Results for the debt fiscal limit impact on the off-budget activities of urban, rural and urban–rural municipalities (LGs)
| Urban LGs | Rural LGs | Urban–rural LGs | ||||
|---|---|---|---|---|---|---|
| WC-Robust | WC-Robust | WC-Robust | ||||
| OFF_ONlessgrantsOFF | OFF_ONlessgrantsOFF | OFF_ONlessgrantsOFF | OFF_ONlessgrantsOFF | OFF_ONlessgrantsOFF | OFF_ONlessgrantsOFF | |
| Coef. | Coef. | Coef. | Coef. | Coef. | Coef. | |
| Variable | (Std. Err.) | (Std. Err.) | (Std. Err.) | (Std. Err.) | (Std. Err.) | (Std. Err.) |
| L1.OFF_ONlessgrantsOFF | −0.3056 (0.0249)*** | −0.3056 (0.0739)*** | −0.1415 (0.0231)*** | −0.1415 (0.2937) | 0.1462 (0.0488)*** | 0.1462 (0.1685) |
| L2.OFF_ONlessgrantsOFF | −0.1519 (0.0178)*** | −0.1519 (0.0461)*** | 0.0392 (0.0182)** | 0.0392 (0.0558) | −0.0883 (0.0239)*** | −0.0883 (0.0471)* |
| L3.OFF_ONlessgrantsOFF | −0.1054 (0.0166)*** | −0.1054 (0.0470)** | 0.2838 (0.0361)*** | 0.2838 (0.1654)* | −0.0092 (0.0196) | −0.0092 (0.0427) |
| ln_ON_pop | −0.1689 (0.0098)*** | −0.1689 (0.0353)*** | −0.1158 (0.0136)*** | −0.1158 (0.0421)*** | −0.0863 (0.0152)*** | −0.0863 (0.0381)** |
| Grants | 0.0556 (0.0305)* | 0.0556 (0.0746) | −0.0729 (0.0273)*** | −0.0729 (0.0816) | −0.0416 (0.0265) | −0.0416 (0.0391) |
| L1.Debt fiscal limit H1A | 0.0023 (0.0022) | 0.0023 (0.0035) | 0.0308 (0.0049)*** | 0.0308 (0.0122)** | 0.0026 (0.0012)** | 0.0026 (0.0019) |
| MOC debt share H3 | 0.1191 (0.0175)*** | 0.1191 (0.0367)*** | 0.0838 (0.0224)*** | 0.0838 (0.0457)* | 0.0466 (0.0115)*** | 0.0466 (0.0198)** |
| Growth | 0.0327 (0.0061)*** | 0.0327 (0.0180)* | −0.0070 (0.0075) | −0.0070 (0.0240) | −0.0331 (0.0096)*** | −0.0331 (0.0280) |
| year2013 | 0.0012 (0.0018) | 0.0012 (0.0030) | 0.0046 (0.0022)** | 0.0046 (0.0041) | −0.0012 (0.0013) | −0.0012 (0.0029) |
| year2015 | 0.0178 (0.0029)*** | 0.0178 (0.0062)*** | −0.0289 (0.0037)*** | −0.0289 (0.0106)*** | 0.0224 (0.0033)*** | 0.0224 (0.0053)*** |
| year2017 | 0.0316 (0.0043)*** | 0.0316 (0.0091)*** | 0.0056 (0.0025)** | 0.0056 (0.0075) | 0.0263 (0.0053)*** | 0.0263 (0.0105)** |
| year2018 | 0.0404 (0.0046)*** | 0.0404 (0.0113)*** | 0.0048 (0.0045) | 0.0048 (0.0157) | 0.0246 (0.0061)*** | 0.0246 (0.0128)* |
| year | 0.0008 (0.0000)*** | 0.0008 (0.0001)*** | 0.0006 (0.0001)*** | 0.0006 (0.0002)*** | 0.0004 (0.0001)*** | 0.0004 (0.0002)*** |
| Number of observations | 901 | 901 | 744 | 744 | 1,487 | 1,487 |
| Number of groups | 172 | 172 | 175 | 175 | 311 | 311 |
| Number of instruments | 41 | 41 | 41 | 41 | 41 | 41 |
| Wald test | 1615.44*** | 334.87*** | 1819.25*** | 537.51*** | 1622.37*** | 706.93*** |
| Sargan test | 54.5232 | 54.5232 | 48.2405 | 48.2405 | 64.3587 | 64.3587 |
| 0.0019 | 0.0019 | 0.0101 | 0.0101 | 0.0001 | 0.0001 | |
| Arellano–Bond test AR(1) | −0.6724 | −0.5838 | −1.3634 | −1.0912 | −1.4102 | −1.3120 |
