Table 4 Regression results using...

Table 4

Regression results using domestic credit as a threshold variable [DV: CPI]

	(1a)			(2a)			(3a)
	Venezuela			Congo			Angola
	OLS without threshold	Regime 1 DC < 17.42	Regime 2 DC > 17.42	OLS without threshold	Regime1 DC < 4.59	Regime 2 DC > 4.59	OLS without threshold	Regime 1 DC < 11.30	Regime 2 DC > 11.30
Constant	3.18* (1.15)	2.24 (1.50)	3.28* (1.56)	3.90* (2.18)	2.36* (2.27)	−4.56 (2.29)	6.10* (1.90)	2.77* (1.23)	6.79* (2.90)
GDP	0.12* (0.06)	0.12* (0.06)	0.16** (0.07)	0.03* (0.01)	0.25* (0.11)	0.39* (0.15)	0.02* (0.01)	0.03* (0.01)	0.04* (0.01)
DC	0.08* (0.04)	0.10* (0.05)	0.16* (0.02)	0.15* (0.07)	0.25* (0.12)	0.31* (0.14)	0.04* (0.02)	0.04* (0.02)	0.12* (0.04)
INT	−0.02* (0.01)	−0.02* (0.01)	−0.03* (0.02)	−0.04* (0.02)	−0.19* (0.07)	−0.05 (0.02)	−0.03* (0.01)	−0.16* (0.04)	−0.17* (0.07)
TR	0.03* (0.01)	0.05* (0.02)	0.05* (0.01)	0.02* (0.01)	0.08* (0.04)	0.25* (0.12)	0.05* (0.02)	0.03* (0.02)	0.07* (0.02)
R-sq	0.54	0.51	0.65	0.71	0.62	0.83	0.76	0.85	0.92
Heteroskedasticity test (p-value)	0.69	–	–	0.68	–	–	0.86	–	–
No. observation	28	15	13	28	11	17	28	6	22

	(1a)			(2a)			(3a)
	Venezuela			Congo			Angola
	OLS without threshold	Regime 1DC < 17.42	Regime 2DC > 17.42	OLS without threshold	Regime1DC < 4.59	Regime 2DC > 4.59	OLS without threshold	Regime 1DC < 11.30	Regime 2DC > 11.30
Constant	3.18* (1.15)	2.24 (1.50)	3.28* (1.56)	3.90* (2.18)	2.36* (2.27)	−4.56 (2.29)	6.10* (1.90)	2.77* (1.23)	6.79* (2.90)
GDP	0.12* (0.06)	0.12* (0.06)	0.16** (0.07)	0.03* (0.01)	0.25* (0.11)	0.39* (0.15)	0.02* (0.01)	0.03* (0.01)	0.04* (0.01)
DC	0.08* (0.04)	0.10* (0.05)	0.16* (0.02)	0.15* (0.07)	0.25* (0.12)	0.31* (0.14)	0.04* (0.02)	0.04* (0.02)	0.12* (0.04)
INT	−0.02* (0.01)	−0.02* (0.01)	−0.03* (0.02)	−0.04* (0.02)	−0.19* (0.07)	−0.05 (0.02)	−0.03* (0.01)	−0.16* (0.04)	−0.17* (0.07)
TR	0.03* (0.01)	0.05* (0.02)	0.05* (0.01)	0.02* (0.01)	0.08* (0.04)	0.25* (0.12)	0.05* (0.02)	0.03* (0.02)	0.07* (0.02)
R-sq	0.54	0.51	0.65	0.71	0.62	0.83	0.76	0.85	0.92
Heteroskedasticity test (p-value)	0.69	–	–	0.68	–	–	0.86	–	–
No. observation	28	15	13	28	11	17	28	6	22

