PSTR estimates of explanatory variables
| Dep. var. GROWTH | CREPRI | CREFIN | LIQUID |
|---|---|---|---|
| Eq. (6) | Eq. (7) | Eq. (8) | |
| Low regime | |||
| FD | −0.025 (0.020) | 0.002** (0.011) | −0.009 (0.039) |
| GC | −0.126** (0.054) | −0.091 (0.046) | −0.230*** (0.056) |
| DI | −0.011 (0.021) | 0.002 (0.023) | −0.002 (0.031) |
| OPEN | 0.024*** (0.006) | −0.375*** (0.138) | −0.173 (0.153) |
| INC | 3.198*** (1.083) | −0.024 (0.036) | −0.047 (0.050) |
| POP | 0.092 (0.245) | −0.002 (0.008) | −0.012 (0.008) |
| LABOR | 0.041 (0.040) | −0.014 (1.009) | 1.256 (1.058) |
| INF | −0.003 (0.009) | 0.020*** (0.005) | 0.029*** (0.008) |
| INS | 0.240 (0.436) | 0.065 (0.455) | −0.737 (0.813) |
| Mid-regime (first transition function) | |||
| FD | −0.003 (0.023) | −0.057* (0.033) | 0.023 (0.039) |
| GC | 0.068 (0.060) | −0.332*** (0.107) | 0.167*** (0.056) |
| DI | −0.031** (0.015) | 0.094*** (0.027) | −0.042* (0.026) |
| OPEN | −0.033*** (0.007) | 1.042 (0.653) | −0.107 (0.167) |
| INC | −0.044 (0.306) | 0.032* (0.017) | 0.058** (0.027) |
| POP | −0.434* (0.264) | −0.136*** (0.011) | −0.038 (0.026) |
| LABOR | 0.056*** (0.017) | 0.592 (0.506) | −0.918* (0.512) |
| INF | −0.051** (0.025) | −0.025*** (0.007) | −0.034*** (0.009) |
| INS | 0.623 (0.758) | −0.216 (0.656) | 0.652 (0.758) |
| High regime (second-transition function) | |||
| FD | −0.058*** (0.020) | 0.029 (0.033) | −0.019 (0.012) |
| GC | 0.065 (0.095) | 0.375*** (0.128) | 0.103 (0.100) |
| DI | 0.169*** (0.038) | −0.088** (0.041) | 0.171*** (0.059) |
| OPEN | 0.028*** (0.009) | −1.451* (0.759) | – 6.344*** (1.523) |
| INC | −1.843** (0.864) | 0.011 (0.022) | 0.211*** (0.056) |
| POP | −1.029** (0.513) | 0.108*** (0.029) | 0.079 (0.061) |
| LABOR | 0.097*** (0.037) | −0.467 (0.583) | −5.120*** (1.092) |
| INF | 0.163*** (0.061) | 0.015* (0.008) | 0.045*** (0.013) |
| INS | 2.373*** (0.868) | 1.616* (0.939) | 3.634*** (1.077) |
| Number of observations | 342 | 342 | 342 |
| Dep. var. GROWTH | CREPRI | CREFIN | LIQUID |
|---|---|---|---|
| GC | −0.126** (0.054) | −0.091 (0.046) | −0.230*** (0.056) |
| DI | −0.011 (0.021) | 0.002 (0.023) | −0.002 (0.031) |
| OPEN | 0.024*** (0.006) | −0.375*** (0.138) | −0.173 (0.153) |
| INC | 3.198*** (1.083) | −0.024 (0.036) | −0.047 (0.050) |
| POP | 0.092 (0.245) | −0.002 (0.008) | −0.012 (0.008) |
| LABOR | 0.041 (0.040) | −0.014 (1.009) | 1.256 (1.058) |
| INF | −0.003 (0.009) | 0.020*** (0.005) | 0.029*** (0.008) |
| INS | 0.240 (0.436) | 0.065 (0.455) | −0.737 (0.813) |
| GC | 0.068 (0.060) | −0.332*** (0.107) | 0.167*** (0.056) |
| DI | −0.031** (0.015) | 0.094*** (0.027) | −0.042* (0.026) |
| OPEN | −0.033*** (0.007) | 1.042 (0.653) | −0.107 (0.167) |
| INC | −0.044 (0.306) | 0.032* (0.017) | 0.058** (0.027) |
| POP | −0.434* (0.264) | −0.136*** (0.011) | −0.038 (0.026) |
| LABOR | 0.056*** (0.017) | 0.592 (0.506) | −0.918* (0.512) |
| INF | −0.051** (0.025) | −0.025*** (0.007) | −0.034*** (0.009) |
| INS | 0.623 (0.758) | −0.216 (0.656) | 0.652 (0.758) |
| GC | 0.065 (0.095) | 0.375*** (0.128) | 0.103 (0.100) |
| DI | 0.169*** (0.038) | −0.088** (0.041) | 0.171*** (0.059) |
| OPEN | 0.028*** (0.009) | −1.451* (0.759) | – 6.344*** (1.523) |
| INC | −1.843** (0.864) | 0.011 (0.022) | 0.211*** (0.056) |
| POP | −1.029** (0.513) | 0.108*** (0.029) | 0.079 (0.061) |
| LABOR | 0.097*** (0.037) | −0.467 (0.583) | −5.120*** (1.092) |
| INF | 0.163*** (0.061) | 0.015* (0.008) | 0.045*** (0.013) |
| INS | 2.373*** (0.868) | 1.616* (0.939) | 3.634*** (1.077) |
| Number of observations | 342 | 342 | 342 |
Note(s): Standard errors corrected for heteroskedasticity in parentheses. *, ** and *** denote significance at the 10, 5 and 1% level, respectively
Source(s): Author's computations
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.