Fiscal Insurance and Debt Management in OECD Economies



Constant

Variable

Fixed Long

Fixed Short

FX

Indexed

R2

Ψl,2

0.36

-0.646

0.227

1.388

0.767

-6.147

0.19

(0.58)

(0.69)

(0.80)

(0.60)

(0.57)

(0.24)

Ψl,3

0.96

0.626

0.539

2.467

1.143

-14.369

-0.15

(0.63)

(0.90)

(0.85)

(0.76)

(0.77)

(0.34)

Ψl,5

1.20
(0.66)

2.415

(0.72)

0.326
(0.93)

3.337
(0.76)

1.311

(0.81)

-17.866

(0.39)

-0.32

Ψ2,2

0.06

-0.183

0.729

2.414

0.881

-7.291

-0.01

(0.94)

(0.93)

(0.57)

(0.52)

(0.63)

(0.29)

Ψ2,3

-0.94

(0.79)

2.995
(0.73)

3.842
(0.46)

10.245
(0.49)

4.077
(0.58)

-24.819

(0.36)

-0.25

Ψ2,5

2.67
(0.54)

-2.226

(0.83)

-1.300

(0.83)

4.785
(0.78)

1.498
(0.86)

-29.169

(0.37)

-0.5

Im

1.514

-0.773

-1.135

-0.946

-5.687

4.107

0.74

(0.11)

(0.68)

(0.33)

(0.76)

(0.03)

(0.46)

φ*1

0.654

0.484

-0.207

1.281

-0.393

-9.104

0.62

1

(0.27)

(0.72)

(0.78)

(0.57)

(0.72)

(0.08)

ɪ*

<τ> o

2.438

-4.743

-2.461

-2.087

-1.148

-9.003

0.27

*∙* 3

(0.10)

(0.17)

(0.20)

(0.66)

(0.63)

(0.32)

φ*5

1.600

-0.252

-0.152

5.312

-1.446

-19.343

-0.23

5

(0.55)

(0.97)

(0.97)

(0.63)

(0.79)

(0.34)

Table 7 - Portfolio Determinants of Fiscal Insurance II

Table shows regression results of Pi = a+bxVariablei+cFixediLongtermi+dFixedshort+eForeignCurrency
+ flndexedi where Pi is the variable listed in the first column, Maturityi is the average maturity length of
bonds for country i in our sample, Variablei denotes the proportion of variable rate debt, FixedLongterm
the proportion of fixed long term debt issued Number in each cell is the estimated coefficient and in paran-
theses the p-value of significance for each variable.

40



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