Two-stage least square regression coefficient matrix: during crisis and post-crisis analyses
| During the Great Recession (2007 to 2009) | After the Great Recession (2010 to 2019) | |||||||
|---|---|---|---|---|---|---|---|---|
| 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 | – | 2.754*** (0.00) | 2.689*** (0.00) | 2.552*** (0.00) | – | 2.343*** (0.00) | 2.371*** (0.00) | 2.227*** (0.00) |
| CP | 0.122*** (0.00) | – | 0.970*** (0.00) | 0.831*** (0.00) | 0.154*** (0.00) | – | 1.001*** (0.00) | 0.857*** (0.00) |
| CPBO | 0.125*** (0.00) | 1.019*** (0.00) | – | 0.855*** (0.00) | 0.155*** (0.00) | 0.993*** (0.00) | – | 0.856*** (0.00) |
| CPB | 0.147*** (0.00) | 1.085*** (0.00) | 1.063*** (0.00) | – | 0.180*** (0.00) | 1.052*** (0.00) | 1.059*** (0.00) | – |
| During the Great Recession (2007 to 2009) | After the Great Recession (2010 to 2019) | |||||||
|---|---|---|---|---|---|---|---|---|
| CG | CP | CPBO | CPB | CG | CP | CPBO | CPB | |
| Coefficient ( | Coefficient ( | Coefficient ( | Coefficient ( | Coefficient ( | Coefficient ( | Coefficient ( | Coefficient ( | |
| CG | – | 2.754*** (0.00) | 2.689*** (0.00) | 2.552*** (0.00) | – | |||
| CP | 0.122*** (0.00) | – | 0.970*** (0.00) | 0.831*** (0.00) | – | |||
| CPBO | 0.125*** (0.00) | 1.019*** (0.00) | – | 0.855*** (0.00) | – | |||
| CPB | 0.147*** (0.00) | 1.085*** (0.00) | 1.063*** (0.00) | – | – | |||
Note(s): ***statistical significance at the 1% level
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