| | (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 |
- 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
