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 unempl. shock | −0.089*** | −0.096*** | −0.103*** | −0.096*** | −0.106*** | −0.071* | −0.083** |
(0.028) | (0.021) | (0.020) | (0.023) | (0.029) | (0.035) | (0.029) | |
Net interest payments | −1.057*** | ||||||
(0.259) | |||||||
Debt / GDP | −0.060*** | ||||||
(0.014) | |||||||
Fiscal Space 1 | −1.371*** | ||||||
(0.408) | |||||||
Fiscal Space 2 | −9.687 | ||||||
(6.149) | |||||||
Openness | −0.011 | ||||||
(0.012) | |||||||
GDP per capita | 0.012 | ||||||
(0.012) | |||||||
Constant | 6.268*** | 8.893*** | 10.529*** | 9.824*** | 7.783*** | 6.147*** | 4.556* |
(1.228) | (1.107) | (1.336) | (1.434) | (1.520) | (1.239) | (2.195) | |
Observations | 19 | 18 | 19 | 19 | 19 | 19 | 19 |
R 2 | 0.368 | 0.700 | 0.700 | 0.630 | 0.453 | 0.401 | 0.401 |