Table 4.
Multinomial Probit Models.
| (8) | |
|---|---|
| Pressure on CB | |
| Degree of populism | 1.067** |
| (0.345) | |
| Economic left-right scale | −0.394*** |
| (0.102) | |
| Populism × economic left-right scale | 0.685** |
| (0.243) | |
| Lagged capital outflows to GDP | −0.001* |
| (0.000) | |
| Irregular governor turnover | |
| Degree of populism | 0.306 |
| (0.332) | |
| Economic left-right scale | 0.073 |
| (0.114) | |
| Populism × economic left-right scale | −0.352 |
| (0.213) | |
| Lagged Δ GDP | −6.949** |
| (2.440) | |
| Weakening of CBI | |
| Degree of populism | 0.687 |
| (0.715) | |
| Economic left-right scale | 0.630 |
| (0.335) | |
| Populism × economic left-right scale | −1.235*** |
| (0.352) | |
| Lagged capital outflows to GDP | −0.001* |
| (0.000) | |
| IMF CB conditions | −11.418*** |
| (0.891) | |
| Debt-to-GDP ratio | 0.039*** |
| (0.010) | |
| Lagged Δ exchange rate | 18.119*** |
| (3.797) | |
| Log-likelihood | −460 |
| N | 2000 |
| Number of clusters | 35 |
Multinomial probit model with Huber-White standard errors clustered by country, base category is “no pressure.” Statistically not significant controls omitted.
*p < 0.05,**p < 0.01,***p < 0.001.