Table 2.
Parameter estimates | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Models | N | n | β 0 | P Value | β 1 | P Value | β 2 | P Value | β 3 | P Value | β 4 | P Value | β 5 | P Value | p |
Lag 0 | 119 | 1268 | 34.505 | <0.001 | 0.147 | <0.001 | 3.955 | <0.001 | 0.104 | <0.001 | 0.035 | <0.001 | 0.017 | 0.155 | 0.983 |
Lag 1 | 118 | 1228 | 35.470 | <0.001 | 0.142 | <0.001 | 3.891 | <0.001 | 0.101 | <0.001 | 0.034 | <0.001 | 0.020 | 0.107 | 0.982 |
Lag 2 | 116 | 1114 | 35.670 | <0.001 | 0.131 | <0.001 | 3.978 | <0.001 | 0.103 | <0.001 | 0.033 | <0.001 | 0.025 | 0.069 | 0.978 |
Lag 3 | 116 | 1001 | 34.888 | <0.001 | 0.105 | <0.001 | 4.107 | <0.001 | 0.119 | <0.001 | 0.033 | <0.001 | 0.034 | 0.028 | 0.972 |
Lag 4 | 116 | 889 | 33.674 | <0.001 | 0.086 | <0.001 | 4.218 | <0.001 | 0.129 | <0.001 | 0.045 | <0.001 | 0.048 | 0.005 | 0.963 |
Lag 5 | 116 | 889 | 34.378 | <0.001 | 0.078 | 0.003 | 4.285 | <0.001 | 0.121 | <0.001 | 0.044 | <0.001 | 0.056 | 0.002 | 0.964 |
Lag 6 | 116 | 889 | 35.280 | <0.001 | 0.072 | 0.007 | 4.298 | <0.001 | 0.114 | <0.001 | 0.043 | <0.001 | 0.063 | <0.001 | 0.965 |
Lag 7 | 116 | 889 | 36.162 | <0.001 | 0.064 | 0.017 | 4.292 | <0.001 | 0.107 | <0.001 | 0.043 | <0.001 | 0.071 | <0.001 | 0.966 |
Lag 8 | 116 | 793 | 35.153 | <0.001 | 0.030 | 0.278 | 4.613 | <0.001 | 0.119 | <0.001 | 0.043 | <0.001 | 0.084 | <0.001 | 0.957 |
Lag 9 | 116 | 697 | 34.049 | <0.001 | -0.005 | 0.861 | 4.915 | <0.001 | 0.132 | <0.001 | 0.045 | <0.001 | 0.098 | <0.001 | 0.944 |
Lag 10 | 113 | 582 | 31.609 | <0.001 | -0.056 | 0.092 | 5.503 | <0.001 | 0.140 | <0.001 | 0.058 | <0.001 | 0.143 | <0.001 | 0.920 |
N = number of countries; n = number of observations; ρ = estimate of the first order autocorrelation coefficient