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Table 4 The savings retention coefficients

From: Capital mobility in Latin American and Caribbean countries: new evidence from dynamic common correlated effects panel data modeling

1. Panel estimation
  CCEMG DCCEMGb
 Estimated βa 0.21 (4.27)c 0.19 (3.53)c
 Diagnostic Measures
  RMSE 3.32 3.22
  CDp −4.25 −4.58
2. Individual countries estimation
Country CCE DCCE
 Argentina −0.65 (0.18) 0.63 (0.19)
 Bolivia 0.74 (1.20) −0.03(−3.56)c
 Brazil 0.41 (0.47) 0.43 (0.50)
 Barbados −0.31 (0.47) −0.28(− 0.52)
 Chile 0.38 (0.17) 0.41 (017)
 Columbia 0.52 (0.36) 0. 57 (0.74)
 Costa Rica 0.12 (4.37)c −0.04(−3.93)c
 Dominican Republic 0.23 0.43) 0.18 (0.58)
 Ecuador 0.21 (0.61) 0.31 (0.46)
 El Salvador 0.09 (0.76) 0.09 (0.78)
 Guatemala 0.04 (4.31)c 0.0.01 (19.98)c
 Guyana 0..24 (0.21) 0.27 (0.20)
 Honduras 0.21 (0.39) 0.18 0.52)
 Jamaica 0.21 (0.31) 0.11 (0.81)
 Mexico 0.06 (2.25)c −0.12-1.53)
 Nicaragua 0.21 (0.42) 0.22 (0.42)
 Paraguay 0.01 (6.23)c −0.07(− 0.98)
 Peru 0.0.53 (0.13) 0.44 (0.18)
 Trinidad & Tobago 0.09 (0.54) 0.13 (0.44)
 Uruguay 0.29 (0.38) 0.34 (0.35)
  1. a statistically different from unity (1) at the 1% level
  2. b Recursive mean adjustment and instrument variable adjustment for simultaneity (see, Ditzen 2016). RMSE is the root mean standard error. CDP is the Pesaran’s cross section dependence test statistic (2007). The deterministic terms used in estimations are a constant and a trend. The lag length is 4 (See Chudik and Pesaran 2015)
  3. c denotes statistical significance at the 1% level of significance. The observed Z-values are in parentheses. CIPS on the residuals using a lag length of 3 for CCEMG = −4.787 and DCCEMG = --6.120, indicate that the residuals are stationary at the 1% level of significance