--------------------------------------------------------------------------- log: C:\res\frankel\progs\qp24sc.log log type: text opened on: 9 Sep 2003, 09:35:55 . * . * This STATA program estimates growth equations with openness instrumente > d . * from a gravity equation. . * . * This is a perturbation of qp2 that prints out elhsfs for Susan Collins . * . set more 1 . set mem 10m (10240k) . * . * The first step is to estimate the gravity equation. To do this, the bi > lateral . * data set has to be manipulated since it currently constrains cty1 The new data . * set will contain every observation twice, so it will only be estimated > for observations . * where cty1 l observations. . * . * Read in the data set . * . use \res\frankel\data\ddat3 . sort cty1 cty2 year . * . * Write out the relevant parts to a scratch file . * . outfile cty1 cty2 ccode1 ccode2 year cu lvalue ldist rgdppc1 rgdppc2 pop1 > pop2 comlang border regional areap ll island using crap,replace dictiona > ry (note: file crap.dct not found) . drop _all . * . * Prepare to merge the doubled files . * . infile using crap dictionary { float cty1 `"Country 1, TSUSA"' float cty2 `"Country 2, TSUSA"' str3 ccode1 `"IBRD Country Code"' str3 ccode2 `"IBRD Country Code"' byte year `"Date"' byte cu `"1 for Common Currency Pairs"' _newline float lvalue `"Log of Bilateral Trade Value"' float ldist `"Log of distance"' float rgdppc1 `"Real GDP per capita, '95 in different un > its"' float rgdppc2 `"Real GDP per capita, '95 in different un > its"' float pop1 `"cty1 Population in '000s"' float pop2 `"cty2 Population in '000s"' byte comlang `"1 for Common Language"' _newline byte border `"1 for Common Land Border"' byte regional `"1 for Regional TA Members"' float areap `"Log of Product of Areas"' byte ll `"Number of Landlocked Countries"' byte island `"Number of Island Nations"' } (41678 observations read) . sort cty1 cty2 year . save crap1, replace (note: file crap1.dta not found) file crap1.dta saved . d Contains data from crap1.dta obs: 41,678 vars: 18 9 Sep 2003 09:35 size: 2,208,934 (78.9% of memory free) --------------------------------------------------------------------------- > ---- storage display value variable name type format label variable label --------------------------------------------------------------------------- > ---- cty1 float %9.0g Country 1, TSUSA cty2 float %9.0g Country 2, TSUSA ccode1 str3 %9s IBRD Country Code ccode2 str3 %9s IBRD Country Code year byte %8.0g Date cu byte %8.0g 1 for Common Currency Pairs lvalue float %9.0g Log of Bilateral Trade Value ldist float %9.0g Log of distance rgdppc1 float %9.0g Real GDP per capita, '95 in different units rgdppc2 float %9.0g Real GDP per capita, '95 in different units pop1 float %9.0g cty1 Population in '000s pop2 float %9.0g cty2 Population in '000s comlang byte %8.0g 1 for Common Language border byte %8.0g 1 for Common Land Border regional byte %8.0g 1 for Regional TA Members areap float %9.0g Log of Product of Areas ll byte %8.0g Number of Landlocked Countrie > s island byte %8.0g Number of Island Nations --------------------------------------------------------------------------- > ---- Sorted by: cty1 cty2 year . sum Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- cty1 | 41678 297576.6 144078.6 11111 725980 cty2 | 41678 488201.8 134594.2 11113 908960 ccode1 | 0 ccode2 | 0 year | 41678 82.97435 8.391112 70 95 -------------+-------------------------------------------------------- cu | 41062 .0098875 .0989442 0 1 lvalue | 41061 9.060543 3.348193 .1322796 19.39635 ldist | 36531 8.187802 .8135687 2.967011 9.421514 rgdppc1 | 34347 4224.014 4599.872 296 33946 rgdppc2 | 34633 7154.765 5121.264 296 33946 -------------+-------------------------------------------------------- pop1 | 35454 35497.66 105387.9 40 1203324 pop2 | 35424 54772.05 156639.1 40 1203324 comlang | 40502 .1194262 .3242934 0 1 border | 40490 .0215856 .1453278 0 1 regional | 41062 .0193366 .1377068 0 1 -------------+-------------------------------------------------------- areap | 40490 23.71944 3.585231 5.857933 32.96749 ll | 40490 .1717708 .3966547 0 2 island | 40490 .4740183 .6114399 0 2 . count if (cty1==11111&cty2==11113)&year==90 1 . count if (cty2==11111&cty1==11113)&year==90 0 . rename ccode1 crap . rename ccode2 ccode1 . rename crap ccode2 . rename cty1 crap . rename cty2 cty1 . rename crap cty2 . rename rgdppc1 crap . rename rgdppc2 rgdppc1 . rename crap rgdppc2 . rename pop1 crap . rename pop2 pop1 . rename crap pop2 . sort cty1 cty2 year . save crap2,replace (note: file crap2.dta not found) file crap2.dta saved . drop _all . * . * Perform the merge . * . use crap1 . append using crap2 . sort cty1 cty2 . d Contains data from crap1.dta obs: 83,356 vars: 18 9 Sep 2003 09:35 size: 4,417,868 (57.9% of memory free) --------------------------------------------------------------------------- > ---- storage display value variable name type format label variable label --------------------------------------------------------------------------- > ---- cty1 float %9.0g Country 1, TSUSA cty2 float %9.0g Country 2, TSUSA ccode1 str3 %9s IBRD Country Code ccode2 str3 %9s IBRD Country Code year byte %8.0g Date cu byte %8.0g 1 for Common Currency Pairs lvalue float %9.0g Log of Bilateral Trade Value ldist float %9.0g Log of distance rgdppc1 float %9.0g Real GDP per capita, '95 in different units rgdppc2 float %9.0g Real GDP per capita, '95 in different units pop1 float %9.0g cty1 Population in '000s pop2 float %9.0g cty2 Population in '000s comlang byte %8.0g 1 for Common Language border byte %8.0g 1 for Common Land Border regional byte %8.0g 1 for Regional TA Members areap float %9.0g Log of Product of Areas ll byte %8.0g Number of Landlocked Countrie > s island byte %8.0g Number of Island Nations --------------------------------------------------------------------------- > ---- Sorted by: cty1 cty2 Note: dataset has changed since last saved . sum Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- cty1 | 83356 392889.2 168883 11111 908960 cty2 | 83356 392889.2 168883 11111 908960 ccode1 | 0 ccode2 | 0 year | 83356 82.97435 8.391062 70 95 -------------+-------------------------------------------------------- cu | 82124 .0098875 .0989436 0 1 lvalue | 82122 9.060543 3.348172 .1322796 19.39635 ldist | 73062 8.187802 .8135632 2.967011 9.421514 rgdppc1 | 68980 5695.465 5084.345 296 33946 rgdppc2 | 68980 5695.465 5084.345 296 33946 -------------+-------------------------------------------------------- pop1 | 70878 45130.77 133831.9 40 1203324 pop2 | 70878 45130.77 133831.9 40 1203324 comlang | 81004 .1194262 .3242914 0 1 border | 80980 .0215856 .1453269 0 1 regional | 82124 .0193366 .137706 0 1 -------------+-------------------------------------------------------- areap | 80980 23.71944 3.585209 5.857933 32.96749 ll | 80980 .1717708 .3966522 0 2 island | 80980 .4740183 .6114361 0 2 . count if (cty1==11111&cty2==11113)&year==90 1 . count if (cty2==11111&cty1==11113)&year==90 1 . * . * Gravity regressions is estimated with OLS (robust standard errors) . * . * Create the regressand by dividing through by real GDP. . * . g lhs=log(exp(lvalue)/(rgdppc1*pop1)) (14926 missing values generated) . label