First-Step Estimation for the Sample of 33 Dollarized Emerging Market Economies
| Variable . | (1) . | (2) . | (3) . |
|---|---|---|---|
| Constant | 36.63** (0.038) | 41.16** (0.044) | 48.36** (0.057) |
| Restrictions (R) | −9.18** (2.65) | −9.64** (2.57) | −9.41** (2.05) |
| Jurisdictional uncertainty (JU) | 0.33** (0.05) | 0.33** (0.05) | |
| Capital control index (CAPLIB) | −0.03 (0.05) | ||
| R2 | 0.33 | 0.35 | 0.35 |
| Number of countries | 33 | 33 | 33 |
| Number of observations | 285 | 283 | 283 |
| Variable . | (1) . | (2) . | (3) . |
|---|---|---|---|
| Constant | 36.63** (0.038) | 41.16** (0.044) | 48.36** (0.057) |
| Restrictions (R) | −9.18** (2.65) | −9.64** (2.57) | −9.41** (2.05) |
| Jurisdictional uncertainty (JU) | 0.33** (0.05) | 0.33** (0.05) | |
| Capital control index (CAPLIB) | −0.03 (0.05) | ||
| R2 | 0.33 | 0.35 | 0.35 |
| Number of countries | 33 | 33 | 33 |
| Number of observations | 285 | 283 | 283 |
Dependent Variable: Dollarization Index (DOLLAR).
* Significant at the 10 percent level.
** Significant at the 5 percent level.
Note: Numbers in parentheses are standard errors. Coefficients and standard errors of the other covariates, as in equation (1), are not reported for convenience. Countries in the sample are, for speculative grade: Argentina, Bolivia, Bulgaria, Croatia, El Salvador, Grenada, Indonesia, Mozambique, Pakistan, Paraguay, Philippines, Romania, Russian Federation, Sri Lanka, Turkey, Ukraine, and Uruguay; and for investment grade: Chile, China, Hong Kong (China), Cyprus, Estonia, Hungary, Israel, Kuwait, Latvia, Lithuania, Malaysia, Mexico, Poland, Slovak Republic, Slovenia, and South Africa.
Source: Authors' analysis based on data from World Bank (Various years); World Bank (2007); IMF (Various years); Edwards (2005); Levy-Yeyati (2006); and Standard & Poor's (2005).
First-Step Estimation for the Sample of 33 Dollarized Emerging Market Economies
| Variable . | (1) . | (2) . | (3) . |
|---|---|---|---|
| Constant | 36.63** (0.038) | 41.16** (0.044) | 48.36** (0.057) |
| Restrictions (R) | −9.18** (2.65) | −9.64** (2.57) | −9.41** (2.05) |
| Jurisdictional uncertainty (JU) | 0.33** (0.05) | 0.33** (0.05) | |
| Capital control index (CAPLIB) | −0.03 (0.05) | ||
| R2 | 0.33 | 0.35 | 0.35 |
| Number of countries | 33 | 33 | 33 |
| Number of observations | 285 | 283 | 283 |
| Variable . | (1) . | (2) . | (3) . |
|---|---|---|---|
| Constant | 36.63** (0.038) | 41.16** (0.044) | 48.36** (0.057) |
| Restrictions (R) | −9.18** (2.65) | −9.64** (2.57) | −9.41** (2.05) |
| Jurisdictional uncertainty (JU) | 0.33** (0.05) | 0.33** (0.05) | |
| Capital control index (CAPLIB) | −0.03 (0.05) | ||
| R2 | 0.33 | 0.35 | 0.35 |
| Number of countries | 33 | 33 | 33 |
| Number of observations | 285 | 283 | 283 |
Dependent Variable: Dollarization Index (DOLLAR).
* Significant at the 10 percent level.
** Significant at the 5 percent level.
Note: Numbers in parentheses are standard errors. Coefficients and standard errors of the other covariates, as in equation (1), are not reported for convenience. Countries in the sample are, for speculative grade: Argentina, Bolivia, Bulgaria, Croatia, El Salvador, Grenada, Indonesia, Mozambique, Pakistan, Paraguay, Philippines, Romania, Russian Federation, Sri Lanka, Turkey, Ukraine, and Uruguay; and for investment grade: Chile, China, Hong Kong (China), Cyprus, Estonia, Hungary, Israel, Kuwait, Latvia, Lithuania, Malaysia, Mexico, Poland, Slovak Republic, Slovenia, and South Africa.
Source: Authors' analysis based on data from World Bank (Various years); World Bank (2007); IMF (Various years); Edwards (2005); Levy-Yeyati (2006); and Standard & Poor's (2005).
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