Table 3 Impact of credit impulse on...

Table 3

Impact of credit impulse on gross fixed capital formation growth

	(1)	(2)	(3)	(4)	(5)
	h = 1	h = 2	h = 3	h = 4	h = 5
Credit impulse (ci)	1.388	−1.505	−0.674	0.184	1.585
Credit impulse (ci)	(1.031)	(1.061)	(1.360)	(1.018)	(0.800)
Debt/GDP	0.695	−0.269	1.041	0.388	0.582
Debt/GDP	(0.392)	(0.383)	(0.568)	(0.338)	(0.372)
Current account/GDP	4.873^*	−0.061	−1.231	−0.408	−0.835
Current account/GDP	(2.275)	(1.713)	(1.273)	(1.817)	(1.548)
Real GDP growth	−10.888^*	0.898	3.953	−5.384	−3.473
Real GDP growth	(4.200)	(2.917)	(2.541)	(2.841)	(2.816)
Trade openness	0.171	−0.232	0.536	−0.460	0.344
Trade openness	(0.265)	(0.376)	(0.390)	(0.481)	(0.428)
Institutional quality	1.407	0.607	2.322	0.178	0.349
Institutional quality	(1.195)	(1.629)	(1.500)	(1.644)	(1.462)
Country FE	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Observations	415	395	376	353	333

	(1)	(2)	(3)	(4)	(5)
	h = 1	h = 2	h = 3	h = 4	h = 5
Credit impulse (ci)	1.388	−1.505	−0.674	0.184	1.585
Credit impulse (ci)	(1.031)	(1.061)	(1.360)	(1.018)	(0.800)
Debt/GDP	0.695	−0.269	1.041	0.388	0.582
Debt/GDP	(0.392)	(0.383)	(0.568)	(0.338)	(0.372)
Current account/GDP	4.873^*	−0.061	−1.231	−0.408	−0.835
Current account/GDP	(2.275)	(1.713)	(1.273)	(1.817)	(1.548)
Real GDP growth	−10.888^*	0.898	3.953	−5.384	−3.473
Real GDP growth	(4.200)	(2.917)	(2.541)	(2.841)	(2.816)
Trade openness	0.171	−0.232	0.536	−0.460	0.344
Trade openness	(0.265)	(0.376)	(0.390)	(0.481)	(0.428)
Institutional quality	1.407	0.607	2.322	0.178	0.349
Institutional quality	(1.195)	(1.629)	(1.500)	(1.644)	(1.462)
Country FE	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Observations	415	395	376	353	333

Note(s): Dependent variable is gross fixed capital formation growth (annual %). Coefficients and robust standard errors (in parentheses) from local projections. ^*p < 0.10, ^**p < 0.05, ^***p < 0.01

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