Dependent variable: Subsidies and other transfers as % of total expenditures (SUBSD) panel least square (unbalanced) periods included: 14; cross-sections included: 139; total observations: 1,531 sample: 2007–2020
| Independent variable/Model | Coefficients (βs); Figures in parenthesis are “t-statistics” | ||||
|---|---|---|---|---|---|
| I | II | III | IV | V | |
| Constant | 28.342*** (24.400) | 30.156*** (18.834) | 27.497*** (19.578) | −0.299 (−0.131) | 8.827*** (3.658) |
| DCPS: Domestic credit to private sector as percentage of GDP (DCPS) | 0.141*** (12.777) | 0.087*** (4.017) | 0.095*** (4.369) | −0.084** (−2.029) | |
| BONDPPG: Net flows of public and publicly guaranteed debt from bonds (Billion USD) | 0.978*** (6.443) | 1.087*** (7.533) | 1.105*** (7.787) | 0.358** (2.032) | 0.333* (1.803) |
| TXTGDP: Tax revenue (% of GDP) | 0.074 (1.297) | 0.012 (0.155) | −0.039 (−0.611) | 1.736*** (9.025) | 1.064*** (6.678) |
| DBTST: Short-term debt (% of total external debt) | 0.153*** (3.042) | 0.606*** (8.674) | 0.496*** (6.378) | ||
| STDTRS: Short-term debt (% of total reserves) | 0.001 (0.241) | ||||
| DBTTOT: Total external debt (Billion USD) | 0.065*** (9.700) | 0.060*** (8.547) | |||
| Adjusted R-squared | 0.123 | 0.081 | 0.108 | 0.476 | 0.338 |
| F-statistic | 72.434 | 19.148 | 27.923 | 70.206 | 54.279 |
| Akaike Information Criterion | 8.671 | 8.531 | 8.501 | 7.939 | 8.200 |
| Schwarz Criterion | 8.685 | 8.560 | 8.528 | 8.001 | 8.249 |
| Hannan–Quinn Criterion | 8.676 | 8.542 | 8.511 | 7.964 | 8.220 |
| Independent variable/Model | Coefficients (βs); Figures in parenthesis are “ | ||||
|---|---|---|---|---|---|
| I | II | III | IV | V | |
| Constant | 28.342*** (24.400) | 30.156*** (18.834) | 27.497*** (19.578) | −0.299 (−0.131) | 8.827*** (3.658) |
| DCPS: Domestic credit to private sector as percentage of GDP (DCPS) | 0.141*** (12.777) | 0.087*** (4.017) | 0.095*** (4.369) | −0.084** (−2.029) | |
| BONDPPG: Net flows of public and publicly guaranteed debt from bonds (Billion USD) | 0.978*** (6.443) | 1.087*** (7.533) | 1.105*** (7.787) | 0.358** (2.032) | 0.333* (1.803) |
| TXTGDP: Tax revenue (% of GDP) | 0.074 (1.297) | 0.012 (0.155) | −0.039 (−0.611) | 1.736*** (9.025) | 1.064*** (6.678) |
| DBTST: Short-term debt (% of total external debt) | 0.153*** (3.042) | 0.606*** (8.674) | 0.496*** (6.378) | ||
| STDTRS: Short-term debt (% of total reserves) | 0.001 (0.241) | ||||
| DBTTOT: Total external debt (Billion USD) | 0.065*** (9.700) | 0.060*** (8.547) | |||
| Adjusted | 0.123 | 0.081 | 0.108 | 0.476 | 0.338 |
| 72.434 | 19.148 | 27.923 | 70.206 | 54.279 | |
| Akaike Information Criterion | 8.671 | 8.531 | 8.501 | 7.939 | 8.200 |
| Schwarz Criterion | 8.685 | 8.560 | 8.528 | 8.001 | 8.249 |
| Hannan–Quinn Criterion | 8.676 | 8.542 | 8.511 | 7.964 | 8.220 |
Note(s): *p < 0.1; **p < 0.05; ***p < 0.01
Source(s): Author’s estimations
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