Paris | Amsterdam | Berlin | Brussels | Paris | Amsterdam | Berlin | Brussels | |
---|---|---|---|---|---|---|---|---|
Sample | Observations inside gold points | Observations outside gold points | ||||||
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
London investment demand for continental bills of exchange | ||||||||
Intercept (\(\widehat {\alpha }\)) | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | −0.002 | 0.02 |
(0.002) | (0.002) | (0.002) | (0.004) | (0.01) | (0.005) | (0.01) | (0.01) | |
i t (\(\widehat {\beta }\)) | 0.58 | 0.73 | 0.77 | 0.75 | 0.81 | 0.69 | 1.34 | 0.53 |
(0.05) | (0.07) | (0.06) | (0.12) | (0.17) | (0.16) | (0.11) | (0.16) | |
Reject (β=1) | *** | *** | *** | ** | * | *** | *** | |
R 2 | 0.32 | 0.33 | 0.36 | 0.39 | 0.24 | 0.23 | 0.80 | 0.18 |
N | 1510 | 1559 | 1715 | 582 | 249 | 177 | 43 | 263 |
Continental investment demand for London bills of exchange | ||||||||
Intercept (\(\widehat {\alpha }\)) | 0.003 | 0.01 | 0.01 | 0.0002 | 0.004 | 0.01 | 0.02 | 0.001 |
(0.0003) | (0.001) | (0.001) | (0.001) | (0.001) | (0.002) | (0.004) | (0.002) | |
i\(_{t}^{*}\) (\(\widehat {\beta }\)) | 1.02 | 0.98 | 0.96 | 1.07 | 0.97 | 0.95 | 0.71 | 1.03 |
(0.02) | (0.02) | (0.02) | (0.02) | (0.06) | (0.09) | (0.09) | (0.05) | |
Reject (β=1) | ** | *** | *** | |||||
R 2 | 0.87 | 0.87 | 0.88 | 0.90 | 0.48 | 0.62 | 0.73 | 0.87 |
N | 1520 | 1581 | 1728 | 615 | 252 | 178 | 43 | 288 |