Table 5.
Static panel data regression
| Proxy of predictor | GDP-CEM | GDP-FEM | GDP-REM | COV-CEM | COV-FEM | COV-REM |
|---|---|---|---|---|---|---|
| Constant |
− 0.569 (19.63) |
** − 232.980 (101.35) |
21.554 (28.26) |
− 3.813 (19.31) |
** − 233.360 (101.30) |
− 21.554 (28.16) |
| TC |
− 73.588 (66.97) |
28.150 (77.14) |
− 47.681 (61.10) |
––––– | ––––– | ––––– |
| ERM | ––––– | ––––– | ––––– |
*6.692 (5.03) |
-2.591 (5.42) |
-47.681 (61.10) |
| WS |
***0.226 (0.0073) |
***0.168 (0.0084) |
***0.199 (0.0073) |
***0.226 (0.0073) |
***0.172 (0.0084) |
***0.199 (0.0073) |
| UB |
0.918 (1.15) |
*1.874 (1.38) |
*1.634 (1.20) |
0.905 (1.15) |
*1.880 (1.38) |
*1.634 (1.20) |
| CRF |
1.171 (0.273) |
0.141 (0.278) |
0.513 (0.259) |
1.173 (0.273) |
0.142 (0.278) |
0.513 (0.259) |
| GS |
0.969 (1.28) |
**15.671 (7.92) |
*2.426 (1.84) |
0.954 (1.28) |
**15.566 (7.91) |
*2.426 (0.014) |
| CA |
0.0651 (1.05) |
0.2499 (1.155) |
0.0231 (1.155) |
0.070 (0.105) |
0.344 (0.184) |
0.023 (0.155) |
| EI |
***0.000 0.000 |
***0.000 0.000 |
***0.000 0.00 |
*** 0.000 0.000 |
***0.000 0.000 |
*** 0.000 0.000 |
| R2 | 0.494 | 0.708 | 0.373 | 0.494 | 0.709 | 0.373 |
| Adj-R2 | 0.492 | 0.651 | 0.370 | 0.492 | 0.651 | 0.370 |
| F-statistics | ***197.247 | ***12.682 | ***122.245 | ***197.405 | ***12.684 | ***122.245 |
| Number of panel observations | 1484 | 1484 | 1484 | 1484 | 1484 | 1484 |
Description: the numbers in parenthesis show standard errors and (*) shows significance at 10%, (**) shows significance at 5%, and (***) depicts significance at 1%