GOLDEN GROWTH
Table A7.3: Regression results for growth and initial government revenues in Europe, 1995–2010 Variables Europe 1995 to 2010 Government size Real per capita income Number of observations Adjusted R squared Arellano-Bond AR(2) test (p value) Hansen J-statistics (p value) Europe 1995 to 2006 Government size Real per capita income Number of observations Adjusted R squared Arellano-Bond AR(2) test (p value) Hansen J-statistics (p value)
(1) OLS
(2) OLS
(3) Pooled OLS
(4) Robust regression
-0.0003 -0.0000** 42 0.2944
-0.0005 -0.0000** 33 0.6253
-0.0007 -0.0000*** 124 0.5363
-0.0001 -0.0000** 124 0.6033
-0.0009 -0.0000*** 91 0.4109
-0.0001 -0.0000*** 91 0.5259
Table A7.4: Regression results for growth and initial social transfer spending in Europe, 1995–2010 Variables Europe 1995 to 2010 Government size Real per capita income Number of observations Adjusted R squared Arellano-Bond AR(2) test (p value) Hansen J-statistics (p value) Europe 1995 to 2006 Government size Real per capita income Number of observations Adjusted R squared Arellano-Bond AR(2) test (p value) Hansen J-statistics (p value)
(1) OLS
(2) OLS
(3) Pooled OLS
(4) Robust regression
-0.0023 -0.0000** 42 0.3307
-0.0003 -0.0000* 33 0.6017
-0.0011** -0.0000*** 127 0.5487
-0.0005 -0.0000** 127 0.5934
-0.0023 -0.0000** 42 0.3307
-0.0003 -0.0000* 33 0.6017
-0.0017** -0.0000*** 94 0.4497
-0.0008** -0.0000*** 94 0.5262
Table A7.5: Regression results for growth and average public investment spending in Europe, 1995–2010 Variables Europe 1995 to 2010 Government size Real per capita income Number of observations Adjusted R squared Arellano-Bond AR(2) test (p value) Hansen J-statistics (p value) Europe 1995 to 2006 Government size Real per capita income Number of observations Adjusted R squared Arellano-Bond AR(2) test (p value) Hansen J-statistics (p value)
(1) OLS
(2) OLS
(3) Pooled OLS
(4) Robust regression
0.0101** -0.0000*** 42 0.4341
0.0033 -0.0000* 33 0.6170
0.0011 -0.0000** 126 0.5646
0.0009 -0.0000** 126 0.5901
0.0101** -0.0000*** 42 0.4341
0.0033 -0.0000* 33 0.617
0.0035 -0.0000** 93 0.4494
0.0036** -0.0000*** 93 0.5268
***, **, and * denote significance at the 1 percent, 5 percent, and 10 percent levels, respectively. Note: See note for table A7.2. Source: World Bank staff calculations.
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