From: Automatic stabilization and discretionary fiscal policy in the financial crisis
Dependent variable: Change in str. balance 2007 to 2008-09 | |||||||
---|---|---|---|---|---|---|---|
Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
Income stabilization coefficient income shock | -0.214*** | -0.195*** | -0.201*** | -0.200*** | -0.234*** | -0.216*** | -0.205** |
(0.042) | (0.035) | (0.035) | (0.037) | (0.041) | (0.057) | (0.042) | |
Net interest payments | -0.738*** | ||||||
(0.234) | |||||||
Debt / GDP | -0.040*** | ||||||
(0.013) | |||||||
Fiscal Space 1 | -0.945** | ||||||
(0.356) | |||||||
Fiscal Space 2 | -8.666* | ||||||
(4.605) | |||||||
Openness | 0.001 | ||||||
(0.011) | |||||||
GDP per capita | 0.012 | ||||||
(0.009) | |||||||
Constant | 10.148*** | 11.119*** | 12.166*** | 11.909*** | 11.613*** | 10.191*** | 8.279*** |
(1.527) | (1.294) | (1.407) | (1.469) | (1.623) | (1.725) | (2.048) | |
Observations | 19 | 18 | 19 | 19 | 19 | 19 | 19 |
R 2 | 0.600 | 0.761 | 0.749 | 0.723 | 0.673 | 0.600 | 0.640 |