Dependent variable

Group

Constant

Coefficients of independent variables

R²

Sign. F

Bond yields (rev.)

C

Tax burden

Nominal GDP

Gover. debt (rev.)

HTBLFS

−4.03

6.29

0.43

0.90

0.70

0.010

LTBHFS

−5.81

11.35

0.05

0.26

0.79

0.002

HTBHFS

4.60

−6.21

0.16

0.12

0.54

0.060*

LTBLFS

−1.99

5.12

0.10

0.38

0.68

0.013

Change of central government debt (rev.)

C

Tax burden

GDP

HTBLFS

0.79

−0.23

0.22

0.41

0.071*

LTBHFS

0.55

0.13

0.24

0.48

0.037

HTBHFS

0.02

1.02

0.17

0.37

0.096*

LTBLFS

0.46

0.13

0.39

0.75

0.001

Interest expenditure on government revenue (rev.)

C

Tax burden

Govern. debt (rev.)

HTBLFS

−2.84

4.74

0.80

0.54

0.021

LTBHFS

−1.07

2.30

0.71

0.77

0.001

HTBHFS

1.71

−2.81

1.21

0.53

0.024

LTBLFS

−1.67

3.58

0.81

0.38

0.098*

GDP per capita

C

Debt (rev.)

Unemploy. (+1 lag)

FDI/GDP

Loans/GDP

HTBLFS

−30.98

−0.42

0.64

3.49

31.66

0.72

0.024

LTBHFS

0.60

−0.10

1.32

0.64

−1.04

0.60

0.084*

HTBHFS

−26.40

−2.59

2.29

−3.89

28.53

0.64

0.062*

LTBLFS

−

−

−

−

−

−

−

Reserves/Import

C

Tax burden

World economic index

Nom. GDP growth

HTBLFS

−1.61

3.84

0.09

−0.49

0.74

0.006

LTBHFS

−0.50

−0.44

0.05

−0.09

0.56

0.050

HTBHFS

5.82

−7.61

−0.04

−0.17

0.60

0.033

LTBLFS

1.31

−2.21

0.22

−0.06

0.80

0.002