Dep.var. SPREAD | reg3 | reg4 | reg5 | reg6 |
Constant | 96.0751*** | 84.5886*** | 79.1864*** | 91.4262*** |
(12.7284) | (10.2745) | (10.3788) | (9.7267) | |
ln (GDP per capita) | −6.4098*** | −5.8241*** | −6.5793*** | −5.8745*** |
(0.9561) | (0.9517) | (0.9074) | (0.9648) | |
Exchange rate | −1.3481 | −0.9517 | −7.4817 | 0.0834 |
(6.1331) | (5.4524) | (6.4036) | (5.2797) | |
Interest rate | 0.6452** | 0.6544** | 0.6462** | 0.6489** |
(0.2273) | (0.2184) | (0.2293) | (0.2175) | |
COVID | −9.1703** | −8.5446** | −8.7923** | −8.7014** |
(3.5075) | (3.5432) | (3.4118) | (3.5481) | |
Economic freedom | −4.2458** | |||
(1.8441) | ||||
Sound money | −2.6890** | −2.6485** | ||
(0.9468) | (0.9109) | |||
Regulation | −1.3321 | −1.0712 | ||
(1.1265) | (1.1005) | |||
sigma_u | 7.6345703 | 6.4071254 | 8.6100247 | 0.6539 |
sigma_e | 6.5825307 | 6.4508106 | 6.6509587 | 0.6587 |
rho | 0.5735952 | 0.49660251 | 0.6262898 | 0.6472 |
R-squared | ||||
within | 0.6381 | 0.6525 | 0.6306 | 6.0257358 |
between | 0.4500 | 0.6172 | 0.3462 | 6.4535966 |
overall | 0.5390 | 0.6263 | 0.4879 | 0.4657547 |
N | 213 | 213 | 213 | 213 |