Dependent variable: GDP growth in percentage (GROW) panel least square (unbalanced) periods included: 14; cross-sections included: 64; total observations: 729 sample: 2007–2020
| Independent variable/Model | Coefficients (βs); Figures in parenthesis are “t-statistics” | ||||
|---|---|---|---|---|---|
| I | II | III | IV | V | |
| Constant | 4.891*** (11.499) | 4.563*** (10.520) | 4.460*** (9.703) | 4.700*** (15.305) | 4.447*** (9.484) |
| COVID: Dummy: COVID (“1” for 2020) | −7.557*** (−12.166) | −7.321*** (−12.201) | −7.314*** (−12.114) | −7.800*** (−15.474) | −7.326*** (−12.132) |
| DCPS: Domestic credit to private sector as percentage of GDP (DCPS) | −0.020*** (−4.296) | −0.022*** (−4.704) | −0.020*** (−4.209) | −0.023*** (−4.651) | −0.020*** (−4.160) |
| FDI: Net inflow of foreign direct investment (Billion USD) | 0.018*** (3.260) | 0.018*** (3.318) | 0.020*** (3.490) | 0.026*** (4.441) | 0.022*** (3.771) |
| TXTGDP: Tax revenue (% of GDP) | −0.056* (−1.923) | −0.045 (−1.499) | −0.048 (−1.493) | −0.015 (0.2796) | −0.049 (−1.519) |
| DBTSTB: Short-term external debt (Billion USD) | 0.002 (0.780) | 0.003 (1.179) | 0.002 (0.832) | ||
| BONDPPG: Net flows of public and publicly guaranteed debt from bonds (Billion USD) | 0.006 (0.155) | ||||
| BONDPNG: Net flows of non-guaranteed long-term debt from bonds that are privately placed (Billion USD) | 0.009 (0.166) | ||||
| BONDPPG(−1): One-year lag of net flows of public and publicly guaranteed debt from bonds (Billion USD) | 0.046 (1.086) | ||||
| BONDPNG(−1): One-year lag of net flows of non-guaranteed long-term debt from bonds that are privately placed (Billion USD) | −0.039 (−0.680) | ||||
| BONDPPG(−2): Two-year lag of net flows of public and publicly guaranteed debt from bonds (Billion USD) | 0.066 (1.308) | −0.014 (−0.398) | 0.071 (1.311) | ||
| BONDPNG(−2): Two-year lag of net flows of non-guaranteed long-term debt from bonds that are privately placed (Billion USD) | −0.044 (−0.762) | −0.032 (−0.743) | −0.033 (−0.567) | ||
| DBTST: Short-term debt (% of total external debt) | 0.006 (0.524) | ||||
| EXTDBT: Total external debt (Billion USD) | 0.001 (0.331) | ||||
| Adjusted R-squared | 0.243 | 0.261 | 0.266 | 0.257 | 0.265 |
| F-statistic | 34.384 | 35.228 | 33.523 | 43.414 | 33.408 |
| Akaike Information Criterion | 5.557 | 5.489 | 5.494 | 5.429 | 5.495 |
| Schwarz Criterion | 5.607 | 5.542 | 5.550 | 5.473 | 5.551 |
| Hannan–Quinn Criterion | 5.576 | 5.510 | 5.516 | 5.446 | 5.517 |
| Independent variable/Model | Coefficients (βs); Figures in parenthesis are “ | ||||
|---|---|---|---|---|---|
| I | II | III | IV | V | |
| Constant | 4.891*** (11.499) | 4.563*** (10.520) | 4.460*** (9.703) | 4.700*** (15.305) | 4.447*** (9.484) |
| COVID: Dummy: COVID (“1” for 2020) | −7.557*** (−12.166) | −7.321*** (−12.201) | −7.314*** (−12.114) | −7.800*** (−15.474) | −7.326*** (−12.132) |
| DCPS: Domestic credit to private sector as percentage of GDP (DCPS) | −0.020*** (−4.296) | −0.022*** (−4.704) | −0.020*** (−4.209) | −0.023*** (−4.651) | −0.020*** (−4.160) |
| FDI: Net inflow of foreign direct investment (Billion USD) | 0.018*** (3.260) | 0.018*** (3.318) | 0.020*** (3.490) | 0.026*** (4.441) | 0.022*** (3.771) |
| TXTGDP: Tax revenue (% of GDP) | −0.056* (−1.923) | −0.045 (−1.499) | −0.048 (−1.493) | −0.015 (0.2796) | −0.049 (−1.519) |
| DBTSTB: Short-term external debt (Billion USD) | 0.002 (0.780) | 0.003 (1.179) | 0.002 (0.832) | ||
| BONDPPG: Net flows of public and publicly guaranteed debt from bonds (Billion USD) | 0.006 (0.155) | ||||
| BONDPNG: Net flows of non-guaranteed long-term debt from bonds that are privately placed (Billion USD) | 0.009 (0.166) | ||||
| BONDPPG(−1): One-year lag of net flows of public and publicly guaranteed debt from bonds (Billion USD) | 0.046 (1.086) | ||||
| BONDPNG(−1): One-year lag of net flows of non-guaranteed long-term debt from bonds that are privately placed (Billion USD) | −0.039 (−0.680) | ||||
| BONDPPG(−2): Two-year lag of net flows of public and publicly guaranteed debt from bonds (Billion USD) | 0.066 (1.308) | −0.014 (−0.398) | 0.071 (1.311) | ||
| BONDPNG(−2): Two-year lag of net flows of non-guaranteed long-term debt from bonds that are privately placed (Billion USD) | −0.044 (−0.762) | −0.032 (−0.743) | −0.033 (−0.567) | ||
| DBTST: Short-term debt (% of total external debt) | 0.006 (0.524) | ||||
| EXTDBT: Total external debt (Billion USD) | 0.001 (0.331) | ||||
| Adjusted | 0.243 | 0.261 | 0.266 | 0.257 | 0.265 |
| F-statistic | 34.384 | 35.228 | 33.523 | 43.414 | 33.408 |
| Akaike Information Criterion | 5.557 | 5.489 | 5.494 | 5.429 | 5.495 |
| Schwarz Criterion | 5.607 | 5.542 | 5.550 | 5.473 | 5.551 |
| Hannan–Quinn Criterion | 5.576 | 5.510 | 5.516 | 5.446 | 5.517 |
Note(s): *p < 0.1; **p < 0.05; ***p < 0.01
Source(s): Author’s estimations
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