var lhs "Log (Trade/ Real GDP)" . * . * Create a few auxiliary regressors . * . g lpop2=log(pop2) (12478 missing values generated) . label var lpop2 "Log of Population 2" . g lrgdp2=log(pop2*rgdppc2) (14376 missing values generated) . label var lrgdp2 "Log of Real GDP 2" . g lrgdppc2=log(rgdppc2) (14376 missing values generated) . label var lrgdppc2 "Log of Real GDP pc 2" . d Contains data from crap1.dta obs: 83,356 vars: 22 9 Sep 2003 09:35 size: 5,751,564 (45.1% of memory free) --------------------------------------------------------------------------- > ---- storage display value variable name type format label variable label --------------------------------------------------------------------------- > ---- cty1 float %9.0g Country 1, TSUSA cty2 float %9.0g Country 2, TSUSA ccode1 str3 %9s IBRD Country Code ccode2 str3 %9s IBRD Country Code year byte %8.0g Date cu byte %8.0g 1 for Common Currency Pairs lvalue float %9.0g Log of Bilateral Trade Value ldist float %9.0g Log of distance rgdppc1 float %9.0g Real GDP per capita, '95 in different units rgdppc2 float %9.0g Real GDP per capita, '95 in different units pop1 float %9.0g cty1 Population in '000s pop2 float %9.0g cty2 Population in '000s comlang byte %8.0g 1 for Common Language border byte %8.0g 1 for Common Land Border regional byte %8.0g 1 for Regional TA Members areap float %9.0g Log of Product of Areas ll byte %8.0g Number of Landlocked Countrie > s island byte %8.0g Number of Island Nations lhs float %9.0g Log (Trade/ Real GDP) lpop2 float %9.0g Log of Population 2 lrgdp2 float %9.0g Log of Real GDP 2 lrgdppc2 float %9.0g Log of Real GDP pc 2 --------------------------------------------------------------------------- > ---- Sorted by: cty1 cty2 Note: dataset has changed since last saved . sum Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- cty1 | 83356 392889.2 168883 11111 908960 cty2 | 83356 392889.2 168883 11111 908960 ccode1 | 0 ccode2 | 0 year | 83356 82.97435 8.391062 70 95 -------------+-------------------------------------------------------- cu | 82124 .0098875 .0989436 0 1 lvalue | 82122 9.060543 3.348172 .1322796 19.39635 ldist | 73062 8.187802 .8135632 2.967011 9.421514 rgdppc1 | 68980 5695.465 5084.345 296 33946 rgdppc2 | 68980 5695.465 5084.345 296 33946 -------------+-------------------------------------------------------- pop1 | 70878 45130.77 133831.9 40 1203324 pop2 | 70878 45130.77 133831.9 40 1203324 comlang | 81004 .1194262 .3242914 0 1 border | 80980 .0215856 .1453269 0 1 regional | 82124 .0193366 .137706 0 1 -------------+-------------------------------------------------------- areap | 80980 23.71944 3.585209 5.857933 32.96749 ll | 80980 .1717708 .3966522 0 2 island | 80980 .4740183 .6114361 0 2 lhs | 68430 -8.198574 3.145234 -19.27446 2.256378 lpop2 | 70878 9.256886 1.736202 3.688879 14.0006 -------------+-------------------------------------------------------- lrgdp2 | 68980 17.49735 1.955908 11.38727 22.43554 lrgdppc2 | 68980 8.186769 1.034629 5.69036 10.43253 . * . * Just for fun, estimate the Gravity Regression pooled across years . * . sort cty1 cty2 year . areg lhs ldist lpop2 comlang border areap ll if (cty1 r) Regression with robust standard errors Number of obs = 29 > 148 F( 6, 29136) = 1798 > .07 Prob > F = 0.0 > 000 R-squared = 0.2 > 737 Adj R-squared = 0.2 > 734 Root MSE = 2.4 > 524 --------------------------------------------------------------------------- > --- | Robust lhs | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- ldist | -.8995716 .0192589 -46.71 0.000 -.93732 -.8618 > 233 lpop2 | .8646288 .0098408 87.86 0.000 .8453404 .8839 > 171 comlang | .5947631 .0450278 13.21 0.000 .5065067 .6830 > 196 border | .5585553 .0830571 6.72 0.000 .3957597 .721 > 351 areap | -.2305421 .0052821 -43.65 0.000 -.2408953 -.2201 > 889 ll | -.3649959 .0330517 -11.04 0.000 -.4297786 -.3002 > 131 _cons | -2.514327 .1839455 -13.67 0.000 -2.874868 -2.153 > 785 -------------+------------------------------------------------------------- > --- year | absorbed (6 categori > es) . * . * Estimate the Gravity Regression for 1990, then generate the exponential > of . * the fitted value . * . sort cty1 cty2 year . drop if year~=90 (68382 observations deleted) . reg lhs ldist lpop2 comlang border areap ll if year==90&(cty1 st Regression with robust standard errors Number of obs = 4 > 052 F( 6, 4045) = 284 > .96 Prob > F = 0.0 > 000 R-squared = 0.2 > 792 Root MSE = 2.2 > 817 --------------------------------------------------------------------------- > --- | Robust lhs | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- ldist | -.9444993 .0491422 -19.22 0.000 -1.040845 -.8481 > 536 lpop2 | .8226782 .0243163 33.83 0.000 .7750048 .8703 > 516 comlang | .532586 .113741 4.68 0.000 .3095909 .755 > 581 border | .6381149 .2105015 3.03 0.002 .2254161 1.050 > 814 areap | -.2653732 .0137592 -19.29 0.000 -.2923488 -.2383 > 976 ll | -.4729622 .0767902 -6.16 0.000 -.6235133 -.3224 > 111 _cons | -1.2244 .4771986 -2.57 0.010 -2.159972 -.2888 > 275 --------------------------------------------------------------------------- > --- . predict lhsf (option xb assumed; fitted values) (4680 missing values generated) . label var lhsf "Fitted LHS" . g elhsf=exp(lhsf) (4680 missing values generated) . label var elhsf "Exponential of Fitted LHS" . sum lhs lhsf elhsf Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- lhs | 10940 -8.744637 3.072132 -19.05274 -.231385 lhsf | 10294 -7.677326 1.499756 -12.57824 -1.248166 elhsf | 10294 .0015335 .005071 3.45e-06 .2870306 . * . * Now sum the expontential of the gravity-model fitted value. . * . sort cty1 cty2 . egen elhsfs=sum(elhsf), by(cty1) . label var elhsfs "Country-Sum of Exponential of Fitted LHS" . * . * Write out the fitted sums . * . rename ccode1 ccode . sort ccode . outfile ccode elhsfs using crap, dictionary replace . drop _all . * . * Read in the fitted sums, sort and save . * . infile using crap.dct dictionary { str3 ccode `"IBRD Country Code"' float elhsfs `"Country-Sum of Exponential of Fitted LHS > "' } (14974 observations read) . drop if ccode==ccode[_n-1] (14810 observations deleted) . sort ccode . save crap,replace (note: file crap.dta not found) file crap.dta saved . drop _all . * . * Read in the growth data set . * . use \res\engel\data\data11 . * . * Merge with the IV . * . sort ccode . merge ccode using crap . tab _merge _merge | Freq. Percent Cum. ------------+----------------------------------- 1 | 1,813 23.23 23.23 2 | 2 0.03 23.25 3 | 5,990 76.75 100.00 ------------+----------------------------------- Total | 7,805 100.00 . drop _merge . * . * Drop pre '70 data . * . drop if year<70 (2110 observations deleted) . * . * Some data transformations . * . g lrgdpch=log(rgdpch) (2671 missing values generated) . label var lrgdpch "Log Real GDP per capita from PWT" . * . * Create the regressors: Initial GDP, population, (I/Y), population growt > h, . * schooling, inflation . * . sort ccode year . g lpop=log(pwtpop) if (year==90) (5580 missing values generated) . label var lpop "Log of '90 Population" . g lpopi=log(pwtpop[_n-20]) if (year==90)&(ccode==ccode[_n-20]) (5563 missing values generated) . label var lpopi "Log of '70 Population" . g lrgdpi=log(rgdp[_n-20]) if (year==90)&(ccode==ccode[_n-20]) (5565 missing values generated) . label var lrgdpi "Log of '70 Real GDP" . g lrgdpchi=log(rgdpch[_n-20]) if (year==90)&(ccode==ccode[_n-20]) (5565 missing values generated) . label var lrgdpchi "Log of '70 Real GDP per capita" . egen minf=mean(inf), by(ccode) (1888 missing values generated) . label var minf "Mean Inflation" . egen sdinf=sd(inf), by(ccode) (1888 missing values generated) . label var sdinf "Standard Deviation of Inflation" . egen invrat=mean(pwti), by(ccode) (1676 missing values generated) . label var invrat "Average I/Y from PWT" . egen sch1=mean(school1), by(ccode) (943 missing values generated) . label var sch1 "Average Primary Schooling Enrollment" . egen sch2=mean(school2), by(ccode) (1051 missing values generated) . label var sch2 "Average Secondary Schooling Enrollment" . sort ccode year . g popg=(100./20.)