Table 5 Continental heterogeneity:...

Table 5

Continental heterogeneity: credit impulse interactions

	Inflation	GFCF growth	GFCF level
	(PP)	(PP)	(Level units)
Sub-Saharan Africa	−0.050	−23.325^***	−0.426
Sub-Saharan Africa	(0.068)	(3.031)	(0.288)
Number of obs	77	34	71
Latin America	−0.270^***	−1.975	0.076
Latin America	(13.532)	(3.227)	(0.195)
Number of obs	100	53	129
Middle East and North Africa	0.157	14.933^***	−3.450
Middle East and North Africa	(0.150)	(3.202)	(3.111)
Number of obs	20	7	14
Asia-Pacific	−0.009	1.004	0.423^**
Asia-Pacific	(0.055)	(3.683)	(0.164)
Number of obs	142	109	176
Eastern and Central Europe	−0.953^**	−2.319	−0.530
Eastern and Central Europe	(0.328)	(6.624)	(0.330)
Number of obs	119	60	115
Western Europe	−0.005^**	−3.477^***	0.201^***
Western Europe	(0.001)	(0.001)	(0.003)
Number of obs	43	27	43
North America	−0.027^***	−3.267^***	0.038^*
North America	(0.002)	(0.001)	(0.013)
Number of obs	33	25	33

	Inflation	GFCF growth	GFCF level
	(PP)	(PP)	(Level units)
Sub-Saharan Africa	−0.050	−23.325^***	−0.426
Sub-Saharan Africa	(0.068)	(3.031)	(0.288)
Number of obs	77	34	71
Latin America	−0.270^***	−1.975	0.076
Latin America	(13.532)	(3.227)	(0.195)
Number of obs	100	53	129
Middle East and North Africa	0.157	14.933^***	−3.450
Middle East and North Africa	(0.150)	(3.202)	(3.111)
Number of obs	20	7	14
Asia-Pacific	−0.009	1.004	0.423^**
Asia-Pacific	(0.055)	(3.683)	(0.164)
Number of obs	142	109	176
Eastern and Central Europe	−0.953^**	−2.319	−0.530
Eastern and Central Europe	(0.328)	(6.624)	(0.330)
Number of obs	119	60	115
Western Europe	−0.005^**	−3.477^***	0.201^***
Western Europe	(0.001)	(0.001)	(0.003)
Number of obs	43	27	43
North America	−0.027^***	−3.267^***	0.038^*
North America	(0.002)	(0.001)	(0.013)
Number of obs	33	25	33

Note(s): Entries report the global credit impulse (ci) within the continental dummies. All regressions include country and year fixed effects and full controls. Standard errors clustered by country are reported in parentheses. ^*p < 0.10,^**p < 0.05, ^***p < 0.01

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