Dependent variable: RER |
|---|
Variables | (1) | (2) | (3) | (4) |
|---|
TFP.TPDBi | − 0.171∗∗ | − 0.152∗ | − 0.290∗∗∗ | − 0.323∗∗∗ |
| | (0.082) | (0.080) | (0.085) | (0.077) |
TFP.NTPDBi | − 0.695∗∗ | − 0.357 | − 0.797∗∗ | − 0.722∗∗∗ |
| | (0.326) | (0.256) | (0.374) | (0.266) |
TOT | 0.195∗ | 0.338∗∗ | 0.136 | 0.190 |
| | (0.114) | (0.159) | (0.127) | (0.142) |
GOV | 0.000 | | | |
| | (0.002) | | | |
CA | | − 0.010∗∗∗ | | |
| | | (0.003) | | |
GDP | | | 0.155 | |
| | | | (0.106) | |
DPOP | | | | − 13.669 |
| | | | | (10.990) |
LLC test | − 9.239∗∗∗ | − 8.740∗∗∗ | − 8.993∗∗∗ | − 8.484∗∗∗ |
Kao test | − 3.793∗∗∗ | − 4.707∗∗∗ | − 5.747∗∗∗ | − 5.167∗∗∗ |
Obs. | 181 | 181 | 174 | 174 |
- 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 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 PDBi. 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, respectivel
