From: Debt sustainability and the fiscal reaction function: evidence from MIST countries
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | |
---|---|---|---|---|---|---|---|---|
Dependent variables: primary balance (PB) | ||||||||
Lagged PB | 0.729*** (0.064) | 0.659*** (0.076) | 0.714*** (0.065) | 0.730*** (0.064) | 0.731*** (0.064) | 0.726*** (0.065) | 0.712*** (0.065) | 0.650*** (0.076) |
Lagged CGD | 0.013** (0.007) | 0.005** (0.001) | 0.010** (0.002) | 0.013* (0.006) | 0.012* (0.007) | 0.013* (0.007) | 0.009** (0.001) | 0.005* (0.001) |
INTP | 0.038** (0.013) | 0.041** (0.015) | 0.022** (0.003) | |||||
CAB | − 0.001 (0.004) | − 0.001 (0.004) | − 0.002 (0.003) | |||||
YVAR | 0.176 (0.795) | 0.006 (0.812) | 0.818 (0.820) | |||||
EY | 0.126*** (0.005) | 0.147*** (0.059) | 0.471*** (0.232) | |||||
Constant | − 0.106 (0.239) | 0.326 (0.449) | − 0.114 (0.237) | − 0.107 (0.240) | − 0.099 (0.243) | − 0.128 (0.247) | − 0.138 (0.247) | 0.183 (0.346) |
No. of observation | 108 | 108 | 108 | 108 | 108 | 108 | 108 | 108 |
Country FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Time FE | No | Yes | No | Yes | No | No | No | Yes |
Diagnostic test | ||||||||
M-Wald test | [0.064] | [0.159] | [0.110] | [0.650] | [0.522] | [0.116] | [0.220] | [0.882] |