Table 9 CURV regression Variables Model...

Table 9

CURV regression

Variables	Model 7	Model 8	Model 9	Model 10	Model 11	Model 12
L.CURV	0.697^***	0.646^***	0.694^***	0.686^***	0.697^***	0.940^***
L.CURV	(0.0582)	(0.142)	(0.0562)	(0.142)	(0.0538)	(0.0642)
Y1	−0.0414	−0.0354^***	−0.0488	−0.0327^***	−0.0398	−0.00475
Y1	(0.0314)	(0.00641)	(0.0411)	(0.0106)	(0.0404)	(0.00638)
INF	0.0133	0.0273^***	0.0184	0.0223^***	0.0140	0.00163
INF	(0.0248)	(0.00760)	(0.0302)	(0.00746)	(0.0325)	(0.00349)
FX_C	−0.976	0.439	−3.678	0.244	−3.544	−1.511^*
FX_C	(0.906)	(1.335)	(2.534)	(1.721)	(2.393)	(0.808)
GOV_DEBT	−0.0150	−0.0390^**	−0.0304	−0.0290	−0.0102	−0.0152
GOV_DEBT	(0.0336)	(0.0164)	(0.0423)	(0.0177)	(0.0437)	(0.0173)
Constant	−0.225	1.575	0.382	1.156	−0.682	0.684
Constant	(1.548)	(1.533)	(1.725)	(1.119)	(2.074)	(1.229)
Estimator	2SIV	MGIV	2SIV	MGIV	2SIV	MGIV
Observations	1,260	1,260	1,260	1,260	1,260	1,260
Variance explained		0.609		0.639		0.484
No of instruments		6		6		6
No of factors		2		2		1
Hansen test (p value)		0.973		0.993		0.988

Variables	Model 7	Model 8	Model 9	Model 10	Model 11	Model 12
L.CURV	0.697^***	0.646^***	0.694^***	0.686^***	0.697^***	0.940^***
L.CURV	(0.0582)	(0.142)	(0.0562)	(0.142)	(0.0538)	(0.0642)
Y1	−0.0414	−0.0354^***	−0.0488	−0.0327^***	−0.0398	−0.00475
Y1	(0.0314)	(0.00641)	(0.0411)	(0.0106)	(0.0404)	(0.00638)
INF	0.0133	0.0273^***	0.0184	0.0223^***	0.0140	0.00163
INF	(0.0248)	(0.00760)	(0.0302)	(0.00746)	(0.0325)	(0.00349)
FX_C	−0.976	0.439	−3.678	0.244	−3.544	−1.511^*
FX_C	(0.906)	(1.335)	(2.534)	(1.721)	(2.393)	(0.808)
GOV_DEBT	−0.0150	−0.0390^**	−0.0304	−0.0290	−0.0102	−0.0152
GOV_DEBT	(0.0336)	(0.0164)	(0.0423)	(0.0177)	(0.0437)	(0.0173)
Constant	−0.225	1.575	0.382	1.156	−0.682	0.684
Constant	(1.548)	(1.533)	(1.725)	(1.119)	(2.074)	(1.229)
Estimator	2SIV	MGIV	2SIV	MGIV	2SIV	MGIV
Observations	1,260	1,260	1,260	1,260	1,260	1,260
Variance explained		0.609		0.639		0.484
No of instruments		6		6		6
No of factors		2		2		1
Hansen test (p value)		0.973		0.993		0.988

Note(s): Robust standard errors in parentheses

^***p < 0.01, ^**p < 0.05, ^*p < 0.1

This table reports Two stages of instrumental variables estimation (Kripfganz and Sarafidis, 2021) for the Dependent variable: CURV. Statistics information presented includes coefficients, standard error (in parentheses), type of estimators, number of observations, variance explained (by factors), number of factors, and Overidentifying restriction test (Hansen test p-value). The significance levels at 0.01, 0.05, and 0.1 are denoted by ^***, ^**, and ^*, respectively

Source(s): Authors' calculation

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