Benchmark estimation and robustness checks (Placebo test and Winsorization)
| Fixed effect | Placebo test | Winsorization | |
|---|---|---|---|
| I | II | III | |
| GD | −0.098*** | 0.083 | −0.138*** |
| (−3.70) | (0.82) | (−3.97) | |
| GCF | −0.379*** | −0.378*** | −0.396*** |
| (−6.63) | (−6.64) | (−6.76) | |
| FDI | 0.046 | 0.045 | 0.142 |
| (1.01) | (0.99) | (1.59) | |
| CPI | 0.138*** | 0.146*** | 0.155*** |
| (3.38) | (3.83) | (3.32) | |
| GDP | −0.678*** | −0.647*** | −0.722*** |
| (−8.80) | (−9.59) | (−9.27) | |
| EGS | −0.077 | −0.069 | −0.103** |
| (−1.58) | (−1.43) | (−2.09) | |
| Constant | 1.730*** | 1.397*** | 1.768*** |
| (14.05) | (16.02) | (12.44) | |
| R-squared | 0.798 | 0.671 | 0.812 |
| Observations | 989 | 989 | 989 |
| country FE | YES | YES | YES |
| year FE | YES | YES | YES |
| Fixed effect | Placebo test | Winsorization | |
|---|---|---|---|
| I | II | III | |
| GD | −0.098*** | 0.083 | −0.138*** |
| (−3.70) | (0.82) | (−3.97) | |
| GCF | −0.379*** | −0.378*** | −0.396*** |
| (−6.63) | (−6.64) | (−6.76) | |
| FDI | 0.046 | 0.045 | 0.142 |
| (1.01) | (0.99) | (1.59) | |
| CPI | 0.138*** | 0.146*** | 0.155*** |
| (3.38) | (3.83) | (3.32) | |
| GDP | −0.678*** | −0.647*** | −0.722*** |
| (−8.80) | (−9.59) | (−9.27) | |
| EGS | −0.077 | −0.069 | −0.103** |
| (−1.58) | (−1.43) | (−2.09) | |
| Constant | 1.730*** | 1.397*** | 1.768*** |
| (14.05) | (16.02) | (12.44) | |
| 0.798 | 0.671 | 0.812 | |
| Observations | 989 | 989 | 989 |
| country FE | YES | YES | YES |
| year FE | YES | YES | YES |
Note(s): t-statistics are in parenthesis; ***, **, and * denote statistical significance at the 1%, 5%, and 10% levels, respectively
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