Two-stage least square regression coefficient matrix: full sample and pre-crisis analyses
| Full sample analysis (1980–2019) | Before the great recession (1980–2006) | |||||||
|---|---|---|---|---|---|---|---|---|
| CG | CP | CPBO | CPB | CG | CP | CPBO | CPB | |
| Coefficient (p-value) | Coefficient (p-value) | Coefficient (p-value) | Coefficient (p-value) | Coefficient (p-value) | Coefficient (p-value) | Coefficient (p-value) | Coefficient (p-value) | |
| CG | – | 4.270*** (0.00) | 4.313*** (0.00) | 3.892*** (0.00) | – | 2.239*** (0.00) | 2.291*** (0.00) | 2.063*** (0.00) |
| CP | 0.234*** (0.00) | – | 1.009*** (0.00) | 0.911*** (0.00) | 0.148*** (0.00) | – | 1.006*** (0.00) | 0.833*** (0.00) |
| CPBO | 0.232*** (0.00) | 0.990*** (0.00) | – | 0.903*** (0.00) | 0.145*** (0.00) | 0.962*** (0.00) | – | 0.810*** (0.00) |
| CPB | 0.257*** (0.00) | 1.097*** (0.00) | 1.108*** (0.00) | – | 0.179*** (0.00) | 1.096*** (0.00) | 1.115*** (0.00) | – |
| Full sample analysis (1980–2019) | Before the great recession (1980–2006) | |||||||
|---|---|---|---|---|---|---|---|---|
| CG | CP | CPBO | CPB | CG | CP | CPBO | CPB | |
| Coefficient ( | Coefficient ( | Coefficient ( | Coefficient ( | Coefficient ( | Coefficient ( | Coefficient ( | Coefficient ( | |
| CG | – | 4.270*** (0.00) | 4.313*** (0.00) | 3.892*** (0.00) | – | |||
| CP | 0.234*** (0.00) | – | 1.009*** (0.00) | 0.911*** (0.00) | – | |||
| CPBO | 0.232*** (0.00) | 0.990*** (0.00) | – | 0.903*** (0.00) | – | |||
| CPB | 0.257*** (0.00) | 1.097*** (0.00) | 1.108*** (0.00) | – | – | |||
Note(s): *** statistical significance at the 1% level
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