Dependent variable: Net investment in non-financial assets as % of GDP (NFAS) panel least square (unbalanced) periods included: 9; cross-sections included: 137; total observations: 958 sample: 2009–2017
| Independent variable/Model | Coefficients (βs); Figures in parenthesis are “t-statistics” | ||||
|---|---|---|---|---|---|
| I | II | III | IV | V | |
| Constant | 0.744** (2.063) | 0.923*** (2.647) | 2.300*** (9.541) | 8.561*** (11.333) | 9.004*** (11.812) |
| GROW: GDP growth (annual %) | 0.148*** (3.998) | 0.164*** (4.643) | 0.046** (2.311) | 0.119** (2.103) | 0.118** (2.099) |
| TXTGDP: Tax revenue (% of GDP) | 0.166*** (10.148) | 0.151*** (9.550) | 0.002 (0.211) | −0.250*** (−6.550) | −0.272*** (−7.108) |
| FDI(−1): One-year lag of net inflow of foreign direct investment (Billion USD) | −0.013*** (−4.089) | −0.002** (−2.115) | −0.039*** (−4.318) | −0.029*** (−3.449) | |
| FDI(−2): Two-year lag of net inflow of foreign direct investment (Billion USD) | −0.013*** (−3.917) | −0.050*** (−2.784) | |||
| BONDPNG(−1): One-year lag of net flows of non-guaranteed long-term debt from bonds that are privately placed (Billion USD) | −0.068 (−1.226) | −0.027 (−0.249) | 0.140 (1.360) | ||
| BONDPNG(−2): Two-year lag of net flows of non-guaranteed long-term debt from bonds that are privately placed (Billion USD) | −0.077 (−1.277) | ||||
| MCG: Market capitalization of listed domestic companies (% of GDP) | −0.008*** (−5.853) | ||||
| DBTSTB: Short-term external debt (Billion USD) | 0.002 (0.480) | ||||
| DBTPVT: Private non-guaranteed external debt stocks (Billion USD) | −0.019*** (−2.971) | ||||
| Adjusted R-squared | 0.124 | 0.108 | 0.096 | 0.159 | 0.174 |
| F-statistic | 34.859 | 33.231 | 11.721 | 18.557 | 20.621 |
| Akaike Information Criterion | 5.992 | 5.988 | 3.700 | 6.066 | 6.047 |
| Schwarz Criterion | 6.017 | 6.011 | 3.750 | 6.119 | 6.101 |
| Hannan–Quinn Criterion | 6.001 | 5.997 | 3.720 | 6.087 | 6.068 |
| Independent variable/Model | Coefficients (βs); Figures in parenthesis are “ | ||||
|---|---|---|---|---|---|
| I | II | III | IV | V | |
| Constant | 0.744** (2.063) | 0.923*** (2.647) | 2.300*** (9.541) | 8.561*** (11.333) | 9.004*** (11.812) |
| GROW: GDP growth (annual %) | 0.148*** (3.998) | 0.164*** (4.643) | 0.046** (2.311) | 0.119** (2.103) | 0.118** (2.099) |
| TXTGDP: Tax revenue (% of GDP) | 0.166*** (10.148) | 0.151*** (9.550) | 0.002 (0.211) | −0.250*** (−6.550) | −0.272*** (−7.108) |
| FDI(−1): One-year lag of net inflow of foreign direct investment (Billion USD) | −0.013*** (−4.089) | −0.002** (−2.115) | −0.039*** (−4.318) | −0.029*** (−3.449) | |
| FDI(−2): Two-year lag of net inflow of foreign direct investment (Billion USD) | −0.013*** (−3.917) | −0.050*** (−2.784) | |||
| BONDPNG(−1): One-year lag of net flows of non-guaranteed long-term debt from bonds that are privately placed (Billion USD) | −0.068 (−1.226) | −0.027 (−0.249) | 0.140 (1.360) | ||
| BONDPNG(−2): Two-year lag of net flows of non-guaranteed long-term debt from bonds that are privately placed (Billion USD) | −0.077 (−1.277) | ||||
| MCG: Market capitalization of listed domestic companies (% of GDP) | −0.008*** (−5.853) | ||||
| DBTSTB: Short-term external debt (Billion USD) | 0.002 (0.480) | ||||
| DBTPVT: Private non-guaranteed external debt stocks (Billion USD) | −0.019*** (−2.971) | ||||
| Adjusted | 0.124 | 0.108 | 0.096 | 0.159 | 0.174 |
| F-statistic | 34.859 | 33.231 | 11.721 | 18.557 | 20.621 |
| Akaike Information Criterion | 5.992 | 5.988 | 3.700 | 6.066 | 6.047 |
| Schwarz Criterion | 6.017 | 6.011 | 3.750 | 6.119 | 6.101 |
| Hannan–Quinn Criterion | 6.001 | 5.997 | 3.720 | 6.087 | 6.068 |
Note(s): *p < 0.1; **p < 0.05; ***p < 0.01
Source(s): Author’s estimations
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.