	(4a)			(5a)			(6a)
	Egypt			Argentina			Mozambique
	OLS without threshold	Regime1 DC < 2.29	Regime 2 DC > 2.29	OLS without threshold	Regime 1 DC < 11.72	Regime 2 DC > 11.72	OLS without threshold	Regime 1 DC < 19.58	Regime 2 DC > 19.58
Constant	0.89* (0.36)	0.50 (0.26)	2.70* (1.25)	2.83* (1.52)	1.80* (0.90)	2.33* (1.20)	1.89* (0.90)	2.10* (0.85)	3.25 (1.5)
GDP	0.08* (0.03)	0.04* (0.02)	0.06* (0.03)	0.06* (0.03)	0.02* (0.01)	0.04* (0.02)	0.02* (0.01)	0.02* (0.01)	0.04* (0.02)
DC	0.03* (0.01)	0.02* (0.01)	0.08* (0.03)	0.14* (0.05)	0.09* (0.03)	0.22* (0.08)	0.02* (0.01)	0.05* (0.02)	0.06* (0.03)
INT	−0.02* (0.01)	−0.03* (0.01)	−0.06* (0.02)	−0.02* (0.01)	−0.02* (0.01)	−0.12* (0.04)	−0.03* (0.01)	−0.11* (0.04)	−0.14* (0.06)
TR	−0.03* (0.01)	−0.03* (0.01)	−0.05* (0.02)	0.03* (0.01)	0.06* (0.02)	0.09* (0.04)	−0.04* (0.02)	0.07* (0.03)	−0.09* (0.03)
R-sq	0.62	0.85	0.78	0.81	0.72	0.92	0.68	0.79	0.83
Heteroskedasticity test (p-value)	0.52	–	–	0.63	–	–	0.79	–	–
No. observation	28	20	78	28	17	11	28	10	18

	(4a)			(5a)			(6a)
	Egypt			Argentina			Mozambique
	OLS without threshold	Regime1DC < 2.29	Regime 2DC > 2.29	OLS without threshold	Regime 1DC < 11.72	Regime 2DC > 11.72	OLS without threshold	Regime 1DC < 19.58	Regime 2DC > 19.58
Constant	0.89* (0.36)	0.50 (0.26)	2.70* (1.25)	2.83* (1.52)	1.80* (0.90)	2.33* (1.20)	1.89* (0.90)	2.10* (0.85)	3.25 (1.5)
GDP	0.08* (0.03)	0.04* (0.02)	0.06* (0.03)	0.06* (0.03)	0.02* (0.01)	0.04* (0.02)	0.02* (0.01)	0.02* (0.01)	0.04* (0.02)
DC	0.03* (0.01)	0.02* (0.01)	0.08* (0.03)	0.14* (0.05)	0.09* (0.03)	0.22* (0.08)	0.02* (0.01)	0.05* (0.02)	0.06* (0.03)
INT	−0.02* (0.01)	−0.03* (0.01)	−0.06* (0.02)	−0.02* (0.01)	−0.02* (0.01)	−0.12* (0.04)	−0.03* (0.01)	−0.11* (0.04)	−0.14* (0.06)
TR	−0.03* (0.01)	−0.03* (0.01)	−0.05* (0.02)	0.03* (0.01)	0.06* (0.02)	0.09* (0.04)	−0.04* (0.02)	0.07* (0.03)	−0.09* (0.03)
R-sq	0.62	0.85	0.78	0.81	0.72	0.92	0.68	0.79	0.83
Heteroskedasticity test (p-value)	0.52	–	–	0.63	–	–	0.79	–	–
No. observation	28	20	78	28	17	11	28	10	18

	(7a)			(8a)			(9a)
	Nigeria			Yemen			Azerbaijan
	OLS without threshold	Regime1 DC < 15.47	Regime2 DC > 15.47	OLS without threshold	Regime1 DC < 7.55	Regime2 DC > 7.55	OLS without threshold	Regime1 DC < 6.57	Regime2 DC > 6.57
Constant	6.12* (3.20)	5.32* (2.30)	4.23* (1.52)	5.30 (2.40)	−2.09* (1.10)	2.16 (1.11)	2.32 (1.20)	2.03 (0.90)	2.19* (1.03)
GDP	0.02* (0.01)	0.02* (0.01)	0.03* (0.01)	0.06* (0.02)	0.02* (0.01)	0.02* (0.01)	0.02* (0.01)	0.08* (0.04)	0.10* (0.03)
DC	0.06* (0.02)	0.03* (0.01)	0.08* (0.02)	0.02* (0.01)	0.06* (0.02)	0.14* (0.06)	0.06* (0.02)	0.03* (0.01)	0.06* (0.02)
INT	−0.03* (0.01)	−0.04* (0.02)	−0.06* (0.03)	−0.14* (0.06)	−0.08* (0.04)	−0.10* (0.04)	−0.03* (0.01)	−0.09* (0.03)	−0.11* (0.04)
TR	0.04* (0.02)	0.11* (0.05)	0.19* (0.09)	0.03* (0.01)	0.03* (0.01)	0.02* (0.01)	0.02* (0.01)	0.02* (0.01)	0.03* (0.01)
R-sq	0.64	0.92	0.87	0.78	0.80	0.56	0.82	0.68	0.61
Heteroskedasticity test (p-value)	0.73	–	–	0.63	–	–	0.63	–	–
No. observation	28	16	12	28	20	18	28	9	19

