Table 3 Does the impact of the...

Table 3

Does the impact of the volatility of resource revenue on the volatility of non-resource revenue depend on the share of resource revenue in total public revenue? Estimator: Two-step system GMM

Variables	Log(NRESREVVOL)
Variables	(1)
Log(NRESREVVOL)	0.0690***
Log(NRESREVVOL)	(0.0238)
Log(RESREVVOL)	−0.849***
Log(RESREVVOL)	(0.118)
Log(SHRESREV)	−0.562***
Log(SHRESREV)	(0.0770)
[Log(RESREVVOL)]*[Log(SHRESREV)]	0.268***
[Log(RESREVVOL)]*[Log(SHRESREV)]	(0.0338)
[DUMOUTL]*[Log(RESREVVOL)]	0.975***
[DUMOUTL]*[Log(RESREVVOL)]	(0.0493)
DUMOUTL	−3.998***
DUMOUTL	(0.110)
Log(GDPC)	0.282***
Log(GDPC)	(0.0220)
Log(GRVOL)	−0.220***
Log(GRVOL)	(0.0194)
Log(OPEN)	0.589***
Log(OPEN)	(0.0888)
Log(TERMSVOL)	0.267***
Log(TERMSVOL)	(0.0486)
Log(INFLVOL)	0.157***
Log(INFLVOL)	(0.0326)
Constant	−1.677***
Constant	(0.589)
Observations – Countries	163–47
Number of instruments	43
AR1 (p-value)	0.0291
AR2 (p-value)	0.3059
AR3 (p-value)	0.5223
Sargan (p-value)	0.2567

Variables	Log(NRESREVVOL)
Variables	(1)
Log(NRESREVVOL)	0.0690***
Log(NRESREVVOL)	(0.0238)
Log(RESREVVOL)	−0.849***
Log(RESREVVOL)	(0.118)
Log(SHRESREV)	−0.562***
Log(SHRESREV)	(0.0770)
[Log(RESREVVOL)]*[Log(SHRESREV)]	0.268***
[Log(RESREVVOL)]*[Log(SHRESREV)]	(0.0338)
[DUMOUTL]*[Log(RESREVVOL)]	0.975***
[DUMOUTL]*[Log(RESREVVOL)]	(0.0493)
DUMOUTL	−3.998***
DUMOUTL	(0.110)
Log(GDPC)	0.282***
Log(GDPC)	(0.0220)
Log(GRVOL)	−0.220***
Log(GRVOL)	(0.0194)
Log(OPEN)	0.589***
Log(OPEN)	(0.0888)
Log(TERMSVOL)	0.267***
Log(TERMSVOL)	(0.0486)
Log(INFLVOL)	0.157***
Log(INFLVOL)	(0.0326)
Constant	−1.677***
Constant	(0.589)
Observations – Countries	163–47
Number of instruments	43
AR1 (p-value)	0.0291
AR2 (p-value)	0.3059
AR3 (p-value)	0.5223
Sargan (p-value)	0.2567

Note(s): *p-value < 0.1; **p-value < 0.05; ***p-value < 0.01. Robust standard errors are in parenthesis. In the two-step system GMM estimations, the variables “RESREVVOL” and “OPEN” have been considered as endogenous

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