The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Table 3 Estimation results for global panel
Variable | (1) EFW only | (2) EFW only [IV] | (3) EFW with (r − g) | (4) EFW with (r − g) [IV] | (5) EFW with (r − g) × EFW | (6) EFW with (r − g) × EFW [IV] |
|---|---|---|---|---|---|---|
EFW | 0.069504*** (0.016147) | 0.451182*** (0.131949) | 0.069444*** (0.016154) | 0.455083*** (0.132865) | 0.069155*** (0.016126) | 0.458865*** (0.133532) |
EFW2 | −0.00458*** (0.001188) | −0.03141*** (0.009371) | −0.00458*** (0.001189) | −0.03169*** (0.009437) | −0.004534*** (0.001187) | −0.03188*** (0.009479) |
(r−g) | 1.71E − 05 (7.31E − 05) | −4.09E − 05 (8.94E − 05) | 0.001831** (0.000766) | 0.002578*** (0.000959) | ||
(r−g) × EFW | −0.000260** (0.000109) | −0.00037*** (0.000137) | ||||
Lag GDP/capita | −7.39E − 07*** (2.45E − 07) | −9.69E07*** (3.34E − 07) | −7.43E − 07*** (2.46E − 07) | −9.59E − 07*** (3.36E − 07) | −7.10E − 07*** (2.46E − 07) | −9.04E − 07*** (3.36E − 07) |
Govt. spending (as % of GDP) | −0.000646** (0.000317) | 8.95E − 05 (0.000461) | −0.000651** (0.000318) | 0.000108 (0.000464) | −0.000607* (0.000317) | 0.000190 0.000470 |
Inflation | 0.000315*** (0.000116) | 0.001133*** (0.000316) | 0.000318*** (0.000116) | 0.001134*** (0.000318) | 0.000346*** (0.000117) | 0.001199*** (0.000323) |
Population growth rate | 0.001014 (0.000905) | 0.000864 (0.001129) | 0.001005 (0.000906) | 0.000889 (0.001135) | 0.000948 (0.000905) | 0.000809 (0.001140) |
Natural resource rent (as % of GDP) | −0.000267 (0.000251) | −0.000732** (0.000347) | −0.000257 0.000255 | −0.000762** (0.000354) | −0.000137 (0.000259) | −0.000597* (0.000356) |
Gross savings rate (as % of GDP) | 0.000413*** (0.000139) | 0.000681*** (0.000192) | 0.000416*** (0.000139) | 0.000677*** (0.000192) | 0.000418*** (0.000139) | 0.000685*** (0.000193) |
Tax revenue (as % of GDP) | −0.00115*** (0.000158) | −0.00193*** (0.000268) | −0.00115*** (0.000158) | −0.00194*** (0.000269) | −0.001139*** (0.000158) | −0.00192*** (0.000270) |
Trade openness | 7.09E05** (3.49E05) | 9.63E − 05** (4.82E − 05) | 7.19E − 05** (3.52E − 05) | 9.38E − 05* (4.87E − 05) | 6.62E − 05* (3.52E − 05) | 8.30E − 05* (4.92E − 05) |
Unemployment rate | 0.001204*** (0.000207) | 0.001002*** (0.000278) | 0.001192*** (0.000213) | 0.001028*** (0.000284) | 0.001213*** (0.000213) | 0.001076*** (0.000285) |
Redundant fixed effects tests (prob) | 208.474658 (0.0000) | 207.349682 (0.0000) | 203.076909 (0.0000) | |||
Hausman test | 69.065138 (0.0000) | 69.429193 (0.0000) | 74.483952 (0.0000) | |||
Observations | 1394 | 1360 | 1394 | 1360 | 1394 | 1360 |
Number of countries | 82 | 80 | 82 | 80 | 82 | 80 |
Adj. R-squared | 0.970005 | 0.955503 | 0.969983 | 0.955181 | 0.970090 | 0.954825 |
F-statistic | 490.6446 | 485.0728 | 485.0167 | 479.4735 | 481.6390 | 476.5421 |
Prob (F-statistic) | 0.000000 | 0.000000 | 0.000000 | 0.000000 | 0.000000 | 0.000000 |