	(7a)			(8a)			(9a)
	Nigeria			Yemen			Azerbaijan
	OLS without threshold	Regime1DC < 15.47	Regime2DC > 15.47	OLS without threshold	Regime1DC < 7.55	Regime2DC > 7.55	OLS without threshold	Regime1DC < 6.57	Regime2DC > 6.57
Constant	6.12* (3.20)	5.32* (2.30)	4.23* (1.52)	5.30 (2.40)	−2.09* (1.10)	2.16 (1.11)	2.32 (1.20)	2.03 (0.90)	2.19* (1.03)
GDP	0.02* (0.01)	0.02* (0.01)	0.03* (0.01)	0.06* (0.02)	0.02* (0.01)	0.02* (0.01)	0.02* (0.01)	0.08* (0.04)	0.10* (0.03)
DC	0.06* (0.02)	0.03* (0.01)	0.08* (0.02)	0.02* (0.01)	0.06* (0.02)	0.14* (0.06)	0.06* (0.02)	0.03* (0.01)	0.06* (0.02)
INT	−0.03* (0.01)	−0.04* (0.02)	−0.06* (0.03)	−0.14* (0.06)	−0.08* (0.04)	−0.10* (0.04)	−0.03* (0.01)	−0.09* (0.03)	−0.11* (0.04)
TR	0.04* (0.02)	0.11* (0.05)	0.19* (0.09)	0.03* (0.01)	0.03* (0.01)	0.02* (0.01)	0.02* (0.01)	0.02* (0.01)	0.03* (0.01)
R-sq	0.64	0.92	0.87	0.78	0.80	0.56	0.82	0.68	0.61
Heteroskedasticity test (p-value)	0.73	–	–	0.63	–	–	0.63	–	–
No. observation	28	16	12	28	20	18	28	9	19

	(10a)
	Ghana
	OLS without threshold	Regime1 DC < 12.13	Regime 2 DC > 12.13
Constant	1.29 (1.14)	−3.20* (1.60)	2.91* (1.25)
GDP	0.02* (0.01)	0.06* (0.02)	0.11* (0.03)
DC	0.05* (0.02)	0.02* (0.01)	0.04* (0.02)
INT	−0.04* (0.02)	−0.08* (0.03)	−0.06* (0.03)
TR	0.03* (0.01)	0.03* (0.01)	0.02* (0.01)
R-sq	0.72	0.74	0.65
Heteroskedasticity test (p-value)	0.56	–	–
No. observation	28	11	17

	(10a)
	Ghana
	OLS without threshold	Regime1DC < 12.13	Regime 2DC > 12.13
Constant	1.29 (1.14)	−3.20* (1.60)	2.91* (1.25)
GDP	0.02* (0.01)	0.06* (0.02)	0.11* (0.03)
DC	0.05* (0.02)	0.02* (0.01)	0.04* (0.02)
INT	−0.04* (0.02)	−0.08* (0.03)	−0.06* (0.03)
TR	0.03* (0.01)	0.03* (0.01)	0.02* (0.01)
R-sq	0.72	0.74	0.65
Heteroskedasticity test (p-value)	0.56	–	–
No. observation	28	11	17

Note(s): The standard errors are reported in parentheses (white corrected for heteroskedaticity). The results correspond to the trimming percentage of 15%. Asterisks * denote significance of at least a 10% critical value

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