Panel A - Use of a more stringent criterion for the identification of shocks (2,5 standard deviation) | |||||
---|---|---|---|---|---|
Year after the shock | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
Decline of initial UB replacement rate 2.5 standard deviation threshold | 0.026 | 0.036 | 0.054* | 0.074* | 0.106** |
(0.019) | (0.035) | (0.031) | (0.041) | (0.043) | |
R2 | 0.453 | 0.455 | 0.435 | 0.426 | 0.426 |
Descriptive Statistics | |||||
Number of reform shocks | Mean | Standard deviation | Minimum | Maximum | |
Decline of initial UB replacement rate 2.5 standard deviation threshold | 11 | 9.84 | 2.65 | −7 | −14,75 |
Panel B - Use of a less stringent criterion for the identification of shocks (1.5 standard deviation) | |||||
Year after the shock | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
Decline of initial UB replacement rate 1.5 standard deviation threshold | 0.038 | 0.063 | 0.093** | 0.138** | 0.171*** |
(0.023) | (0.039) | (0.043) | (0.051) | (0.051) | |
R2 | 0.454 | 0.456 | 0.436 | 0.429 | 0.429 |
Descriptive Statistics | |||||
Number of reform shocks | Mean | Standard deviation | Minimum | Maximum | |
Decline of initial UB replacement rate 1.5 standard deviation threshold | 23 | 7.34 | 3.068 | −4 | −14.75 |
Panel C - Controlling for “reverse” reform shocks | |||||
Year after the shock | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
Decline of initial UB replacement rate 2 standard deviation threshold | 0.026 | 0.045 | 0.066* | 0.094** | 0.124** |
(0.018) | (0.036) | (0.032) | (0.043) | (0.047) | |
Increase of initial UB replacement rate 2 standard deviation threshold | −0.008 | −0.013 | −0.016 | −0.008 | 0.004 |
(0.019) | (0.040) | (0.042) | (0.037) | (0.040) | |
R2 | 0.453 | 0.456 | 0.436 | 0.427 | 0.427 |
Descriptive Statistics | |||||
Number of reform shocks | Mean | Standard deviation | Minimum | Maximum | |
Decline of initial UB replacement rate 2 standard deviation threshold | 16 | 8.55 | 2.93 | −5.50 | −14.75 |
Increase of initial UB replacement rate 2 standard deviation threshold | 10 | 18.84 | 8.61 | 11.54 | 38.46 |
Panel D –Controlling for “reverse” reform shocks (single variable including two types of shocks) | |||||
Year after the shock | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
Change of initial UB replacement rate 2 standard deviation threshold | −0.013 | −0.022 | −0.028 | −0.029 | −0.027 |
(−1.06) | (−0.76) | (−0.84) | (−0.91) | (−0.77) | |
R2 | 0.453 | 0.455 | 0.435 | 0.426 | 0.424 |
Descriptive Statistics | |||||
Number of reform shocks | Mean | Standard deviation | Minimum | Maximum | |
Change of initial UB replacement rate 2 standard deviation threshold | 26 | 1.99 | 14.71 | −14.75 | 38.46 |
Panel E - Excluding country fixed effects | |||||
Year after the shock | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
Decline of initial UB replacement rate 2 standard deviation threshold | 0.044** | 0.090*** | 0.155*** | 0.220** | 0.283*** |
(0.017) | (0.028) | (0.046) | (0.081) | (0.094) | |
R2 | 0.460 | 0.448 | 0.408 | 0.380 | 0.358 |
Descriptive Statistics | |||||
Number of reform shocks | Mean | Standard deviation | Minimum | Maximum | |
Decline of initial UB replacement rate 2 standard deviation threshold | 16 | 8.55 | 2.93 | −5.50 | −14.75 |
For all panels | |||||
No. observations | 503 | 474 | 446 | 418 | 390 |
No. of countries | 29 | 28 | 28 | 28 | 28 |
Year fixed effects | Yes | Yes | Yes | Yes | Yes |