Table 1 Impact of the volatility of...

Table 1

Impact of the volatility of resource revenue on the volatility of non-resource revenue. Estimator: Within fixed effects and random effects

	Within fixed effects		Random effects
Variables	Log(NRESREVVOL)	Log(NRESREVVOL)	Log(NRESREVVOL)	Log(NRESREVVOL)
Variables	(1)	(2)	(3)	(4)
Log(RESREVVOL)	0.279**	0.270**	0.174*	0.167
Log(RESREVVOL)	(0.106)	(0.114)	(0.0979)	(0.111)
DUMOUTL*Log(RESREVVOL)		−0.707**		−1.034***
DUMOUTL*Log(RESREVVOL)		(0.274)		(0.261)
Log(SHRESREV)	0.225	0.276	0.352***	0.373***
Log(SHRESREV)	(0.202)	(0.195)	(0.0962)	(0.0912)
Log(GDPC)	0.404	0.354	0.0634	0.0639
Log(GDPC)	(0.246)	(0.225)	(0.0602)	(0.0533)
Log(GRVOL)	−0.268***	−0.231***	−0.107*	−0.0357
Log(GRVOL)	(0.0616)	(0.0676)	(0.0569)	(0.0635)
Log(OPEN)	0.681	0.498	0.472***	0.402***
Log(OPEN)	(0.425)	(0.380)	(0.144)	(0.131)
Log(TERMSVOL)	0.145	0.144	0.178*	0.166*
Log(TERMSVOL)	(0.137)	(0.138)	(0.0963)	(0.0909)
Log(INFLVOL)	0.225***	0.206***	0.198***	0.184***
Log(INFLVOL)	(0.0412)	(0.0438)	(0.0364)	(0.0300)
Constant	−6.064**	−4.988**	−2.636***	−2.382***
Constant	(2.405)	(2.239)	(0.851)	(0.898)
Observations – countries	206–54	206–54	206–54	206–54
Within R-squared	0.2251	0.2774	0.1764	0.2278
Between R-squared	0.1719	0.2841	0.4272	0.6215
Overall R-squared	0.2174	0.3132	0.3470	0.4412

	Within fixed effects		Random effects
Variables	Log(NRESREVVOL)	Log(NRESREVVOL)	Log(NRESREVVOL)	Log(NRESREVVOL)
Variables	(1)	(2)	(3)	(4)
Log(RESREVVOL)	0.279**	0.270**	0.174*	0.167
Log(RESREVVOL)	(0.106)	(0.114)	(0.0979)	(0.111)
DUMOUTL*Log(RESREVVOL)		−0.707**		−1.034***
DUMOUTL*Log(RESREVVOL)		(0.274)		(0.261)
Log(SHRESREV)	0.225	0.276	0.352***	0.373***
Log(SHRESREV)	(0.202)	(0.195)	(0.0962)	(0.0912)
Log(GDPC)	0.404	0.354	0.0634	0.0639
Log(GDPC)	(0.246)	(0.225)	(0.0602)	(0.0533)
Log(GRVOL)	−0.268***	−0.231***	−0.107*	−0.0357
Log(GRVOL)	(0.0616)	(0.0676)	(0.0569)	(0.0635)
Log(OPEN)	0.681	0.498	0.472***	0.402***
Log(OPEN)	(0.425)	(0.380)	(0.144)	(0.131)
Log(TERMSVOL)	0.145	0.144	0.178*	0.166*
Log(TERMSVOL)	(0.137)	(0.138)	(0.0963)	(0.0909)
Log(INFLVOL)	0.225***	0.206***	0.198***	0.184***
Log(INFLVOL)	(0.0412)	(0.0438)	(0.0364)	(0.0300)
Constant	−6.064**	−4.988**	−2.636***	−2.382***
Constant	(2.405)	(2.239)	(0.851)	(0.898)
Observations – countries	206–54	206–54	206–54	206–54
Within R-squared	0.2251	0.2774	0.1764	0.2278
Between R-squared	0.1719	0.2841	0.4272	0.6215
Overall R-squared	0.2174	0.3132	0.3470	0.4412

Note(s): *p-value < 0.1; **p-value < 0.05; ***p-value < 0.01. Robust standard errors are in parenthesis. For the random effects estimator (“RE”), standard errors have been clustered at the country level

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