Table 5 Extended model results for...

Table 5

Extended model results for emerging and advanced economies

Emerging economies			Advanced economies
GDP	L. GDP	0.9442^***	GDP	L. GDP	0.5947^***
	L. CPI	−0.0409		L. CPI	−0.3077^***
	L. House prices	−0.0126		L. House prices	0.0829^***
	L. Interest rate	−1.2551^***		L. Interest rate	3.7689^***
	L. FSI	−0.0109^*		L. FSI	0.0342^*
CPI	L. GDP	0.0399^***	CPI	L. GDP	−0.0278^*
	L. CPI	0.8756^***		L. CPI	0.8794^***
	L. House prices	0.0171		L. House prices	0.0194
	L. Interest rate	0.7362^***		L. Interest rate	1.0726^***
	L. FSI	−0.0257		L. FSI	0.0298^***
House prices	L. GDP	0.2617^***	House prices	L. GDP	−0.0234
	L. CPI	0.1951^***		L. CPI	−0.0803
	L. House prices	0.2612^***		L. House prices	0.5677^***
	L. Interest rate	−1.2610^***		L. Interest rate	0.1907
	L. FSI	−0.1035^**		L. FSI	−0.1300^***
Interest rate	L. GDP	0.0137^**	Interest rate	L. GDP	−0.0289^***
	L. CPI	−0.0353^***		L. CPI	−0.0302^***
	L. House prices	0.0103^*		L. House prices	0.0281^***
	L. Interest rate	0.6000^***		L. Interest rate	0.9953^***
	L. FSI	−0.0195^**		L. FSI	0.0071
FSI	L. GDP	0.0432^**	FSI	L. GDP	0.0310
	L. CPI	0.1141^***		L. CPI	0.3519^***
	L. House prices	0.0540^***		L. House prices	0.1130^***
	L. Interest rate	0.1749^***		L. Interest rate	0.6231^***
	L. FSI	0.7628^***		L. FSI	0.8295^***

Emerging economies			Advanced economies
GDP	L. GDP	0.9442^***	GDP	L. GDP	0.5947^***
	L. CPI	−0.0409		L. CPI	−0.3077^***
	L. House prices	−0.0126		L. House prices	0.0829^***
	L. Interest rate	−1.2551^***		L. Interest rate	3.7689^***
	L. FSI	−0.0109^*		L. FSI	0.0342^*
CPI	L. GDP	0.0399^***	CPI	L. GDP	−0.0278^*
	L. CPI	0.8756^***		L. CPI	0.8794^***
	L. House prices	0.0171		L. House prices	0.0194
	L. Interest rate	0.7362^***		L. Interest rate	1.0726^***
	L. FSI	−0.0257		L. FSI	0.0298^***
House prices	L. GDP	0.2617^***	House prices	L. GDP	−0.0234
	L. CPI	0.1951^***		L. CPI	−0.0803
	L. House prices	0.2612^***		L. House prices	0.5677^***
	L. Interest rate	−1.2610^***		L. Interest rate	0.1907
	L. FSI	−0.1035^**		L. FSI	−0.1300^***
Interest rate	L. GDP	0.0137^**	Interest rate	L. GDP	−0.0289^***
	L. CPI	−0.0353^***		L. CPI	−0.0302^***
	L. House prices	0.0103^*		L. House prices	0.0281^***
	L. Interest rate	0.6000^***		L. Interest rate	0.9953^***
	L. FSI	−0.0195^**		L. FSI	0.0071
FSI	L. GDP	0.0432^**	FSI	L. GDP	0.0310
	L. CPI	0.1141^***		L. CPI	0.3519^***
	L. House prices	0.0540^***		L. House prices	0.1130^***
	L. Interest rate	0.1749^***		L. Interest rate	0.6231^***
	L. FSI	0.7628^***		L. FSI	0.8295^***

Note(s): The PVAR model was estimated with one lag according to the 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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