Results for the debt fiscal limit impact on the off-budget municipal activities
| WC-Robust | WC-Robust | |||
|---|---|---|---|---|
| OFF_ONlessgrantsOFF | OFF_ONlessgrantsOFF | OFF_ONlessgrantsOFF | OFF_ONlessgrantsOFF | |
| Coef. | Coef. | Coef. | Coef. | |
| Variable | (Std. Err.) | (Std. Err.) | (Std. Err.) | (Std. Err.) |
| L1.OFF_ONlessgrantsOFF | −0.1136 (0.0335)*** | −0.1136 (0.1918) | −0.1046 (0.0310)*** | −0.1046 (0.1861) |
| L2.OFF_ONlessgrantsOFF | −0.0527 (0.0172)*** | −0.0527 (0.0420) | −0.0614 (0.0155)*** | −0.0614 (0.0387) |
| L3.OF_ONlessgrantsOFF | 0.0107 (0.0159) | 0.0107 (0.0410) | 0.0045 (0.0155) | 0.0045 (0.0572) |
| ln_ON_pop | −0.1306 (0.0094)*** | −0.1306 (0.0250)*** | −0.1188 (0.0097)*** | −0.1188 (0.0275)*** |
| Grants | −0.0057 (0.0177) | −0.0057 (0.0223) | 0.0005 (0.0175) | 0.0005 (0.0234) |
| L1.Debt fiscal limit H1 | 0.0274 (0.0025)*** | 0.0274 (0.0037)*** | 0.0237 (0.0025)*** | 0.0237 (0.0043)*** |
| Debt_per capita H2 | −0.0018 (0.0008)** | −0.0018 (0.0010)* | ||
| MOC debt share H3 | 0.0808 (0.0148)*** | 0.0808 (0.0243)*** | ||
| Growth | 0.0015 (0.0057) | 0.0015 (0.0231) | −0.0034 (0.0056) | −0.0034 (0.0227) |
| year2013 | −0.0024 (0.0010)** | −0.0024 (0.0012)** | −0.0006 (0.0011) | −0.0006 (0.0014) |
| year2015 | −0.0225 (0.0020)*** | −0.0225 (0.0027)*** | −0.0205 (0.0020)*** | −0.0205 (0.0031)*** |
| year2017 | 0.0107 (0.0018)*** | 0.0107 (0.0048)** | 0.0082 (0.0019)*** | 0.0082 (0.0054) |
| year2018 | 0.0145 (0.0027)*** | 0.0145 (0.0071)** | 0.0111 (0.0028)*** | 0.0111 (0.0079) |
| year | 0.0007 (0.0000)*** | 0.0007 (0.0001)*** | 0.0006 (0.0000)*** | 0.0006 (0.0001)*** |
| Number of observations | 3,480 | 3,480 | 3,480 | 3,480 |
| Number of groups | 719 | 719 | 719 | 719 |
| Number of instruments | 41 | 41 | 41 | 41 |
| Wald test | 1683.27*** | 1023.81*** | 1897.66*** | 1220.24*** |
| Sargan test | 85.3442 | 85.3442 | 85.9331 | 85.9331 |
| 0.0000 | 0.0000 | 0.0000 | 0.0000 | |
| Arellano–Bond test AR(1) | −2.1216 | −1.5052 | −2.1316 | −1.5527 |
| 0.0339 | 0.1323 | 0.0330 | 0.1205 | |
| AR(2) | 0.8294 | 0.1971 | 1.5269 | 0.3807 |
| 0.4069 | 0.8438 | 0.1268 | 0.7034 |
| WC-Robust | WC-Robust | |||
|---|---|---|---|---|
| OFF_ONlessgrantsOFF | OFF_ONlessgrantsOFF | OFF_ONlessgrantsOFF | OFF_ONlessgrantsOFF | |
| Coef. | Coef. | Coef. | Coef. | |
| Variable | (Std. Err.) | (Std. Err.) | (Std. Err.) | (Std. Err.) |
| L1.OFF_ONlessgrantsOFF | −0.1136 (0.0335) | −0.1136 (0.1918) | −0.1046 (0.0310) | −0.1046 (0.1861) |
| L2.OFF_ONlessgrantsOFF | −0.0527 (0.0172) | −0.0527 (0.0420) | −0.0614 (0.0155) | −0.0614 (0.0387) |
| L3.OF_ONlessgrantsOFF | 0.0107 (0.0159) | 0.0107 (0.0410) | 0.0045 (0.0155) | 0.0045 (0.0572) |
| ln_ON_pop | ||||
| Grants | −0.0057 (0.0177) | −0.0057 (0.0223) | 0.0005 (0.0175) | 0.0005 (0.0234) |
| L1.Debt fiscal limit | ||||
| Debt_per capita | ||||
| MOC debt share | ||||
| Growth | 0.0015 (0.0057) | 0.0015 (0.0231) | −0.0034 (0.0056) | −0.0034 (0.0227) |
| year2013 | −0.0024 (0.0010) | −0.0024 (0.0012) | −0.0006 (0.0011) | −0.0006 (0.0014) |
| year2015 | −0.0225 (0.0020) | −0.0225 (0.0027) | −0.0205 (0.0020) | −0.0205 (0.0031) |
| year2017 | 0.0107 (0.0018) | 0.0107 (0.0048) | 0.0082 (0.0019) | 0.0082 (0.0054) |
| year2018 | 0.0145 (0.0027) | 0.0145 (0.0071) | 0.0111 (0.0028) | 0.0111 (0.0079) |
| year | 0.0007 (0.0000) | 0.0007 (0.0001) | 0.0006 (0.0000) | 0.0006 (0.0001) |
| Number of observations | 3,480 | 3,480 | 3,480 | 3,480 |
| Number of groups | 719 | 719 | 719 | 719 |
| Number of instruments | 41 | 41 | 41 | 41 |
| Wald test | 1683.27 | 1023.81 | 1897.66 | 1220.24 |
| Sargan test | 85.3442 | 85.3442 | 85.9331 | 85.9331 |
| 0.0000 | 0.0000 | 0.0000 | 0.0000 | |
| Arellano–Bond test AR(1) | −2.1216 | −1.5052 | −2.1316 | −1.5527 |
| 0.0339 | 0.1323 | 0.0330 | 0.1205 | |
| AR(2) | 0.8294 | 0.1971 | 1.5269 | 0.3807 |
| 0.4069 | 0.8438 | 0.1268 | 0.7034 |
Notes:
*p < 0.1; **p < 0.05; ***p < 0.01; Std. Err. in brackets
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