Table 3 PSTR estimates of financial...

Table 3

PSTR estimates of financial development thresholds and regimes

Threshold variable	Regime	Threshold value (c)	Slope parameter (⁠ $γ$ ⁠)	AIC	SBC
CREPRI	j = 1	33.025	235.908	0.048	0.390
CREPRI	j = 2	99.401	0.840	0.048	0.390
CREFIN	j = 1	48.238	2976.2	−0.007	0.334
CREFIN	j = 2	63.427	3.996	−0.007	0.334
LIQUID	j = 1	35.519	96.824	0.109	0.451
LIQUID	j = 2	102.099	0.182	0.109	0.451

Threshold variable	Regime	Threshold value (c)	Slope parameter ( $γ$ )	AIC	SBC
CREPRI	j = 1	33.025	235.908	0.048	0.390
CREPRI	j = 2	99.401	0.840	0.048	0.390
CREFIN	j = 1	48.238	2976.2	−0.007	0.334
CREFIN	j = 2	63.427	3.996	−0.007	0.334
LIQUID	j = 1	35.519	96.824	0.109	0.451
LIQUID	j = 2	102.099	0.182	0.109	0.451

Note(s): This table reports the PSTR estimation of transition functions in the models defined in Eqn. (6)–(8). There are two transition locations (r = 2) for each model. j = [1, r] is the order of the transition locations. AIC and SBC are the Akaike Information Criterion and the Schwarz Bayesian Criterion, respectively

Source(s): Author's computations

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