. 2022 Jan 11;63(3):1375–1402. doi: 10.1007/s00181-021-02168-3

Table 6.

Determinants of fiscal balance with one-step system GMM

	Dependent variable: ${FB}_{i, t}$
${FB}_{i, t - 1}$	0.64*** (0.05)	0.64*** (0.102)	0.61*** (0.04)
${CPV}_{i, t}$	–0.04*** (0.02)	–0.07*** (0.02)	–0.02 (0.02)
$P C {CP}_{i, t}$	0.04*** (0.006)	0.05*** (0.008)	0.04*** (0.01)
${CAP}_{i, t}$	0.001 (0.0012)	0.0009 (0.001)	0.005 (0.006)
${MI}_{i, t}$	–0.32*** (0.09)	–0.4*** (0.14)	–0.28** (0.11)
${RIR}_{i, t}$	–0.03* (0.02)	–0.03^Φ (0.02)	–0.03 (0.02)
${{RIR}_{i, t} * C P V}_{i, t}$	–0.004* (0.002)	–0.004^Φ (0.003)	–0.003^Φ (0.002)
AR (1) p value	0.00	0.01	0.00
AR (2) p value	0.28	0.68	0.34
Hansen p value instruments	0.20 44	0.42 44	0.18 44

Dependent variable:

{FB}_{i, t}

Full sample (1)

Commodity-exporting (2)

Commodity-importing (3)

{FB}_{i, t - 1}

0.64***

(0.05)

0.64***

(0.102)

0.61***

(0.04)

{CPV}_{i, t}

–0.04***

(0.02)

–0.07***

(0.02)

–0.02

(0.02)

P C {CP}_{i, t}

0.04***

(0.006)

0.05***

(0.008)

0.04***

(0.01)

{CAP}_{i, t}

0.001

(0.0012)

0.0009

(0.001)

0.005

(0.006)

{MI}_{i, t}

–0.32***

(0.09)

–0.4***

(0.14)

–0.28**

(0.11)

{RIR}_{i, t}

–0.03*

(0.02)

–0.03^Φ

(0.02)

–0.03

(0.02)

{{RIR}_{i, t} * C P V}_{i, t}

–0.004*

(0.002)

–0.004^Φ

(0.003)

–0.003^Φ

(0.002)

AR (1) p value

0.00

0.01

0.00

AR (2) p value

0.28

0.68

0.34

Hansen p value instruments

0.20

0.42

0.18

Standard errors are presented below the corresponding coefficients in brackets. The asterisks ***, ** and * indicate the significance at the 1, 5 and 10 per cent level, respectively. ^Φ indicates the significance at the 20 per cent level