019 |
|
(0.027) |
(0.57) |
(0.23) |
(0.71) |
(0.69) |
(0.09) |
. | |
|
φ*1 |
1.56 |
-0.112 |
0.327 |
-11.531 |
-0.861 |
-6.285 |
0.09 |
|
1 |
(0.04) |
(0.13) |
(0.67) |
(0.56) |
(0.96) |
(0.62) | |
|
ɪ* <τ> o |
0.48 |
-0.074 |
0.768 |
-31.887 |
3.323 |
1.342 |
0.57 |
|
*∙* 3 |
(0.23) |
(0.12) |
(0.15) |
(0.04) |
(0.75) |
(0.86) | |
|
φ* |
0.31 |
-0.070 |
1.279 |
-38.199 |
-4.463 |
2.327 |
0.61 |
|
5 |
(0.50) |
(0.21) |
(0.07) |
(0.05) |
(0.72) |
(0.81) |
Table 5 - Macroeconomic Determinants of Fiscal Insurance
Table shows regression results of Pi = a + bxMaturityi + cMVi∣Yi + dωt∣Yt + e∆yi + fπi where Pi
is the variable listed in the first column, Maturityi is the average maturity length of bonds for country i in
our sample, MVi∣Yi denotes the average debt∕GDP ratio, ^i∣Yi denotes country i’s average deficit∕GDP
ratio, ∆yi denotes average GDP growth and πy average inflation. Number in each cell is the estimated
coefficient and in parantheses the p-value of significance for each variable.
38
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