Table 3.

Economic Impact of SARS – Fixed Effects IV estimate.

	(i)	(ii)	(iii)	(iv)	(v)
$log(K)$	0.353***	0.352***	0.354***	0.353***	0.353***
	[0.007]	[0.030]	[0.030]	[0.030]	[0.030]
$log(L)$	0.350***	0.353***	0.350***	0.349***	0.350***
	[0.035]	[0.035]	[0.035]	[0.035]	[0.035]
$log(BB)$	0.044***	0.044***	0.044***	0.044***	0.043***
	[0.007]	[0.007]	[0.007]	[0.007]	[0.007]
$SARS$ (dummy)		−0.050**
		[0.023]
$SARS$ (cases by population)			−0.008***	−0.042***	0.104***
			[0.002]	[0.013]	[0.039]
SARS (cases by population)2				0.001***	−0.001*
				[0.000]	[0.001]
$\text{log}(BB)\ast SARS$ (cases by population)					0.141***
					[0.038]
Fixed effects by country	YES	YES	YES	YES	YES
Fixed effects by year	YES	YES	YES	YES	YES
Restriction	${\rm Y}=0,$ $\zeta =0$, $\eta =0$	$\zeta =0,$ $\eta =0$	$\zeta =0$, $\eta =0$	$\zeta =0$	–
Under identification contrast	158.6***	159.3***	158.6***	158.2***	157.9***
Weak identification contrast	291.2†	291.5†	291.8†	290.9†	145.1††
R2	0.81	0.81	0.81	0.81	0.81
Observations	2460	2460	2460	2460	2460
Estimation method	IV	IV	IV	IV	IV

Note: robust standard errors in parentheses. *p<10%, **p<5%, ***p<1%. (†) denotes critical value at 10% of 16.38. (††) denotes critical value at 10% of 7.03. All equations exactly identified.

Source: Prepared by the authors