Table 2. Correlation matrix (1) Real GDP... | Emerald Publishing

Table 2.

Correlation matrix

	(1) Real GDP	(2) Govt gen exp	(3) Inflation	(4) Trade openness	(5) Labor force	(6) Capital formation	(7) Sec school enrl	(8) Pup teach ratio	(9) Private credit	(10) Domestic credit
Real GDP (1)	1
Govt gen exp (2)	0.09^***	1
Inflation (3)	−0.04^*	−0.1^***	1
Trade openness (4)	0.06^**	0.22^***	−0.02	1
Labor force (5)	−0.11^***	−0.19^***	−0.01	−0.01	1
Capital formation (6)	0.07^***	0.078^***	−0.02	0.23^***	0.02	1
Sec school enrl (7)	0.66^***	0.08^***	−0.01	0.19^***	−0.22^***	0.04	1
Pup teach ratio (8)	−0.62^***	−0.07^**	−0.04	−0.19^***	0.28^***	−0.16^***	−0.85^***	1
Privat credit (9)	0.46^***	0.06^**	−0.17^***	0.18^***	−0.05^*	0.15^***	0.48^***	−0.44^***	1
Domestic credit (10)	0.42^***	−0.001	−0.14^***	0.07^**	−0.13^***	0.1^***	0.43^***	−0.42^***	0.91^***	1

	(1)Real GDP	(2)Govt gen exp	(3)Inflation	(4)Trade openness	(5)Labor force	(6)Capital formation	(7)Sec school enrl	(8)Pup teach ratio	(9)Private credit	(10)Domestic credit
Real GDP (1)	1
Govt gen exp (2)	0.09^***	1
Inflation (3)	−0.04^*	−0.1^***	1
Trade openness (4)	0.06^**	0.22^***	−0.02	1
Labor force (5)	−0.11^***	−0.19^***	−0.01	−0.01	1
Capital formation (6)	0.07^***	0.078^***	−0.02	0.23^***	0.02	1
Sec school enrl (7)	0.66^***	0.08^***	−0.01	0.19^***	−0.22^***	0.04	1
Pup teach ratio (8)	−0.62^***	−0.07^**	−0.04	−0.19^***	0.28^***	−0.16^***	−0.85^***	1
Privat credit (9)	0.46^***	0.06^**	−0.17^***	0.18^***	−0.05^*	0.15^***	0.48^***	−0.44^***	1
Domestic credit (10)	0.42^***	−0.001	−0.14^***	0.07^**	−0.13^***	0.1^***	0.43^***	−0.42^***	0.91^***	1

Note:

***

Shows significance at 1%,

**

at 5% and

*

at 10% correlation