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Table 3 Long-run effects on Mout,b, quarterly frequency

From: Confederation debt management since 1970

  (1980 2008) (1980 2008) (1980 1991) (1992 2008) (1970 2016)
constant 1300.84*** (47.67) 1236.85*** (114.19) 1348.76*** (169.98) 1343.54*** (86.76) 1668.21*** (132.24)
MD/GDP 95.83*** (4.64) 109.77*** (23.84) 85.52*** (30.64) 93.32*** (6.47) 80.32*** (10.02)
(MD/GDP)2   -0.59 (0.99)    
Adjusted R2 0.94 0.94 0.38 0.88 0.54
Johansen test 0.12* 0.20** 0.11 0.20** 0.02
Observations 116 116 48 68 188
  1. This table reports regressions with Mout,b as dependent variable. The dataset contains quarterly observations for each variable during the observation period ranging from1980 to 2008. Columns 3 and 4 split the sample into two subperiods from 1980 to 1991 and 1992 to 2008. Column 5 shows the regression for the observation periodranging from 1970 to 2016. ***, **, and * denote statistical significance (two-tailed) at the 1%, 5%, and 10% significance level, respectively. As error terms are serially correlated, we employ Newey-West standard errors. The largest eigenvalue of the Johansen test using a lag of one and its corresponding significance level are reported