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 |