Table 2 Base model coefficients Emerging...

Table 2

Base model coefficients

Emerging economies			Advanced economies
GDP	L. GDP	0.9179^***	GDP	L. GDP	0.8804^***
	L. CPI	−0.1302^***		L. CPI	−0.2126^***
	L. FSI	−0.0690^**		L. FSI	−0.0740^***
CPI	L. GDP	0.0853^***	CPI	L. GDP	0.0535^***
	L. CPI	0.9360^***		L. CPI	0.9057^***
	L. FSI	−0.03020		L. FSI	−0.0001
FSI	L. GDP	0.0459^**	FSI	L. GDP	0.0420
	L. CPI	0.1792^***		L. CPI	0.3538^***
	L. FSI	0.7461^***		L. FSI	0.7851^***

Emerging economies			Advanced economies
GDP	L. GDP	0.9179^***	GDP	L. GDP	0.8804^***
	L. CPI	−0.1302^***		L. CPI	−0.2126^***
	L. FSI	−0.0690^**		L. FSI	−0.0740^***
CPI	L. GDP	0.0853^***	CPI	L. GDP	0.0535^***
	L. CPI	0.9360^***		L. CPI	0.9057^***
	L. FSI	−0.03020		L. FSI	−0.0001
FSI	L. GDP	0.0459^**	FSI	L. GDP	0.0420
	L. CPI	0.1792^***		L. CPI	0.3538^***
	L. FSI	0.7461^***		L. FSI	0.7851^***

Note(s): The PVAR model was estimated with one lag according to the modified Bayesian information criterion (MBIC). No. of observations: 812 per variable; no. of panels: 14 panels. ^***, ^** and ^* denote significance level at 1 5 and 10%, respectively

Source(s): Own elaboration

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