Table 2.
Determinants of center and state liability in India: 1980–81 to 2019–20
| Estimate | Standard error | t ratio | p value | F-ratio/F-statistic | RMSE | |
|---|---|---|---|---|---|---|
| Model 1/independent variable | < 0.0001* | 140.2039 | 14,076,689 | |||
| Intercept | 45,483,416 | 17,255,350 | 2.64 | 0.0122* | < 0.0001* | |
| Lending rate | ( −)2,765,352 | 1,135,233 | − 2.44 | 0.0198* | ||
| Net FDI flows | 2397.97 | 261.4705 | 9.17 | < 0.0001* | ||
| R square = 0.88 | ||||||
| Model 2/independent variable | < 0.0001* | 66.6573 | 19,216,903 | |||
| Intercept | 70,843,390 | 23,820,252 | 2.97 | 0.0051* | < 0.0001* | |
| Lending rate | ( −)4,359,145 | 1,558,526 | − 2.80 | 0.0081* | ||
| Trade Balance | ( −)388.51 | 73.44284 | − 5.29 | < 0.0001* | ||
| R square = 0.78 | ||||||
| Model 3/independent variable | < 0.0001* | 64.2341 | 16,583,419 | |||
| Intercept | 99,990,063 | 22,014,222 | 4.54 | < 0.0001* | < 0.0001* | |
| Lending rate | ( −)4,983,835 | 1,355,506 | − 3.68 | 0.0008* | ||
| GDP growth (%) | ( −)3,396,027 | 918,031.6 | − 3.70 | 0.0007* | ||
| Trade balance | ( −)361.37 | 63.80156 | − 5.66 | < 0.0001* | ||
| R square = 0.84 | ||||||
| Model 4/independent variable | < 0.0001* | 1438.802 | 3,801,409 | |||
| Intercept | − 7,531,348 | 896,811.6 | − 8.40 | 0.0001* | < 0.0001* | |
| GDP | 0.7988 | 0.043443 | 18.39 | 0.0001* | ||
| Trade balance | 114.40 | 23.15997 | 4.94 | 0.0001* | ||
| Foreign exchange reserves R-square = 0.98 | 83.99 | 12.68369 | 6.62 | < 0.0001* |
Source Regression Output from JMP Statistics Software
*p < 0.05 level of significance, N = 40