Dep.var. SPREAD

fixed

random

Constant

96.0751***

66.4992***

(13.7865)

(9.4191)

Economic freedom

−4.2458**

−4.2736***

(1.8347)

(0.8510)

ln (GDP per capita)

−6.4098***

−3.1636***

(0.9330)

(0.8773)

Exchange rate

−1.3481

4.5017

(4.6487)

(2.9928)

Interest rate

0.6452***

0.7180***

(0.0462)

(0.0449)

COVID

−9.1703***

−9.3697***

(2.3035)

(2.5226)

sigma_u

7.6345703

2.3159616

sigma_e

6.5825307

6.5825307

rho

0.5735952

0.1101521

N

213

213