The ultimate determinants of central bank independence



23

Table 4.2. Table based on estimation without restrictions on the covariances of 2, γ3) and 2, ζ).

Sample period 1960 - 1993 for all variables (except for NAIRU: 1960 - 1988).

OPCBI = -0.008 * NAIRU M + 0.807 * WLEFT M - 0.436 * VPROD M + 0.923 * SLOPE M
(-0.237)                 (1.529)                (-1.784)                (1.452)

Note:     _M means that variables are taken in deviation form their mean.

Т-values in parentheses.

Country

Indices

ES

LVAU

Transformed Indices

OPCBI

OPCBI N

Differences (INDEX-OPCBI)

AL

GMTT

AL_N

GMTTN

ES-N

AL-N

GMTTN

ES-N

LVAU

AvDIFF

Australia

1

9

1

0.31

0.00

0.56

0.00

0.461

0.536

-0.54

0.03

-0.54

-0.23

-0.32

Austria

9

3

0.58

0.56

0.50

1.223

0.727

-0.16

-0.23

-0.15

-0.18

Belgium

2

7

3

0.19

0.33

0.44

0.50

0.518

0.550

-0.22

-0.11

-0.05

-0.36

-0.19

Canada

2

11

1

0.46

0.33

0.69

0.00

0.438

0.530

-0.20

0.16

-0.53

-0.07

-0.16

Denmark

2

8

4

0.47

0.33

0.50

0.75

0.270

0.488

-0.16

0.01

0.26

-0.02

0.02

Finland

2

3

0.27

0.33

0.50

0.625

0.577

-0.24

-0.08

-0.31

-0.21

France

2

7

2

0.28

0.33

0.44

0.25

0.959

0.661

-0.33

-0.22

-0.41

-0.38

-0.34

Germany

4

13

5

0.66

1.00

0.81

1.00

0.655

0.585

0.42

0.23

0.42

0.08

0.28

Ireland

7

0.39

0.44

0.238

0.480

-0.04

-0.09

-0.07

Italy

1.5

5

2

0.22

0.17

0.31

0.25

0.126

0.453

-0.29

-0.14

-0.20

-0.23

-0.22

Japan

3

6

3

0.16

0.67

0.38

0.50

-3.410

0.000

0.67

0.38

0.50

0.16

0.43

Netherlands

2

10

4

0.42

0.33

0.63

0.75

0.260

0.486

-0.15

0.14

0.26

-0.07

0.05

NewZealand

1

3

3

0.27

0.00

0.19

0.50

-3.200

0.000

0.00

0.19

0.50

0.27

0.24

Norway

2

2

0.14

0.33

0.25

1.579

0.816

-0.48

-0.57

-0.68

-0.57

Spain

1

5

1

0.21

0.00

0.31

0.00

-1.925

0.000

0.00

0.31

0.00

0.21

0.13

Sweden

2

2

0.27

0.33

0.25

1.915

0.900

-0.57

-0.65

-0.63

-0.62

Switzerland

4

12

5

0.68

1.00

0.75

1.00

0.065

0.437

0.56

0.31

0.56

0.24

0.42

UK

2

6

2

0.31

0.33

0.38

0.25

1.077

0.690

-0.36

-0.32

-0.44

-0.38

-0.37

US_______

3

12

3

0,51

0,67

0,75

0,50

0,741

0,606

0,06

0,14

-0,11

-0,10

0,00



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