Parameter | Estimate |
|---|
\(\delta _1\) | 1.1008 (0.0285) |
\(\delta _2\) | − 0.2635 (0.0273) |
\(\beta\) | – |
\(\gamma\) | − 0.0028 (0.0008) |
\(\phi\) | 0.0006 (0.0002) |
\(\theta\) | 0.0018 (0.0004) |
Countries | 175 |
Years | 11 (2005–2016) |
Observations | 1815 |
R2 | 0.9989 |
SER | 0.0414 |
DW | 1.7894 |
WE (x) | [0.059] |
WE (p) | [0.252] |
- Unbalanced panel with country fixed effects. External factor proxied by (the log of) terms of trade. Labor Market Freedom Index used as the internal factor
- Countries, number of countries included; years, years included (2005–2016); observations, total number of observations included; R2, adjusted R squared; SER, standard error of the regression; DW, Durbin Watson; WE (x), Hausman test of weak exogeneity for the external factor (Bolivia); WE (p), Hausman test of weak exogeneity for the internal factor (Bolivia). Standard errors in parenthesis. P-values in brackets
