Variables | Results for the entire sample | Results without frontier markets | ||
REM | FEM | REM | FEM | |
1 | 2 | 3 | 4 | |
Constant | 7.987*** (1.128) | 8.052*** (1.077) | 8.116*** (1.210) | 8.292*** (1.173) |
Budget deficit | −0.194*** (0.045) | −0.193*** (0.046) | −0.198*** (0.049) | −0.194*** (0.050) |
Exchange rate | −0.089*** (0.029) | −0.082*** (0.031) | −0.089*** (0.029) | −0.084*** (0.031) |
Money supply | 0.042 (0.096) | 0.040 (0.099) | 0.042 (0.101) | 0.034 (0.104) |
Inflation | −0.044 (0.417) | −0.050 (0.420) | −0.133 (0.452) | −0.152 (0.454) |
Interest rate | −0.213 (0.140) | −0.213 (0.144) | −0.277 (0.148) | −0.298* (0.153) |
GDP growth rate | 0.156* (0.086) | 0.150* (0.086) | 0.172* (0.090) | 0.161* (0.091) |
R-squared | 0.108 | 0.114 | 0.091 | 0.095 |
F-statistic (p-value) | 0.000*** | 0.000*** | 0.000*** | 0.000*** |
Number of obs | 322 | 322 | 287 | 287 |
Number of groups | 20 | 20 | 18 | 18 |