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Table 5 Determinant of Real Interest Rates: Panel Regressions

From: Understanding Swiss real interest rates in a financially globalized world

 

Dependent variable: \(r_{t}\)

Debt/GDP

−0.010\(^{***}\)

−0.001

(0.004)

(0.002)

Government consumption/GPD

0.135\(^{***}\)

0.042\(^{***}\)

(0.012)

(0.010)

Investment/GDP

0.065\(^{*}\)

−0.043

(0.036)

(0.027)

Life expectancy

−0.298\(^{***}\)

−0.109\(^{***}\)

(0.037)

(0.028)

Real GDP growth

−0.052\(^{**}\)

−0.021

(0.025)

(0.022)

Global interest rate, \(r_{t}^{w}\)

 

0.907\(^{***}\)

 

(0.053)

Observations

1,178

1,178

R\(^{2}\)

0.227

0.515

  1. \(^{*}\)p<0.1; \(^{**}\)p<0.05; \(^{***}\)p<0.01
  2. Robust standard errors