Table 9 Random effect estimation

L_M3

−0.907

0.43

−2.11

0.035

−1.751

−0.064

**

L_EXC

−0.169

0.232

−0.73

0.465

−0.623

0.285

GDP

−0.104

0.018

−5.72

0

−0.139

−0.068

***

BUG

0.035

0.024

1.49

0.136

−0.011

0.081

INF

−0.033

0.013

−2.60

0.009

−0.059

−0.008

***

L_DEBT

−0.054

0.207

−0.26

0.793

−0.46

0.351

Constant

7.343

1.773

4.14

0

3.867

10.819

***

Mean dependent var

1.825

SD dependent var

0.757

Overall r-squared

0.199

Number of obs

96

Chi-square

38.261

Prob > chi2

0.000

R-squared within

0.327

R-squared between

0.107