The behavior of U.S. States’ debts and deficits
https://doi.org/10.3326/pse.43.3.3 | Published online: September 14, 2019 Table 1
Descriptive statistics
Notes. All data 1978-1998. Average Chubb yield in basis points. Surplus and debt are shares of gross state product; GVAR and YVAR defined in section 4. Table 2
Average Chubb yields over all states and high-low spread by year
Table 3A
sjt = α + β1djt + εjt Notes: autocorrelation corrected maximum likelihood estimates. See table 1 for states; 1978-1998. *** statistically significant at the 1% level. Table 3B
sjt = α + β1djt + β2GVARjt + β3YVARjt + εjt Notes: autocorrelation corrected maximum likelihood estimates. See table 1 for states; 1978-1998. *** statistically significant at the 1% level; * statistically significant at the 10% level. Table 4A
sjt = αj + β1djt + εjt Notes: autocorrelation corrected maximum likelihood estimates. See table 1 for states; 1978-1998. *** statistically significant at the 1% level. Table 4B
sjt = αj + β1djt + β2GVARjt + β3YVARjt + εj Notes: autocorrelation corrected maximum likelihood estimates. See table 1 for states; 1978-1998. *** statistically significant at the 1% level. Table 5A
sjt = αj + Yt + β1djt + εjt Notes: autocorrelation corrected maximum likelihood estimates. See table 1 for states; 1978-1998. *** statistically significant at the 1% level. Table 5B
sjt = αj + γt + β1djt + β2GVARjt + β3YVARjt + εjt Notes: autocorrelation corrected maximum likelihood estimates. See table 1 for states; 1978-1998. *** statistically significant at the 1% level. Table 6A
sjt = α + β1djt + β2Rjt-1 + εjt Notes: autocorrelation corrected maximum likelihood estimates. See table 1 for states; 1978-1998. *** statistically significant at the 1% level. Table 6B
sjt = α + β1djt + β2Rjt–1 + β3GVARjt + β4YVARjt + εjt Notes: autocorrelation corrected maximum likelihood estimates. See table 1 for states; 1978-1998. *** statistically significant at the 1% level. Table 7A
sjt = αj + β1djt + β2Rjt–1 + εjt Notes: autocorrelation corrected maximum likelihood estimates. See table 1 for states; 1978-1998. *** statistically significant at the 1% level. Table 7B
sjt = αj + β1djt + β2Rjt–1 + β3GVARjt + β4YVARjt + εjt Notes: autocorrelation corrected maximum likelihood estimates. See table 1 for states; 1978-1998. *** statistically significant at the 1% level. Table 8A
sjt = αj + γt + β1djt + β2Rjt–1 + εjt Notes: autocorrelation corrected maximum likelihood estimates. See table 1 for states; 1978-1998. *** statistically significant at the 1% level. Table 8B
sjt = αj + γt + β1djt + β2Rjt–1 + β3GVARjt + β4YVARjt + εjt Notes: autocorrelation corrected maximum likelihood estimates. See table 1 for states; 1978-1998. *** statistically significant at the 1% level. Table 9A
sjt = αj + γt + β1djt + β2Rjt–1 + εjt Notes: autocorrelation corrected maximum likelihood estimates. See table 1 for states; 1978-1998. *** statistically significant at the 1% level. Table 9B
sjt = αj + γt + β1djt + β2Rjt–1 + β3GVARjt + β4YVARjt + εjt Notes: autocorrelation corrected maximum likelihood estimates. See table 1 for states; 1978-1998. *** statistically significant at the 1% level. Table 10A
sjt = αj + γt + β1djt + β2Rjt–1 + εjt Notes: autocorrelation corrected maximum likelihood estimates. See table 1 for states; 1978-1998. *** statistically significant at the 1% level. Table 10B
sjt = αj + γt + β1djt + β2Rjt–1 + β3GVARjt + β4YVARjt + εjt Notes: autocorrelation corrected maximum likelihood estimates. See table 1 for states; 1978-1998. *** statistically significant at the 1% level.
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