The effect of legislative constraints on foreign debt: presidential systems
| Legislative constraints | Legislative constraints redefined by polity | |||||||
|---|---|---|---|---|---|---|---|---|
| Fixed effects | Random effects | Fixed effects | Random effects | |||||
| Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | Model 7 | Model 8 | |
| Constant | −0.1101* (0.0823) | −0.0930 (0.0825) | −0.0069 (0.0130) | −0.0085* (0.0131) | −0.1123* (0.0826) | −0.0961** (0.0829) | −0.0063 (0.0130) | −0.0073 (0.0130) |
| Legislative constraints | −0.0056 (0.0131) | −0.1005** (0.0475) | −0.0036 (0.0086) | −0.0490* (0.0306) | −0.0072 (0.0136) | −0.0978** (0.0490) | −0.0018 (0.0085) | −0.0393 (0.0323) |
| Legislative constraints2 | 0.1886** (0.0909) | 0.0912* (0.0589) | 0.1787** (0.0930) | 0.0754 (0.0626) | ||||
| Economic development | 0.0166* (0.0119) | 0.0146 (0.0120) | 0.0018 (0.0019) | 0.0022 (0.0019) | 0.0169* (0.0120) | 0.0148 (0.0120) | 0.0017 (0.0019) | 0.0019 (0.0019) |
| Economic growth | −0.0024*** (0.0004) | −0.0024*** (0.0004) | −0.0023*** (0.0004) | −0.0023*** (0.0003) | −0.0024*** (0.0004) | −0.0023*** (0.0004) | −0.0023*** (0.0004) | −0.0023*** (0.0003) |
| Exports | −0.0009*** (0.0003) | −0.0009*** (0.0003) | −0.0004*** (0.0001) | −0.0004*** (0.0001) | −0.0009*** (0.0003) | −0.0009*** (0.0003) | −0.0004*** (0.0001) | −0.0004*** (0.0001) |
| Budget deficit | −0.0020*** (0.0005) | −0.0019*** (0.0005) | −0.0019*** (0.0003) | −0.0019*** (0.0003) | −0.0020*** (0.0005) | −0.0019*** (0.0005) | −0.0019*** (0.0003) | −0.0018*** (0.0003) |
| Government consumption | 0.0015** (0.0007) | 0.0015** (0.0007) | 0.0006** (0.0003) | 0.0006** (0.0003) | 0.0015** (0.0007) | 0.0016** (0.0007) | 0.0006** (0.0003) | 0.0006** (0.0003) |
| IMF participation | −0.0054 (0.0043) | −0.0050 (0.0043) | −0.0094*** (0.0034) | −0.0095*** (0.0034) | −0.0054 (0.0043) | −0.0049 (0.0043) | −0.0095*** (0.0034) | −0.0095*** (0.0034) |
| ρ | 0.1627 | 0.1509 | 0.0000 | 0.0000 | 0.1649 | 0.1516 | 0.0000 | 0.0000 |
| R2 within | 0.1291 | 0.1337 | na | na | 0.1292 | 0.1331 | na | na |
| N | 892 | 892 | 892 | 892 | 892 | 892 | 892 | 892 |
| Legislative constraints | Legislative constraints redefined by polity | |||||||
|---|---|---|---|---|---|---|---|---|
| Fixed effects | Random effects | Fixed effects | Random effects | |||||
| Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | Model 7 | Model 8 | |
| Constant | −0.1101* (0.0823) | −0.0930 (0.0825) | −0.0069 (0.0130) | −0.0085* (0.0131) | −0.1123* (0.0826) | −0.0961** (0.0829) | −0.0063 (0.0130) | −0.0073 (0.0130) |
| Legislative constraints | −0.0056 (0.0131) | −0.1005** (0.0475) | −0.0036 (0.0086) | −0.0490* (0.0306) | −0.0072 (0.0136) | −0.0978** (0.0490) | −0.0018 (0.0085) | −0.0393 (0.0323) |
| Legislative constraints2 | 0.1886** (0.0909) | 0.0912* (0.0589) | 0.1787** (0.0930) | 0.0754 (0.0626) | ||||
| Economic development | 0.0166* (0.0119) | 0.0146 (0.0120) | 0.0018 (0.0019) | 0.0022 (0.0019) | 0.0169* (0.0120) | 0.0148 (0.0120) | 0.0017 (0.0019) | 0.0019 (0.0019) |
| Economic growth | −0.0024*** (0.0004) | −0.0024*** (0.0004) | −0.0023*** (0.0004) | −0.0023*** (0.0003) | −0.0024*** (0.0004) | −0.0023*** (0.0004) | −0.0023*** (0.0004) | −0.0023*** (0.0003) |
| Exports | −0.0009*** (0.0003) | −0.0009*** (0.0003) | −0.0004*** (0.0001) | −0.0004*** (0.0001) | −0.0009*** (0.0003) | −0.0009*** (0.0003) | −0.0004*** (0.0001) | −0.0004*** (0.0001) |
| Budget deficit | −0.0020*** (0.0005) | −0.0019*** (0.0005) | −0.0019*** (0.0003) | −0.0019*** (0.0003) | −0.0020*** (0.0005) | −0.0019*** (0.0005) | −0.0019*** (0.0003) | −0.0018*** (0.0003) |
| Government consumption | 0.0015** (0.0007) | 0.0015** (0.0007) | 0.0006** (0.0003) | 0.0006** (0.0003) | 0.0015** (0.0007) | 0.0016** (0.0007) | 0.0006** (0.0003) | 0.0006** (0.0003) |
| IMF participation | −0.0054 (0.0043) | −0.0050 (0.0043) | −0.0094*** (0.0034) | −0.0095*** (0.0034) | −0.0054 (0.0043) | −0.0049 (0.0043) | −0.0095*** (0.0034) | −0.0095*** (0.0034) |
| 0.1627 | 0.1509 | 0.0000 | 0.0000 | 0.1649 | 0.1516 | 0.0000 | 0.0000 | |
| 0.1291 | 0.1337 | na | na | 0.1292 | 0.1331 | na | na | |
| 892 | 892 | 892 | 892 | 892 | 892 | 892 | 892 | |
Notes: Standard errors in parentheses. *p < 0.10; **p<0.05; ***p<0.01
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