The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Table 4 Estimation results for high-, middle-, and low-income countries
High-income | Middle-income | Low-income | ||||
|---|---|---|---|---|---|---|
Variable | (1) EFW with (r − g) × EFW | (2) EFW with (r − g) × EFW [IV] | (3) EFW with (r − g) × EFW | (4) EFW with (r − g) × EFW [IV] | (5) EFW with (r − g) × EFW | (6) EFW with (r − g) × EFW [IV] |
EFW | 0.012224 (0.002944) *** | −0.027931 (0.010880)** | 0.019469 (0.002737)*** | 0.052680 (0.009976)*** | 0.001709 (0.006614) | 0.013558 (0.021279) |
(r−g) | 0.003302 (0.001877)* | 0.002655 (0.002135) | 0.000704 (0.001120) | 0.001298 (0.001263) | 0.000546 (0.004302) | 0.013752 (0.006953)* |
(r−g) × EFW | −0.000477 (0.000256)* | −0.000390 (0.000292) | −8.06E − 05 0.000170 | −0.000160 (0.000192) | −6.13E − 05 (0.000608) | −0.001959 (0.000983)** |
Lag GDP/capita | 4.18E − 07 (2.41E − 07)* | 7.22E − 07 (2.67E − 07)*** | −7.29E − 06 (9.18E − 07)*** | −1.16E − 05 (1.59E − 06)*** | 1.14E − 05 (1.74E − 05) | 2.95E − 06 (1.75E − 05) |
Govt. spending (as % of GDP) | −0.000525 (0.000582) | −0.002334 (0.000746)*** | −0.001207 (-0.001207)** | −0.000634 (0.000572) | 0.001210 (0.000803) | 0.001557 (0.001285) |
Inflation | 0.000506 (0.000298)* | −0.000126 (0.000365) | 0.000294 (0.000147)** | 0.000990 (0.000258)*** | 0.000470 (0.000355) | −0.000498 (0.000564) |
Population growth rate | 0.000792 (0.001525) | −0.000372 (0.001698) | 0.000108 (0.001176) | −0.000533 (0.001326) | 0.004484 (0.007610) | −0.045721 (0.009437)*** |
Natural resource rent (as % of GDP) | −0.000932 (0.000530)* | −0.000685 (0.000563) | −0.000742 (0.000356)** | −0.000906 (0.000400)** | 0.000952 (0.000609) | 0.000420 (0.001036) |
Gross savings rate (as % of GDP) | −0.000367 (0.000245) | −0.000644 (0.000275)** | 0.000454 (0.000191)** | 0.000429 (0.000213)** | 0.001166 (0.000476)** | 0.002799 (0.000925)** |
Tax revenue (as % of GDP) | −0.000691 (0.000174)*** | −0.001190 (0.000229)*** | −0.001305 (0.000361)*** | −0.001418 (0.000404)*** | −0.000904 (0.001114) | 0.001325 (0.002308) |
Trade openness | −1.42E − 05 (4.36E − 05) | 5.28E − 05 (4.94E − 05) | 0.000126 (6.61E − 05)* | 1.87E − 05 (7.99E − 05) | −0.000221 (0.000176) | 0.000779 (0.000250)*** |
Unemployment rate | 0.001466 (0.000252)*** | 0.000566 (0.000376) | 0.001321 (0.000430)*** | 0.000833 (0.000500)* | −0.000569 (0.001606) | 0.002975 (0.001273)** |
Redundant fixed effects tests (prob) | 125.551393 (0.0000) | 211.849998 (0.0000) | 31.495902 (0.0000) | |||
Hausman test (Prob) | 51.324853 (0.0000) | 24.774029 (0.0159) | – | |||
Observations | 646 | 629 | 646 | 646 | 102 | 102 |
Number of countries | 38 | 37 | 38 | 38 | 6 | 6 |
Adj. R-squared | 0.949992 | 0.944860 | 0.945949 | 0.932593 | 0.912050 | 0.738918 |
F-statistic | 251.0613 | 269.7732 | 231.3719 | 225.0688 | 62.61075 | 27.29917 |
Prob (F-statistic) | 0.000000 | 0.000000 | 0.000000 | 0.000000 | 0.000000 | 0.000000 |