Dependent variable: RER |
|---|
Variables | (1) | (2) | (3) | (4) | (5) | (6) |
|---|
TFP.TPDBi | − 0.234∗∗∗ | − 0.255∗∗∗ | − 0.223∗∗∗ | − 0.205∗∗∗ | − 0.332∗∗∗ | − 0.224∗∗∗ |
| | (0.070) | (0.079) | (0.062) | (0.073) | (0.067) | (0.081) |
TFP.NTPDBi | − 0.789∗∗ | − 0.973∗∗ | − 0.138 | 0.038 | − 0.501∗∗∗ | − 0.494∗∗∗ |
| | (0.307) | (0.430) | (0.092) | (0.153) | (0.144) | (0.165) |
TOT | 0.243 | 0.314∗ | 0.142 | 0.227∗ | 0.085 | 0.275∗∗ |
| | (0.159) | (0.175) | (0.143) | (0.132) | (0.122) | (0.126) |
LLC test | − 7.868∗∗∗ | − 9.628∗∗∗ | − 7.328∗∗∗ | − 8.658∗∗∗ | − 7.634∗∗∗ | − 8.206∗∗∗ |
Kao test | − 4.568∗∗∗ | − 2.386∗∗∗ | − 4.100∗∗∗ | − 2.231∗∗ | − 4.729∗∗∗ | − 2.168∗∗ |
Obs. | 181 | 155 | 181 | 157 | 175 | 124 |
- Notes: See Table 1 for the definitions of the variables. Panel DOLS estimates in (1)–(6): all FE estimator regressions include country-specific and time-specific dummy variables as well as the first differences of each explanatory variable (1 lead/lag). Sample period 1984–2008. Country sample (Appendix 1.1): sample (ii). The productivity data stem from the pre-release of PDBi in (1). The productivity data of community, social, and personal services as well as the transport, storage, and communications subsectors stem from the pre-release of PDBi, while the productivity data of the remaining subsectors stem from the actual release in (2). The productivity data stem from the pre-release of PDBi, but the community, social, and personal services as well as the transport, storage, and communications subsectors are excluded in (3). The productivity data stem from the actual release of PDBi, but the community, social, and personal services as well as the transport, storage, and communications subsectors are excluded in (4). The productivity data stem from the pre-release of PDBi, but the community, social, and personal services as well as the transport, storage, and communications subsectors are excluded, while the business service subsector is added in (5). The productivity data stem from the actual release of PDBi, but the community, social, and personal services as well as the transport, storage, and communications subsectors are excluded, while the business service subsector is added in (5). The robust standard errors proposed by Driscoll and Kraay (1998) are reported in parentheses. LLC test: cointegration test following MacDonald and Ricci (2007): t statistic of Levin et al. (2002) (lag length selection by SIC; Bartlett kernel, Newey-West bandwidth). Kao test: cointegration test proposed by Kao (1999): t statistic (lag length selection by SIC; Bartlett kernel, Newey-West bandwidth). *, **, and *** denote significance at the 10%, 5%, and 1% levels, respectively
