Dependent variable: RER |
---|
Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
---|
TFP.TPDBi | | − 0.506∗∗∗ | − 0.392∗∗∗ | − 0.145∗∗ | − 0.457∗∗∗ | − 0.178∗ | |
| | (0.110) | (0.077) | (0.068) | (0.059) | (0.102) | |
TFP.NTPDBi | | − 0.625∗∗ | 0.306 | − 0.815∗∗ | − 0.997∗∗∗ | − 0.599∗∗ | |
| | (0.286) | (0.253) | (0.315) | (0.259) | (0.298) | |
LP.TSTAN | − 0.053 | | | | | | − 0.137∗∗ |
| (0.038) | | | | | | (0.064) |
LP.NTSTAN | 0.493∗∗∗ | | | | | | − 0.024 |
| (0.132) | | | | | | (0.097) |
TOT | 0.349∗∗∗ | | 0.133∗ | 0.254 | 0.154 | 0.341 | 0.301∗∗∗ |
| (0.096) | | (0.076) | (0.171) | (0.110) | (0.209) | (0.093) |
RI | | 0.036∗∗∗ | | | | | |
| | (0.013) | | | | | |
NFA | | 0.001∗ | | | | | |
| | (0.001) | | | | | |
LLC test | − 9.300∗∗∗ | − 7.757∗∗∗ | − 7.028∗∗∗ | − 8.540∗∗∗ | − 8.111∗∗∗ | − 8.665∗∗∗ | − 6.907∗∗∗ |
Kao test | − 6.854∗∗∗ | − 5.489∗∗∗ | − 4.168∗∗∗ | − 4.545∗∗∗ | − 4.760∗∗∗ | − 1.465∗ | − 3.359∗∗∗ |
Obs. | 507 | 151 | 125 | 181 | 175 | 181 | 259 |
- Notes: See Table 1 for the definition of variables. Panel DOLS estimates in (1)–(7): 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 1970–2008 in (1), and 1984–2008 in (2)–(7). Country sample (Appendix 1.1): sample (iii) in (1), sample (ii) in (2) and (4)–(7), and sample (i) in (3). The productivity data stem from the PDBi in (2)–(7) and the STAN database in (1). The agriculture subsector is excluded from the tradable sector in (4). The business service subsector is added to the non-tradable sector in (5). The distribution subsector is added to the non-tradable sector in (6) and (7). 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