Dependent variable: RER |
|---|
Variables | (1) | (2) | (3) | (4) | (5) |
|---|
TFP.TISDB | 1.248∗∗∗ | | | 0.213 | − 0.489∗∗∗ |
| | (0.359) | | | (0.322) | (0.138) |
TFP.NTISDB | − 1.138∗∗∗ | | | − 0.700∗∗∗ | − 0.262∗∗∗ |
| | (0.098) | | | (0.124) | (0.061) |
LP.TISDB | | 1.380∗∗∗ | | | |
| | | (0.274) | | | |
LP.NTISDB | | − 0.033 | | | |
| | | (0.108) | | | |
LP.TSTAN | | | 0.615∗∗∗ | | |
| | | | (0.221) | | |
LP.NTSTAN | | | 0.678∗∗∗ | | |
| | | | (0.151) | | |
RI | − 0.013 | 0.005 | 0.014∗ | 0.008 | 0.003∗∗ |
| | (0.008) | (0.015) | (0.007) | (0.008) | (0.001) |
NFA | 0.002 | 0.017∗∗∗ | 0.005 | 0.000 | − 0.001 |
| | (0.004) | (0.003) | (0.007) | (0.002) | (0.001) |
LLC test | − 6.569∗∗∗ | − 6.719∗∗∗ | − 5.113∗∗∗ | − 6.216∗∗∗ | − 6.273∗∗∗ |
Kao test | − 4.839∗∗∗ | − 5.431∗∗∗ | − 5.063∗∗∗ | − 4.839∗∗∗ | − 4.839∗∗∗ |
Obs. | 143 | 143 | 123 | 179 | 197 |
- Notes: See Table 1 for the definitions of the variables. Panel DOLS estimates in (1)–(4): All FE estimator regressions include country-specific and time-specific dummy variables as well as the first differences of each explanatory variable (3 leads/lags in (1)–(3), and 1 lead/lag in (4)). Group-mean panel FMOLS estimate proposed by Pedroni (2001) in (5). Sample period 1970–1992. Country sample (Appendix 1.1): sample (i). The productivity data stem from the ISDB (1)–(2) and (4)–(5) and the STAN database (3). The standard errors are reported in parentheses (robust standard errors proposed by Driscoll and Kraay (1998) in (1)–(4)). 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
