Table 5.
Panel regression micro-financial and fiscal policy measures
| Variable | Macro-fin. | Macro-fin. | Macro-fin. | Fiscal | Fiscal | Fiscal |
|---|---|---|---|---|---|---|
| PPP | 5.14*** | 6.78*** | 5.01*** | 3.87*** | 3.00*** | 4.21*** |
| (7.987) | (6.99) | (5.46) | (5.98) | (5.23) | (4.58) | |
| ESP | 0.28*** | 0.29*** | 0.05*** | 0.54*** | ||
| (2.99) | (7.12) | (2.32) | (5.39) | |||
| WS | 4.013*** | (2.995*** | −6.746** | −1.263*** | ||
| (6.45) | (3.98) | (−3.42) | (−4.13) | |||
| AB | 0.04*** | −0.06*** | 0.18*** | 0.06*** | ||
| (1.99) | (−3.69) | −1532 | (8.47) | |||
| LGRF | −0.38*** | −0.08*** | −0.29** | −0.34** | ||
| (−5.10) | (−4.14) | (−645) | (−5.42) | |||
| GC | −0.041** | 0.06*** | ||||
| (−0.24) | (7.48) | |||||
| CRF | −0.03*** | −0.006* | ||||
| (−4.21) | (−0.68) | |||||
| LA | 6.87*** | 4.26*** | ||||
| (3.8) | (4.1) | |||||
| ER | 3.99*** | 5.23*** | ||||
| (5.87) | (12.46) | |||||
| IR | −0.32*** | −0.05*** | ||||
| (−7.95) | (−4.87) | |||||
| R-squared | 0.63 | 0.6 | 0.5 | 0.5 | 0.56 | 0.74 |
| Exchange rate regime | No | No | Yes | No | No | Yes |
*, **, and *** indicate the level of significance at 10%, 5%, and 1%respectively