| 0.5013 | 0.5593 | 0.1728 | 0.2752 | 0.1585 | 0.1895 | |
| AR(2) | 1.1787 | 0.8688 | −1.3797 | −0.5811 | 0.7062 | 0.6193 |
| 0.2385 | 0.3850 | 0.1677 | 0.5612 | 0.4800 | 0.5357 | |
| Urban LGs | Rural LGs | Urban–rural LGs | ||||
|---|---|---|---|---|---|---|
| WC-Robust | WC-Robust | WC-Robust | ||||
| OFF_ONlessgrantsOFF | OFF_ONlessgrantsOFF | OFF_ONlessgrantsOFF | OFF_ONlessgrantsOFF | OFF_ONlessgrantsOFF | OFF_ONlessgrantsOFF | |
| Coef. | Coef. | Coef. | Coef. | Coef. | Coef. | |
| Variable | (Std. Err.) | (Std. Err.) | (Std. Err.) | (Std. Err.) | (Std. Err.) | (Std. Err.) |
| L1.OFF_ONlessgrantsOFF | −0.3056 (0.0249) | −0.3056 (0.0739) | −0.1415 (0.0231) | −0.1415 (0.2937) | 0.1462 (0.0488) | 0.1462 (0.1685) |
| L2.OFF_ONlessgrantsOFF | −0.1519 (0.0178) | −0.1519 (0.0461) | 0.0392 (0.0182) | 0.0392 (0.0558) | −0.0883 (0.0239) | −0.0883 (0.0471) |
| L3.OFF_ONlessgrantsOFF | −0.1054 (0.0166) | −0.1054 (0.0470) | 0.2838 (0.0361) | 0.2838 (0.1654) | −0.0092 (0.0196) | −0.0092 (0.0427) |
| ln_ON_pop | ||||||
| Grants | 0.0556 (0.0305) | 0.0556 (0.0746) | −0.0729 (0.0273) | −0.0729 (0.0816) | −0.0416 (0.0265) | −0.0416 (0.0391) |
| L1.Debt fiscal limit | 0.0023 (0.0022) | 0.0023 (0.0035) | 0.0026 (0.0019) | |||
| MOC debt share | ||||||
| Growth | 0.0327 (0.0061) | 0.0327 (0.0180) | −0.0070 (0.0075) | −0.0070 (0.0240) | −0.0331 (0.0096) | −0.0331 (0.0280) |
| year2013 | 0.0012 (0.0018) | 0.0012 (0.0030) | 0.0046 (0.0022) | 0.0046 (0.0041) | −0.0012 (0.0013) | −0.0012 (0.0029) |
| year2015 | 0.0178 (0.0029) | 0.0178 (0.0062) | −0.0289 (0.0037) | −0.0289 (0.0106) | 0.0224 (0.0033) | 0.0224 (0.0053) |
| year2017 | 0.0316 (0.0043) | 0.0316 (0.0091) | 0.0056 (0.0025) | 0.0056 (0.0075) | 0.0263 (0.0053) | 0.0263 (0.0105) |
| year2018 | 0.0404 (0.0046) | 0.0404 (0.0113) | 0.0048 (0.0045) | 0.0048 (0.0157) | 0.0246 (0.0061) | 0.0246 (0.0128) |
| year | 0.0008 (0.0000) | 0.0008 (0.0001) | 0.0006 (0.0001) | 0.0006 (0.0002) | 0.0004 (0.0001) | 0.0004 (0.0002) |
| Number of observations | 901 | 901 | 744 | 744 | 1,487 | 1,487 |
| Number of groups | 172 | 172 | 175 | 175 | 311 | 311 |
| Number of instruments | 41 | 41 | 41 | 41 | 41 | 41 |
| Wald test | 1615.44 | 334.87 | 1819.25 | 537.51 | 1622.37 | 706.93 |
| Sargan test | 54.5232 | 54.5232 | 48.2405 | 48.2405 | 64.3587 | 64.3587 |
| 0.0019 | 0.0019 | 0.0101 | 0.0101 | 0.0001 | 0.0001 | |
| Arellano–Bond test AR(1) | −0.6724 | −0.5838 | −1.3634 | −1.0912 | −1.4102 | −1.3120 |
| 0.5013 | 0.5593 | 0.1728 | 0.2752 | 0.1585 | 0.1895 | |
| AR(2) | 1.1787 | 0.8688 | −1.3797 | −0.5811 | 0.7062 | 0.6193 |
| 0.2385 | 0.3850 | 0.1677 | 0.5612 | 0.4800 | 0.5357 | |
Notes:
*p < 0.1; **p < 0.05; ***p < 0.01; Std. Err. in brackets
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