*(log(pwtpop)-log(pwtpop[_n-20])) if (year==90)&(ccode== > ccode[_n-20]) (5588 missing values generated) . label var popg "20-yr average annual population growth rate ('70->'90) fr > om PWT" . g larea=log(area) (25 missing values generated) . label var larea "Log of Area" . g lremgdp=log(remgdp) (865 missing values generated) . label var lremgdp "Log of Remoteness: GDP measure" . g lremypc=log(remypc) (865 missing values generated) . label var lremypc "Log of Remoteness: GDP p/c measure" . g lequa=log(abs(69.*lat)) (29 missing values generated) . label var lequa "Log of Miles to Equator" . * . * Create a composite for either CUs or CBs . * . g byte cub=0 . label var cub "Currency Union or Board in 1990" . replace cub=1 if cu==1 (1380 real changes made) . replace cub=1 if ccode=="CYM" (27 real changes made) . replace cub=1 if ccode=="HKG" (27 real changes made) . replace cub=1 if ccode=="DJI" (27 real changes made) . * . * Add in the "anchor" countries of multilateral unions . * . replace cub=1 if ccode=="BFA" (27 real changes made) . replace cub=1 if ccode=="LCA" (27 real changes made) . replace cub=1 if ccode=="PYF" (27 real changes made) . * . * Prepare to run the regression . * . drop if year~=90 (5484 observations deleted) . sort ccode . drop if ccode==ccode[_n-1] (0 observations deleted) . d Contains data from \res\engel\data\data11.dta obs: 211 vars: 94 24 Apr 2000 08:13 size: 78,703 (99.2% of memory free) --------------------------------------------------------------------------- > ---- storage display value variable name type format label variable label --------------------------------------------------------------------------- > ---- ccode str3 %9s IBRD Country Code year byte %9.0g country str30 %30s pdol float %9.0g LCU/$ cpi float %9.0g CPI ('87=100) inf float %9.0g CPI Inflation gdppc float %9.0g GDP per capita, PPP, constant '87 int'l $ gnppc float %9.0g GNP per capita, PPP, constant '87 int'l $ center str1 %9s Center Country: America, grea > t Britan, Cfa zone, Denmark, ECCA, France, Germany, cu byte %9.0g Currency Union dummy cenpdol float %9.0g Center Country Price of Dolla > r cencpi float %9.0g Center Country CPI ceninf float %9.0g Center Country Inflation ifscode int %8.0g IFS Country Code fixed byte %8.0g Binary for Fixers inter byte %8.0g Binary for Non-Fixers/Non-Floaters flotg byte %8.0g Binary for Floaters cacc float %9.0g Current Account, % GDP gdp1 float %9.0g GDP at factor cost (constant 1987 LCU) gdp2 float %9.0g Real GDP at market prices (constant 1987 LCU) gdp3 float %9.0g GDP at market prices (constan > t LCU) gnp1 float %9.0g GNP at market prices (constan > t 1987 LCU) gnp2 float %9.0g GNP per capita (constant 1987 LCU) con1 float %9.0g Private consumption (constant LCU) con2 float %9.0g Private consumption (constant 1987 LCU) con3 float %9.0g Private consumption etc. (constant 1987 LCU) con4 float %9.0g Total consumption etc. (constant 1987 LCU) con5 float %9.0g Total consumption etc. (constant LCU) xdut float %9.0g Export Duties (% X) xy float %9.0g Exports (% GDP) xgr float %9.0g Export Growth Rate fdi float %9.0g Gross FDI (% GDP) kfl float %9.0g Gross private K flows (% GDP) mdut float %9.0g Import Duties (% GDP) my float %9.0g Imports (% GDP) mgr float %9.0g Import Growth Rate tar float %9.0g Trade Taxes (% revenue) trade float %9.0g Trade (% GDP) taxes float %9.0g Taxes (% GDP) credit float %9.0g Credit to Priv Sector (% GDP) bkcred float %9.0g Domestic Banking Credit (% GD > P) inv float %9.0g Investment (% GDP) illit float %9.0g Adult Illiteracy Rate m2y float %9.0g M2 (% GDP) pop float %9.0g Population school1 float %9.0g Primary School Enrollment school2 float %9.0g Seconday School Enrollment debt float %9.0g Central Gov't Debt (% GDP) rev float %9.0g Current Revenue (% GDP) forfin float %9.0g Foreign Financing (% GDP) ispread float %9.0g Lending Rate - LIBOR def float %9.0g Budget Deficit (% GDP) tax float %9.0g Tax Revenue (% GDP) expend float %9.0g Expenditures (% GDP) pwtpop float %9.0g PWT 5.6 Population rgdpch float %9.0g PWT 5.6 Real GDP per capita chain index pwti float %9.0g PWT 5.6 I/Y '85 int'l prices pwtci float %9.0g PWT 5.6 I/Y current int'l pri > ces pwtopen float %9.0g PWT 5.6 Openness pwtc float %9.0g PWT 5.6 C/Y current int'l pri > ces area float %9.0g Area in sq. km. from World Reference Atlas landl byte %8.0g Dummy for Landlocked island byte %8.0g Dummy for Island State lat float %9.0g Latitude above Equator lng float %9.0g Longitude East of Greenwich lrgdp float %9.0g Log of Mean of ROW Real GDP lrpop float %9.0g Log of Mean of ROW Population lrgdpp float %9.0g Log of Mean of ROW Real GDP p > er capita remunw float %9.0g Average Distance to ROW remypc float %9.0g Remoteness: Average of GDP p/ > c divided by Distance remgdp float %9.0g Remoteness: Average of GDP divided by Distance rempop float %9.0g Remoteness: Average of Population divided by Dista > nce pu byte %8.0g Dummy for Political Dependent > s jremgdp float %9.0g Remoteness: Average of Log Distance weighted by GDP jrempop float %9.0g Remoteness: Average of Log Distance weighted by Popula > tion uremgdp float %9.0g Remoteness: Log of (Average o > f Distance weighted by GDP) urempop float %9.0g Remoteness: Log of (Average o > f Distance weighted by Population) elhsfs float %9.0g Country-Sum of Exponential of Fitted LHS lrgdpch float %9.0g Log Real GDP per capita from > PWT lpop float %9.0g Log of '90 Population lpopi float %9.0g Log of '70 Population lrgdpi float %9.0g Log of '70 Real GDP lrgdpchi float %9.0g Log of '70 Real GDP per capit > a minf float %9.0g Mean Inflation sdinf float %9.0g Standard Deviation of Inflati > on invrat float %9.0g Average I/Y from PWT sch1 float %9.0g Average Primary Schooling Enrollment sch2 float %9.0g Average Secondary Schooling Enrollment popg float %9.0g 20-yr average annual populati > on growth rate ('70->'90) from > PWT larea float %9.0g Log of Area lremgdp float %9.0g Log of Remoteness: GDP measur > e lremypc float %9.0g Log of Remoteness: GDP p/c measure lequa float %9.0g Log of Miles to Equator cub byte %8.0g Currency Union or Board in 19 > 90 --------------------------------------------------------------------------- > ---- Sorted by: ccode Note: dataset has changed since last saved . sum Variable | Obs Mean Std. Dev. Min Max -------------+-------------------------------------------------------- ccode | 0 year | 211 90 0 90 90 country | 0 pdol | 167 422.1016 3358.201 .0000248 42885.5 cpi | 137 297729.2 3251653 95.05902 3.80e+07 -------------+-------------------------------------------------------- inf | 137 170.1747 949.9463 -4.792461 7485.228 gdppc | 152 5345.717 5127.91 355.4466 19951.28 gnppc | 155 5333.29 5256.377 320 24990 center | 0 cu | 210 .247619 .4326607 0 1 -------------+-------------------------------------------------------- cenpdol | 210 20.23987 67.912 .563177 272.265 cencpi | 209 113.7704 6.46603 102.8882 147.9924 ceninf | 209 4.831191 2.305017 -.8337865 14.39714 ifscode | 121 459.6694 232.7869 111 968 fixed | 121 .5702479 .497099 0 1 -------------+-------------------------------------------------------- inter | 121 .107438 .3109569 0 1 flotg | 121 .322314 .4693058 0 1 cacc | 143 -3.739545 10.57423 -76.55247 21.08893 gdp1 | 93 2.81e+12 1.51e+13 428.2762 1.24e+14 gdp2 | 167 1.22e+13 9.02e+13 470.2669 1.07e+15 -------------+-------------------------------------------------------- gdp3 | 175 5.60e+13 4.06e+14 3.629 3.82e+15 gnp1 | 163 1.23e+13 9.02e+13 419.5002 1.06e+15 gnp2 | 163 250525.2 1513084 .0000255 1.87e+07 con1 | 132 2.98e+13 2.27e+14 2.065 2.48e+15 con2 | 124 9.97e+12 6.45e+13 307.8729 6.70e+14 -------------+-------------------------------------------------------- con3 | 112 1.10e+13 6.78e+13 284.4059 6.70e+14 con4 | 118 1.27e+13 8.23e+13 393.4887 8.44e+14 con5 | 133 3.43e+13 2.57e+14 3.273 2.77e+15 xdut | 68 2.068487 3.913771 0 20.42684 xy | 158 35.03439 26.2656 2.62207 197.5917 -------------+-------------------------------------------------------- xgr | 122 5.247072 14.7474 -71.35486 38.42282 fdi | 128 1.931145 3.464817 0 22.11042 kfl | 128 11.33231 17.79887 .7226782 169.7382 mdut | 93 11.97394 9.438469 0 42.17828 my | 158 42.40246 27.48909 4.631322 188.7696 -------------+-------------------------------------------------------- mgr | 122 6.112987 16.6929 -69.50362 66.80374 tar | 101 17.79482 16.22166 0 64.65984 trade | 130 35.69149 35.80644 4.410394 264.5435 taxes | 102 19.59973 9.964952 .6062765 44.70876 credit | 137 39.87749 32.82231 .959187 200.5779 -------------+-------------------------------------------------------- bkcred | 138 56.78682 45.91306 -53.01838 266.8333 inv | 164 23.6653 10.57465 8.098905 82.25759 illit | 97 35.84845 23.84079 1.6 81.8 m2y | 134 43.19291 28.21535 6.169322 159.3393 pop | 198 2.65e+07 1.04e+08 42030 1.14e+09 -------------+-------------------------------------------------------- school1 | 138 92.96797 24.40498 0 136 school2 | 123 55.09106 32.53896 4 120 debt | 52 47.5552 31.58231 .9766997 148.8682 rev | 94 24.74114 11.69041 1.586518 58.40035 forfin | 75 1.300259 2.580003 -3.907967 12.67903 -------------+-------------------------------------------------------- ispread | 117 55.35581 441.897 -2.31 4766.19 def | 96 -2.714385 5.9612 -35.57545 12.9422 tax | 101 19.89656 10.06307 .6062765 44.70397 expend | 100 29.35766 13.37067 6.030026 72.25064 pwtpop | 115 39177.84 134104.4 40 1133683 -------------+-------------------------------------------------------- rgdpch | 115 4913.783 4945.326 399 18054 pwti | 115 16.61739 9.540158 1.2 47 pwtci | 115 17.39217 9.850204 1.3 47.4 pwtopen | 115 72.57043 48.8649 12.66 373.26 pwtc | 115 65.48087 10.09613 36.9 92.8 -------------+-------------------------------------------------------- area | 210 631418.7 1813066 2 1.71e+07 landl | 210 .1904762 .393615 0 1 island | 210 .2714286 .4457592 0 1 lat | 211 18.91367 24.00779 -41 72 lng | 211 17.49637 69.27928 -175 175 -------------+-------------------------------------------------------- lrgdp | 210 18.92993 .0212512 18.66947 18.93886 lrpop | 210 10.57556 .0248456 10.29475 10.58459 lrgdpp | 210 8.499805 .0065428 8.476063 8.507827 remunw | 210 5021.603 1187.237 3762.338 8495.864 remypc | 210 1.961075 1.22472 .6243631 6.985066 -------------+-------------------------------------------------------- remgdp | 210 53615.73 26030.92 21928.9 148280.1 rempop | 210 11.84493 4.223528 5.046165 26.91011 pu | 211 .2132701 .410591 0 1 jremgdp | 210 8.386398 .2625807 7.846764 8.987196 jrempop | 210 8.385715 .3134337 7.670553 9.000374 -------------+-------------------------------------------------------- uremgdp | 210 3.808773 .1945929 3.499134 4.290333 urempop | 210 3.780621 .2726217 3.323503 4.365084 elhsfs | 162 .0954522 .1050407 0 .6982675 lrgdpch | 115 7.973267 1.067129 5.988961 9.801123 lpop | 115 8.948629 1.850604 3.688879 13.94098 -------------+-------------------------------------------------------- lpopi | 132 8.581156 1.715057 3.970292 13.615 lrgdpi | 130 7.613268 .9590559 5.69036 9.469854 lrgdpchi | 130 7.613268 .9590559 5.69036 9.469854 minf | 141 49.82067 171.4984 -3.458119 1270.24 sdinf | 141 106.2841 504.9053 1.445018 4591.1 -------------+-------------------------------------------------------- invrat | 149 17.38329 8.681967 1.321739 53.22857 sch1 | 176 90.14794 24.28552 19.875 136 sch2 | 172 49.56443 31.19579 1.5 104.4167 popg | 107 1.935036 1.006114 .1034024 4.063462 larea | 210 10.9304 2.935451 .6931472 16.65315 -------------+-------------------------------------------------------- lremgdp | 210 10.79555 .4168276 9.995561 11.90686 lremypc | 210 .5238695 .5196113 -.4710231 1.943774 lequa | 210 7.151644 .9387971 4.234107 8.510773 cub | 211 .2748815 .4475163 0 1 . * . * Examine the correlation between trade and its fitted value . * . corr pwtopen elhsfs (obs=110) | pwtopen elhsfs -------------+------------------ pwtopen | 1.0000 elhsfs | 0.7179 1.0000 . list ccode pwtopen elhsfs +----------------------------+ | ccode pwtopen elhsfs | |----------------------------| 1. | ABW . . | 2. | ADO . . | 3. | AFG . 0 | 4. | AGO . .0256672 | 5. | ALB . 0 | |----------------------------| 6. | ANT . 0 | 7. | ARE . .0974117 | 8. | ARG 15.18 .0283231 | 9. | ARM . . | 10. | ASM . . | |----------------------------| 11. | ATG . 0 | 12. | AUS 34.43 .0218152 | 13. | AUT 79.18 .1764282 | 14. | AZE . . | 15. | BDI 35.37 .0459256 | |----------------------------| 16. | BEL 144.96 .4226051 | 17. | BEN 52.33 .0724427 | 18. | BFA 42.86 .025977 | 19. | BGD 26.91 .1391432 | 20. | BGR 123.69 .1467638 | |----------------------------| 21. | BHR . .3624974 | 22. | BHS . .1219345 | 23. | BIH . . | 24. | BLR . . | 25. | BLZ 172 .1225027 | |----------------------------| 26. | BMU . .37185 | 27. | BOL 46.87 .0227058 | 28. | BRA 12.66 .0192433 | 29. | BRB . .2741462 | 30. | BRN . 0 | |----------------------------| 31. | BTN . .1033414 | 32. | BWA . . | 33. | CAF 49.1 .0204868 | 34. | CAN 51.24 .0265409 | 35. | CHE 72.73 .2368271 | |----------------------------| 36. | CHI . . | 37. | CHL 65.46 .0399433 | 38. | CHN 25.42 .0370863 | 39. | CIV 63.95 .0474206 | 40. | CMR 43.33 .0481717 | |----------------------------| 41. | COG 88.32 .0376092 | 42. | COL 35.38 .049909 | 43. | COM 48.99 .1224645 | 44. | CPV 77.09 . | 45. | CRI 75.43 .112639 | |----------------------------| 46. | CUB . .0460129 | 47. | CYM . 0 | 48. | CYP 104.7 .2523796 | 49. | CZE . .1305618 | 50. | DEU 58.03 .1563775 | |----------------------------| 51. | DJI . .1308282 | 52. | DMA . 