Table 4

Pearson correlation: before the Great Recession (1980–2006)

VariablesCGCPCPBOCPB
CG1.00   
 –   
 –   
CP0.17***1.00  
 (5.96)–  
 ((0.00))–  
CPBO0.17***0.96***1.00 
 (6.14)(124.64)– 
 ((0.00))((0.00))– 
CPB0.21***0.89***0.88***1.00
 (7.42)(70.05)(66.34–
 ((0.00))((0.00))((0.00))–

Note(s): t-statistics are reported in single parenthesis. p-values are reported in double parenthesis. ***, ** denote statistical significance at 1 and 5% level, respectively

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