19
TABLE 1
Government Spending as a Percentage of GDP Regressed on Control
Variables, Capital Liberalization, Exchange Rate Regimes and their Interaction.
(1) (2) (3) (4) (5)
pwtkg pwtkg pwtkg pwtkg Pwtkg
L.ptwkg 0.879*** 0.882*** 0.901*** 0.880*** 0.877***
(0.046) (0.046) (0.040) (0.046) (0.046)
agedep -0.624 -0.880 -2.162 -1.760 -0.451
(2.369) (2.333) (2.428) (2.392) (2.357)
growth -0.033 -0.038* -0.016 -0.034 -0.033
(0.023) (0.023) (0.022) (0.023) (0.023)
unemp -0.137***
-0.144***
-0.097** -0.136*** -0.127**
(0.050) (0.049) (0.038) (0.050) (0.052)
trade 0.009 0.008 -0.001 0.008
(0.008) (0.008) (0.008) (0.008)
capacnt 0.233 0.207 0.237 0.266 0.187
(0.268) (0.272) (0.235) (0.272) (0.271)
fixrate -2.191***
-2.198***
-2.029*** -2.270*** -2.213***
(0.749) (0.738) (0.640) (0.738) (0.742)
capfix
0.936*** 0.922*** 0.846*** 0.957*** 0.921***
(0.303) (0.298) (0.269) (0.300) (0.303)
logprices
-0.065
(0.081)
debtserv
-0.043***
(0.010)
demreg
0.378**
(0.177)
tradepppcur
2.440
(1.608)
Constant 1.408 1.878 2.872* 1.906 1.227
(1.683) (1.698) (1.574) (1.658) (1.670)
Observations
341 338 341 341 341
Standard errors in parentheses; * significant at 10%; ** significant at 5%; *** significant at 1%
Convention