0 | 53. | DNK 65.26 .2074731 | 54. | DOM 59.21 .0790675 | 55. | DZA 50.13 .047169 | |----------------------------| 56. | ECU 60.12 .0632306 | 57. | EGY 65.05 .0648859 | 58. | ERI . . | 59. | ESP 37.52 .0922282 | 60. | EST . . | |----------------------------| 61. | ETH . .0426609 | 62. | FIN 47.67 .0852663 | 63. | FJI 129.56 .0692004 | 64. | FRA 45.16 .1117923 | 65. | FRO . . | |----------------------------| 66. | FSM . . | 67. | GAB 78.45 .0401516 | 68. | GBR 51.48 .1139978 | 69. | GEO . . | 70. | GHA 39.4 .0591008 | |----------------------------| 71. | GIN 56.88 .0537749 | 72. | GLP . .1655091 | 73. | GMB 135.32 .1212657 | 74. | GNB 52.59 .0647426 | 75. | GNQ . .0797698 | |----------------------------| 76. | GRC 54.16 .1443843 | 77. | GRD 127.71 0 | 78. | GRL . .018073 | 79. | GTM 43.48 .1184964 | 80. | GUF . .0412832 | |----------------------------| 81. | GUM . . | 82. | GUY 52.52 .0533693 | 83. | HKG 262.96 .6982675 | 84. | HND 75.2 .1204241 | 85. | HRV . . | |----------------------------| 86. | HTI . .0786193 | 87. | HUN 60.67 .1124226 | 88. | IDN 52.61 .0353077 | 89. | IMY . . | 90. | IND 18.76 .0577512 | |----------------------------| 91. | IRL 114.6 .2128823 | 92. | IRN 33.26 .0496313 | 93. | IRQ . .0715145 | 94. | ISL 69.43 .0795058 | 95. | ISR 69.04 .148824 | |----------------------------| 96. | ITA 41.46 .1219221 | 97. | JAM 113.44 .1275784 | 98. | JOR 144.21 .1396629 | 99. | JPN 20.92 .0596053 | 100. | KAZ . . | |----------------------------| 101. | KEN 57.56 .0562452 | 102. | KGZ . . | 103. | KHM . 0 | 104. | KIR . .1472603 | 105. | KNA 136.84 .322465 | |----------------------------| 106. | KOR 62.48 .1038463 | 107. | KWT . .155958 | 108. | LAO 35.71 .0618538 | 109. | LBN . 0 | 110. | LBR . .0611945 | |----------------------------| 111. | LBY . 0 | 112. | LCA . 0 | 113. | LIE . . | 114. | LKA 67.37 .1201818 | 115. | LSO 136.91 . | |----------------------------| 116. | LTU . . | 117. | LUX 193.81 . | 118. | LVA . . | 119. | MAC . . | 120. | MAR 54.51 .0764556 | |----------------------------| 121. | MCO . . | 122. | MDA . . | 123. | MDG 42.74 .0397858 | 124. | MDV . 0 | 125. | MEX 32.72 .034263 | |----------------------------| 126. | MHL . . | 127. | MKD . . | 128. | MLI 50.28 .0222002 | 129. | MLT . .6703824 | 130. | MMR . .0966711 | |----------------------------| 131. | MNG 71.11 .0337604 | 132. | MNP . . | 133. | MOZ 82.83 .0311748 | 134. | MRT 107.13 .0363161 | 135. | MTQ . 0 | |----------------------------| 136. | MUS 142.14 .2310139 | 137. | MWI 57.8 .061476 | 138. | MYS 154.2 .0895818 | 139. | MYT . . | 140. | NAM 129.09 . | |----------------------------| 141. | NCL . .0542479 | 142. | NER . .0204665 | 143. | NGA 64.64 .0413099 | 144. | NIC 68.59 .0988675 | 145. | NLD 103.72 .242911 | |----------------------------| 146. | NOR 81.11 .0950233 | 147. | NPL . .110604 | 148. | NZL 55.34 .0385121 | 149. | OAN 89.88 .1704671 | 150. | OMN . .0826348 | |----------------------------| 151. | PAK 35.01 .0977229 | 152. | PAN 73.17 .101645 | 153. | PER 26.8 .0409261 | 154. | PHL 61.48 .0826219 | 155. | PLW . . | |----------------------------| 156. | PNG 89.6 .0357938 | 157. | POL 45.84 .1062932 | 158. | PRI . . | 159. | PRK . 0 | 160. | PRT 75.2 .1399518 | |----------------------------| 161. | PRY 75.56 .0281429 | 162. | PYF . . | 163. | QAT . .1952378 | 164. | REU . .1692334 | 165. | ROM . .1373188 | |----------------------------| 166. | RUS . . | 167. | RWA 22.22 .0518042 | 168. | SAU . .0445609 | 169. | SDN 21.56 .0379276 | 170. | SEN 52.26 .0814281 | |----------------------------| 171. | SGP 373.26 .5025614 | 172. | SLB . .0619765 | 173. | SLE 44.8 .0643659 | 174. | SLV 42.98 .1740527 | 175. | SOM . .0402775 | |----------------------------| 176. | STP . . | 177. | SUR . .0448617 | 178. | SVK . . | 179. | SVN . . | 180. | SWE 59.46 .0870452 | |----------------------------| 181. | SWZ . . | 182. | SYC 108.19 .2424511 | 183. | SYR 55.15 .1172413 | 184. | TCD 60.18 .0190101 | 185. | TGO 93.46 .1581326 | |----------------------------| 186. | THA 75.83 .0773672 | 187. | TJK . . | 188. | TKM . . | 189. | TON . . | 190. | TTO 73.81 .1508997 | |----------------------------| 191. | TUN 89.33 .1154693 | 192. | TUR 41.99 .0767398 | 193. | TZA . .0426119 | 194. | UGA 24.87 .0390954 | 195. | UKR . . | |----------------------------| 196. | URY 46.27 .0603473 | 197. | USA 21.5 .0216172 | 198. | UZB . . | 199. | VCT . 0 | 200. | VEN 59.64 .0489401 | |----------------------------| 201. | VIR . . | 202. | VNM . .0775765 | 203. | VUT 122.94 . | 204. | WBG . . | 205. | WSM 95.69 0 | |----------------------------| 206. | YEM . .0538516 | 207. | YUG 48.93 .1399424 | 208. | ZAF 47.22 .0303786 | 209. | ZAR . .026207 | 210. | ZMB 70.05 .0375798 | |----------------------------| 211. | ZWE 59 .0481274 | +----------------------------+ . * . * The regressions are run: a) default; b) with mean inflation . * . * Default without controls, OLS and IV . * . reg lrgdpch pwtopen lpop, robust Regression with robust standard errors Number of obs = > 115 F( 2, 112) = 9 > .48 Prob > F = 0.0 > 002 R-squared = 0.1 > 054 Root MSE = 1.0 > 183 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0079488 .001841 4.32 0.000 .0043011 .0115 > 965 lpop | .1427453 .0557747 2.56 0.012 .0322349 .2532 > 557 _cons | 6.119045 .5865373 10.43 0.000 4.956897 7.281 > 194 --------------------------------------------------------------------------- > --- . reg lrgdpch pwtopen lpop minf, robust Regression with robust standard errors Number of obs = > 105 F( 3, 101) = 4 > .85 Prob > F = 0.0 > 034 R-squared = 0.0 > 635 Root MSE = 1.0 > 363 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0063141 .001966 3.21 0.002 .0024141 .0102 > 142 lpop | .1088751 .0570803 1.91 0.059 -.004357 .2221 > 071 minf | -.0003907 .000332 -1.18 0.242 -.0010492 .0002 > 678 _cons | 6.592554 .6123618 10.77 0.000 5.377793 7.807 > 315 --------------------------------------------------------------------------- > --- . ivreg lrgdpch (pwtopen = elhsfs) lpop, robust IV (2SLS) regression with robust standard errors Number of obs = > 110 F( 2, 107) = 5 > .40 Prob > F = 0.0 > 058 R-squared = > . Root MSE = 1.0 > 844 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0160906 .0052497 3.07 0.003 .0056838 .0264 > 975 lpop | .2348107 .0785529 2.99 0.003 .0790888 .3905 > 326 _cons | 4.728299 .9883277 4.78 0.000 2.769055 6.687 > 544 --------------------------------------------------------------------------- > --- Instrumented: pwtopen Instruments: lpop elhsfs --------------------------------------------------------------------------- > --- . ivreg lrgdpch (pwtopen = elhsfs) lpop minf, robust IV (2SLS) regression with robust standard errors Number of obs = > 100 F( 3, 96) = 1 > .95 Prob > F = 0.1 > 264 R-squared = > . Root MSE = 1. > 161 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .019097 .009489 2.01 0.047 .0002615 .0379 > 326 lpop | .2587204 .120669 2.14 0.035 .0191943 .4982 > 464 minf | .0000278 .0005049 0.06 0.956 -.0009744 .0010 > 299 _cons | 4.347661 1.678029 2.59 0.011 1.0168 7.678 > 523 --------------------------------------------------------------------------- > --- Instrumented: pwtopen Instruments: lpop minf elhsfs --------------------------------------------------------------------------- > --- . * . * Default without controls, OLS and IV with area . * . reg lrgdpch pwtopen lpop larea, robust Regression with robust standard errors Number of obs = > 114 F( 3, 110) = 6 > .17 Prob > F = 0.0 > 006 R-squared = 0.1 > 091 Root MSE = 1.0 > 212 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0068607 .0021038 3.26 0.001 .0026915 .0110 > 299 lpop | .1831741 .0791952 2.31 0.023 .0262278 .3401 > 205 larea | -.0642943 .0750447 -0.86 0.393 -.2130153 .0844 > 267 _cons | 6.597924 .7514812 8.78 0.000 5.108665 8.087 > 183 --------------------------------------------------------------------------- > --- . reg lrgdpch pwtopen lpop larea minf, robust Regression with robust standard errors Number of obs = > 105 F( 4, 100) = 3 > .42 Prob > F = 0.0 > 115 R-squared = 0.0 > 685 Root MSE = 1.0 > 387 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0055743 .0021693 2.57 0.012 .0012705 .0098 > 781 lpop | .1487822 .0885714 1.68 0.096 -.026941 .3245 > 053 larea | -.0572983 .0850936 -0.67 0.502 -.2261216 .111 > 525 minf | -.0003243 .0003706 -0.87 0.384 -.0010597 .0004 > 111 _cons | 6.971171 .7635813 9.13 0.000 5.456247 8.486 > 094 --------------------------------------------------------------------------- > --- . ivreg lrgdpch (pwtopen = elhsfs) lpop larea, robust IV (2SLS) regression with robust standard errors Number of obs = > 109 F( 3, 105) = 4 > .40 Prob > F = 0.0 > 059 R-squared = > . Root MSE = 1.1 > 414 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0195902 .0060631 3.23 0.002 .0075682 .0316 > 122 lpop | .1826268 .1107794 1.65 0.102 -.0370283 .4022 > 818 larea | .106317 .0974308 1.09 0.278 -.0868704 .2995 > 043 _cons | 3.672699 1.176561 3.12 0.002 1.339796 6.005 > 603 --------------------------------------------------------------------------- > --- Instrumented: pwtopen Instruments: lpop larea elhsfs --------------------------------------------------------------------------- > --- . ivreg lrgdpch (pwtopen = elhsfs) lpop larea minf, robust IV (2SLS) regression with robust standard errors Number of obs = > 100 F( 4, 95) = 2 > .20 Prob > F = 0.0 > 744 R-squared = > . Root MSE = 1.2 > 703 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0251804 .0114546 2.20 0.030 .0024402 .0479 > 207 lpop | .1931303 .1658481 1.16 0.247 -.1361199 .5223 > 804 larea | .1621788 .1139712 1.42 0.158 -.0640826 .3884 > 401 minf | -.0000297 .0005277 -0.06 0.955 -.0010772 .0010 > 179 _cons | 2.569624 1.995604 1.29 0.201 -1.39215 6.531 > 398 --------------------------------------------------------------------------- > --- Instrumented: pwtopen Instruments: lpop larea minf elhsfs --------------------------------------------------------------------------- > --- . * . * Default without controls, OLS and IV with CUB . * . reg lrgdpch pwtopen lpop cub, robust Regression with robust standard errors Number of obs = > 115 F( 3, 111) = 10 > .96 Prob > F = 0.0 > 000 R-squared = 0.1 > 791 Root MSE = .97 > 982 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0081024 .0021849 3.71 0.000 .0037728 .012 > 432 lpop | .0895048 .0584669 1.53 0.129 -.0263513 .2053 > 608 cub | -.8073217 .2142698 -3.77 0.000 -1.231912 -.3827 > 317 _cons | 6.724731 .6326225 10.63 0.000 5.471147 7.978 > 314 --------------------------------------------------------------------------- > --- . reg lrgdpch pwtopen lpop cub minf, robust Regression with robust standard errors Number of obs = > 105 F( 4, 100) = 7 > .28 Prob > F = 0.0 > 000 R-squared = 0.1 > 305 Root MSE = 1.0 > 035 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .006025 .0021144 2.85 0.005 .0018301 .0102 > 198 lpop | .0554649 .0605833 0.92 0.362 -.0647307 .1756 > 605 cub | -.8047583 .2527279 -3.18 0.002 -1.306163 -.3033 > 534 minf | -.0005414 .0003647 -1.48 0.141 -.001265 .0001 > 823 _cons | 7.222625 .6655139 10.85 0.000 5.902265 8.542 > 986 --------------------------------------------------------------------------- > --- . ivreg lrgdpch (pwtopen = elhsfs) lpop cub, robust IV (2SLS) regression with robust standard errors Number of obs = > 110 F( 3, 106) = 9 > .99 Prob > F = 0.0 > 000 R-squared = 0.0 > 708 Root MSE = 1.0 > 439 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0158622 .0048108 3.30 0.001 .0063243 .0254 > 001 lpop | .1764434 .076892 2.29 0.024 .0239976 .3288 > 893 cub | -.8613286 .2178591 -3.95 0.000 -1.293255 -.4294 > 018 _cons | 5.406655 .9457717 5.72 0.000 3.531571 7.281 > 739 --------------------------------------------------------------------------- > --- Instrumented: pwtopen Instruments: lpop cub elhsfs --------------------------------------------------------------------------- > --- . ivreg lrgdpch (pwtopen = elhsfs) lpop cub minf, robust IV (2SLS) regression with robust standard errors Number of obs = > 100 F( 4, 95) = 5 > .04 Prob > F = 0.0 > 010 R-squared = > . Root MSE = 1.1 > 056 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0169889 .0088749 1.91 0.059 -.0006301 .0346 > 078 lpop | .1899445 .1231233 1.54 0.126 -.0544861 .4343 > 751 cub | -.7567981 .2865753 -2.64 0.010 -1.325722 -.1878 > 741 minf | -.0001636 .0005125 -0.32 0.750 -.001181 .0008 > 538 _cons | 5.226552 1.686972 3.10 0.003 1.877489 8.575 > 615 --------------------------------------------------------------------------- > --- Instrumented: pwtopen Instruments: lpop cub minf elhsfs --------------------------------------------------------------------------- > --- . * . * Default with controls, OLS and IV . * . reg lrgdpch pwtopen lpop lrgdpchi invrat popg sch1 sch2, robust Regression with robust standard errors Number of obs = > 106 F( 7, 98) = 378 > .05 Prob > F = 0.0 > 000 R-squared = 0.9 > 398 Root MSE = .27 > 889 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .003349 .0007427 4.51 0.000 .0018752 .0048 > 228 lpop | .0653345 .0206043 3.17 0.002 .024446 .106 > 223 lrgdpchi | .7108477 .0524145 13.56 0.000 .6068329 .8148 > 625 invrat | .0156961 .0056992 2.75 0.007 .0043862 .0270 > 059 popg | -.0550116 .0498839 -1.10 0.273 -.1540046 .0439 > 813 sch1 | .0016208 .0015526 1.04 0.299 -.0014603 .0047 > 019 sch2 | .0072484 .0021522 3.37 0.001 .0029775 .0115 > 193 _cons | 1.018654 .4455814 2.29 0.024 .1344121 1.902 > 896 --------------------------------------------------------------------------- > --- . reg lrgdpch pwtopen lpop lrgdpchi invrat popg sch1 sch2 minf, robust Regression with robust standard errors Number of obs = > 100 F( 8, 91) = 319 > .02 Prob > F = 0.0 > 000 R-squared = 0.9 > 402 Root MSE = .27 > 501 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0025439 .000651 3.91 0.000 .0012509 .003 > 837 lpop | .0564158 .0212782 2.65 0.009 .0141492 .0986 > 823 lrgdpchi | .7156681 .0537684 13.31 0.000 .6088637 .8224 > 725 invrat | .0181446 .0059558 3.05 0.003 .0063142 .029 > 975 popg | -.0363725 .0512651 -0.71 0.480 -.1382044 .0654 > 594 sch1 | .0020342 .0016216 1.25 0.213 -.0011868 .0052 > 553 sch2 | .0071638 .0021365 3.35 0.001 .0029199 .0114 > 077 minf | -.0003457 .0002245 -1.54 0.127 -.0007916 .0001 > 001 _cons | 1.019343 .4892961 2.08 0.040 .0474166 1.99 > 127 --------------------------------------------------------------------------- > --- . ivreg lrgdpch (pwtopen = elhsfs) lpop lrgdpchi invrat popg sch1 sch2, rob > ust IV (2SLS) regression with robust standard errors Number of obs = > 102 F( 7, 94) = 329 > .25 Prob > F = 0.0 > 000 R-squared = 0.9 > 382 Root MSE = .28 > 273 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0042621 .0009964 4.28 0.000 .0022838 .0062 > 404 lpop | .0780865 .0237901 3.28 0.001 .0308508 .1253 > 222 lrgdpchi | .7259678 .0571048 12.71 0.000 .612585 .8393 > 506 invrat | .0134362 .0061877 2.17 0.032 .0011504 .0257 > 221 popg | -.0470454 .0576045 -0.82 0.416 -.1614204 .0673 > 297 sch1 | .0014498 .0017422 0.83 0.407 -.0020093 .0049 > 089 sch2 | .0074946 .0026581 2.82 0.006 .0022168 .0127 > 724 _cons | .7495847 .4975569 1.51 0.135 -.238326 1.737 > 495 --------------------------------------------------------------------------- > --- Instrumented: pwtopen Instruments: lpop lrgdpchi invrat popg sch1 sch2 elhsfs --------------------------------------------------------------------------- > --- . ivreg lrgdpch (pwtopen = elhsfs) lpop lrgdpchi invrat popg sch1 sch2 minf > , robust IV (2SLS) regression with robust standard errors Number of obs = > 96 F( 8, 87) = 268 > .49 Prob > F = 0.0 > 000 R-squared = 0.9 > 384 Root MSE = .27 > 881 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0035627 .0012451 2.86 0.005 .001088 .0060 > 374 lpop | .070747 .0272487 2.60 0.011 .0165873 .1249 > 068 lrgdpchi | .7342696 .060381 12.16 0.000 .6142559 .8542 > 834 invrat | .0154786 .0065663 2.36 0.021 .0024273 .0285 > 299 popg | -.0291581 .0600655 -0.49 0.629 -.1485448 .0902 > 286 sch1 | .0021014 .0017782 1.18 0.241 -.001433 .0056 > 357 sch2 | .007302 .002653 2.75 0.007 .0020289 .0125 > 751 minf | -.0003257 .0002343 -1.39 0.168 -.0007915 .0001 > 401 _cons | .6926869 .6043695 1.15 0.255 -.5085628 1.893 > 937 --------------------------------------------------------------------------- > --- Instrumented: pwtopen Instruments: lpop lrgdpchi invrat popg sch1 sch2 minf elhsfs --------------------------------------------------------------------------- > --- . * . * Default with controls, OLS and IV with area . * . reg lrgdpch pwtopen lpop larea lrgdpchi invrat popg sch1 sch2, robust Regression with robust standard errors Number of obs = > 106 F( 8, 97) = 309 > .57 Prob > F = 0.0 > 000 R-squared = 0.9 > 434 Root MSE = .27 > 195 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0025068 .0006897 3.63 0.000 .0011379 .0038 > 757 lpop | .0992537 .0275583 3.60 0.001 .0445581 .1539 > 492 larea | -.0524584 .021728 -2.41 0.018 -.0955825 -.0093 > 343 lrgdpchi | .7373207 .0500012 14.75 0.000 .6380822 .8365 > 591 invrat | .0173248 .0055448 3.12 0.002 .00632 .0283 > 296 popg | -.0407321 .0488133 -0.83 0.406 -.1376129 .0561 > 487 sch1 | .0017532 .0014661 1.20 0.235 -.0011566 .0046 > 631 sch2 | .0062954 .0019361 3.25 0.002 .0024529 .010 > 138 _cons | 1.175806 .4228076 2.78 0.007 .3366498 2.014 > 962 --------------------------------------------------------------------------- > --- . reg lrgdpch pwtopen lpop larea lrgdpchi invrat popg sch1 sch2 minf, robus > t Regression with robust standard errors Number of obs = > 100 F( 9, 90) = 291 > .62 Prob > F = 0.0 > 000 R-squared = 0.9 > 452 Root MSE = .26 > 464 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0016147 .0006007 2.69 0.009 .0004213 .0028 > 081 lpop | .097367 .0288656 3.37 0.001 .0400204 .1547 > 137 larea | -.0645249 .0221396 -2.91 0.004 -.108509 -.0205 > 408 lrgdpchi | .7512407 .0511381 14.69 0.000 .6496459 .8528 > 354 invrat | .020475 .0056292 3.64 0.000 .0092917 .0316 > 584 popg | -.0138282 .049125 -0.28 0.779 -.1114236 .0837 > 672 sch1 | .0023495 .0014607 1.61 0.111 -.0005523 .0052 > 513 sch2 | .0059762 .0019338 3.09 0.003 .0021343 .0098 > 181 minf | -.000307 .0002452 -1.25 0.214 -.0007942 .0001 > 802 _cons | 1.160714 .4398409 2.64 0.010 .286893 2.034 > 534 --------------------------------------------------------------------------- > --- . ivreg lrgdpch (pwtopen = elhsfs) lpop larea lrgdpchi invrat popg sch1 sch > 2, robust IV (2SLS) regression with robust standard errors Number of obs = > 102 F( 8, 93) = 291 > .84 Prob > F = 0.0 > 000 R-squared = 0.9 > 420 Root MSE = .27 > 539 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0027066 .0010836 2.50 0.014 .0005547 .0048 > 584 lpop | .0969392 .0296044 3.27 0.001 .0381509 .1557 > 276 larea | -.0453682 .0280829 -1.62 0.110 -.1011353 .0103 > 989 lrgdpchi | .7434723 .0544492 13.65 0.000 .6353469 .8515 > 976 invrat | .0165021 .0060098 2.75 0.007 .0045678 .0284 > 363 popg | -.0390963 .0566902 -0.69 0.492 -.1516719 .0734 > 793 sch1 | .0017035 .0017184 0.99 0.324 -.0017088 .0051 > 158 sch2 | .0064764 .0024224 2.67 0.009 .001666 .0112 > 869 _cons | 1.055626 .4958183 2.13 0.036 .0710289 2.040 > 222 --------------------------------------------------------------------------- > --- Instrumented: pwtopen Instruments: lpop larea lrgdpchi invrat popg sch1 sch2 elhsfs --------------------------------------------------------------------------- > --- . ivreg lrgdpch (pwtopen = elhsfs) lpop larea lrgdpchi invrat popg sch1 sch > 2 minf, robust IV (2SLS) regression with robust standard errors Number of obs = > 96 F( 9, 86) = 283 > .76 Prob > F = 0.0 > 000 R-squared = 0.9 > 435 Root MSE = .26 > 872 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0010267 .0009586 1.07 0.287 -.0008789 .0029 > 322 lpop | .0929926 .0306182 3.04 0.003 .0321256 .1538 > 596 larea | -.0672805 .0285051 -2.36 0.021 -.1239467 -.0106 > 143 lrgdpchi | .7552852 .0558293 13.53 0.000 .6443003 .8662 > 702 invrat | .0214618 .006352 3.38 0.001 .0088344 .0340 > 891 popg | -.0140601 .0581817 -0.24 0.810 -.1297216 .1016 > 013 sch1 | .0025705 .0017136 1.50 0.137 -.000836 .005 > 977 sch2 | .005739 .0024405 2.35 0.021 .0008874 .0105 > 906 minf | -.0003226 .0002422 -1.33 0.186 -.0008041 .0001 > 589 _cons | 1.216963 .525558 2.32 0.023 .1721882 2.261 > 738 --------------------------------------------------------------------------- > --- Instrumented: pwtopen Instruments: lpop larea lrgdpchi invrat popg sch1 sch2 minf elhsfs --------------------------------------------------------------------------- > --- . * . * Default with controls, OLS and IV with CUB . * . reg lrgdpch pwtopen lpop cub lrgdpchi invrat popg sch1 sch2, robust Regression with robust standard errors Number of obs = > 106 F( 8, 97) = 328 > .51 Prob > F = 0.0 > 000 R-squared = 0.9 > 399 Root MSE = .28 > 025 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0033629 .0007531 4.47 0.000 .0018683 .0048 > 575 lpop | .0642232 .0219938 2.92 0.004 .0205715 .1078 > 749 cub | -.0188745 .0838472 -0.23 0.822 -.1852879 .1475 > 389 lrgdpchi | .7111639 .05295 13.43 0.000 .6060728 .8162 > 549 invrat | .0157641 .0057604 2.74 0.007 .0043313 .0271 > 969 popg | -.0543433 .0497356 -1.09 0.277 -.1530547 .044 > 368 sch1 | .0016112 .0015661 1.03 0.306 -.0014971 .0047 > 195 sch2 | .0071655 .0022244 3.22 0.002 .0027507 .0115 > 803 _cons | 1.030949 .4558061 2.26 0.026 .1263004 1.935 > 598 --------------------------------------------------------------------------- > --- . reg lrgdpch pwtopen lpop cub lrgdpchi invrat popg sch1 sch2 minf, robust Regression with robust standard errors Number of obs = > 100 F( 9, 90) = 282 > .50 Prob > F = 0.0 > 000 R-squared = 0.9 > 405 Root MSE = .27 > 571 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0025423 .0006628 3.84 0.000 .0012256 .003 > 859 lpop | .0525681 .022678 2.32 0.023 .0075144 .0976 > 219 cub | -.065556 .09216 -0.71 0.479 -.2486479 .1175 > 359 lrgdpchi | .7168282 .0548392 13.07 0.000 .6078806 .8257 > 757 invrat | .0183771 .0060513 3.04 0.003 .0063552 .030 > 399 popg | -.0346575 .0508644 -0.68 0.497 -.1357085 .0663 > 935 sch1 | .0021049 .0016534 1.27 0.206 -.0011799 .0053 > 897 sch2 | .0068608 .0022167 3.10 0.003 .002457 .0112 > 647 minf | -.0003634 .000231 -1.57 0.119 -.0008223 .0000 > 955 _cons | 1.056593 .5008104 2.11 0.038 .0616458 2.05 > 154 --------------------------------------------------------------------------- > --- . ivreg lrgdpch (pwtopen = elhsfs) lpop cub lrgdpchi invrat popg sch1 sch2, > robust IV (2SLS) regression with robust standard errors Number of obs = > 102 F( 8, 93) = 285 > .50 Prob > F = 0.0 > 000 R-squared = 0.9 > 381 Root MSE = .28 > 427 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0042685 .0010003 4.27 0.000 .0022821 .0062 > 549 lpop | .0778863 .0248613 3.13 0.002 .0285167 .1272 > 559 cub | -.0049635 .0873422 -0.06 0.955 -.1784077 .1684 > 808 lrgdpchi | .726012 .0574899 12.63 0.000 .6118484 .8401 > 755 invrat | .0134445 .006244 2.15 0.034 .0010452 .0258 > 438 popg | -.0467774 .0574482 -0.81 0.418 -.1608582 .0673 > 034 sch1 | .0014422 .0017473 0.83 0.411 -.0020275 .004 > 912 sch2 | .007479 .0027333 2.74 0.007 .0020513 .0129 > 068 _cons | .7521611 .5063098 1.49 0.141 -.2532698 1.757 > 592 --------------------------------------------------------------------------- > --- Instrumented: pwtopen Instruments: lpop cub lrgdpchi invrat popg sch1 sch2 elhsfs --------------------------------------------------------------------------- > --- . ivreg lrgdpch (pwtopen = elhsfs) lpop cub lrgdpchi invrat popg sch1 sch2 > minf, robust IV (2SLS) regression with robust standard errors Number of obs = > 96 F( 9, 86) = 242 > .85 Prob > F = 0.0 > 000 R-squared = 0.9 > 388 Root MSE = .27 > 967 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0035062 .0012651 2.77 0.007 .0009912 .0060 > 211 lpop | .0676396 .0295505 2.29 0.025 .0088951 .1263 > 841 cub | -.0532395 .1054155 -0.51 0.615 -.2627986 .1563 > 195 lrgdpchi | .7338113 .0607976 12.07 0.000 .6129497 .8546 > 729 invrat | .0157076 .0067396 2.33 0.022 .0023097 .0291 > 055 popg | -.0269522 .0596107 -0.45 0.652 -.1454543 .09 > 155 sch1 | .0021202 .001827 1.16 0.249 -.0015117 .0057 > 521 sch2 | .0071254 .0027553 2.59 0.011 .0016482 .0126 > 027 minf | -.00034 .0002414 -1.41 0.163 -.0008198 .0001 > 398 _cons | .7342966 .6262575 1.17 0.244 -.5106621 1.979 > 255 --------------------------------------------------------------------------- > --- Instrumented: pwtopen Instruments: lpop cub lrgdpchi invrat popg sch1 sch2 minf elhsfs --------------------------------------------------------------------------- > --- . * . * A few runs with the volatility of inflation too . * . ivreg lrgdpch (pwtopen = elhsfs) lpop minf sdinf, robust IV (2SLS) regression with robust standard errors Number of obs = > 100 F( 4, 95) = 2 > .08 Prob > F = 0.0 > 894 R-squared = > . Root MSE = 1.1 > 666 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0190861 .0095322 2.00 0.048 .0001624 .0380 > 098 lpop | .2571117 .1216598 2.11 0.037 .0155865 .4986 > 368 minf | .0004328 .0008561 0.51 0.614 -.0012667 .0021 > 323 sdinf | -.0001765 .0002575 -0.69 0.495 -.0006877 .0003 > 347 _cons | 4.359801 1.688235 2.58 0.011 1.00823 7.711 > 371 --------------------------------------------------------------------------- > --- Instrumented: pwtopen Instruments: lpop minf sdinf elhsfs --------------------------------------------------------------------------- > --- . ivreg lrgdpch (pwtopen = elhsfs) lpop cub minf sdinf, robust IV (2SLS) regression with robust standard errors Number of obs = > 100 F( 5, 94) = 4 > .25 Prob > F = 0.0 > 016 R-squared = > . Root MSE = 1.1 > 106 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0169688 .0089123 1.90 0.060 -.0007268 .0346 > 644 lpop | .1877928 .1241942 1.51 0.134 -.0587976 .4343 > 832 cub | -.7593379 .2882535 -2.63 0.010 -1.331672 -.1870 > 037 minf | .0003194 .0009151 0.35 0.728 -.0014976 .0021 > 363 sdinf | -.0002108 .0002851 -0.74 0.462 -.0007768 .0003 > 552 _cons | 5.243996 1.697804 3.09 0.003 1.872967 8.615 > 026 --------------------------------------------------------------------------- > --- Instrumented: pwtopen Instruments: lpop cub minf sdinf elhsfs --------------------------------------------------------------------------- > --- . ivreg lrgdpch (pwtopen = elhsfs) lpop lrgdpchi invrat popg sch1 sch2 minf > sdinf, robust IV (2SLS) regression with robust standard errors Number of obs = > 96 F( 9, 86) = 232 > .39 Prob > F = 0.0 > 000 R-squared = 0.9 > 393 Root MSE = .27 > 833 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0035248 .0012314 2.86 0.005 .0010769 .0059 > 727 lpop | .0683567 .0269075 2.54 0.013 .0148663 .1218 > 471 lrgdpchi | .7306886 .0602763 12.12 0.000 .6108632 .850 > 514 invrat | .0153084 .0065678 2.33 0.022 .0022521 .0283 > 648 popg | -.0242018 .0601735 -0.40 0.689 -.1438228 .0954 > 192 sch1 | .0020143 .0017934 1.12 0.264 -.0015508 .0055 > 794 sch2 | .0076446 .0026036 2.94 0.004 .0024688 .0128 > 203 minf | .0001391 .0006285 0.22 0.825 -.0011103 .0013 > 885 sdinf | -.0002022 .0002394 -0.84 0.401 -.0006781 .0002 > 736 _cons | .7258468 .6037845 1.20 0.233 -.474437 1.926 > 131 --------------------------------------------------------------------------- > --- Instrumented: pwtopen Instruments: lpop lrgdpchi invrat popg sch1 sch2 minf sdinf elhsfs --------------------------------------------------------------------------- > --- . ivreg lrgdpch (pwtopen = elhsfs) lpop cub lrgdpchi invrat popg sch1 sch2 > minf sdinf, robust IV (2SLS) regression with robust standard errors Number of obs = > 96 F( 10, 85) = 212 > .34 Prob > F = 0.0 > 000 R-squared = 0.9 > 397 Root MSE = .27 > 918 --------------------------------------------------------------------------- > --- | Robust lrgdpch | Coef. Std. Err. t P>|t| [95% Conf. Interv > al] -------------+------------------------------------------------------------- > --- pwtopen | .0034666 .0012519 2.77 0.007 .0009775 .0059 > 557 lpop | .0651552 .0292044 2.23 0.028 .0070891 .1232 > 213 cub | -.0547149 .1061401 -0.52 0.608 -.2657498 .15 > 632 lrgdpchi | .7302056 .0607319 12.02 0.000 .6094544 .8509 > 568 invrat | .0155432 .0067494 2.30 0.024 .0021237 .0289 > 628 popg | -.0219182 .0596422 -0.37 0.714 -.1405028 .0966 > 664 sch1 | .0020334 .001844 1.10 0.273 -.0016329 .0056 > 997 sch2 | .0074642 .0027125 2.75 0.007 .002071 .0128 > 575 minf | .0001259 .0006367 0.20 0.844 -.0011399 .0013 > 918 sdinf | -.0002029 .000241 -0.84 0.402 -.0006821 .0002 > 763 _cons | .7687203 .6262554 1.23 0.223 -.4764432 2.013 > 884 --------------------------------------------------------------------------- > --- Instrumented: pwtopen Instruments: lpop cub lrgdpchi invrat popg sch1 sch2 minf sdinf elhsfs --------------------------------------------------------------------------- > --- . * . * Close Down . * . !del crap*.* . drop _all . log close log: C:\res\frankel\progs\qp24sc.log log type: text closed on: 9 Sep 2003, 09:36:06 ---------------------------------------------------------------------------