Two-Stage Least Squares Results of the Financial Development Effects on Economic Growth in the CEE Countries
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| 2001–2009 | 2010–2020 | 2001–2009 | 2010–2020 | |
| Stkcap | −0.3487*** (−2.6255) | −0.1235 (−1.5157) | −0.1334 (−0.9490) | −0.1244 (−1.5388) |
| Dcpriv | 0.0471 (1.3954) | −0.2831** (−2.1534) | ||
| Pcdmb | −0.0025 (−0.0239) | −0.2977** (−2.2465) | ||
| Dbacba | 0.2206 (0.1735) | 1.5690* (1.6791) | −1.5770 (−1.1244) | 1.7145* (1.8427) |
| Bconcen | −0.0715 (−0.4985) | 0.5517*** (2.3732) | −0.0087 (−0.0623) | 0.5590*** (2.4272) |
| Nploan | −0.1063 (−1.1055) | 0.0758 (0.8857) | −0.2479** (−2.2236) | 0.0954 (1.0746) |
| Spvol | −0.3972 (−1.2801) | −0.0401 (−0.2633) | 0.0549 (0.1739) | −0.0441 (−0.2912) |
| Piedgdp | 0.0518 (0.1937) | 0.6731** (1.9946) | −0.3951 (−1.4863) | 0.6792** (2.0039) |
| Trade | −0.4520** (−2.2328) | −0.8234*** (−2.7134) | −0.1897 (−0.8415) | −0.8195*** (−2.7134) |
| Govdebt | −0.3833*** (−3.8960) | −0.6982** (−2.1396) | −0.2566** (−2.2875) | −0.6961** (−2.1367) |
| Schenr | 0.5663 (0.9403) | 0.3445 (0.4370) | 1.1472* (1.6308) | 0.3540 (0.4891) |
| Fixcapf | −0.2781 (−0.6322) | −0.4979 (−1.4624) | −0.9430* (−1.8088) | −0.5126 (−1.5171) |
| Labpar | −1.3454 (−1.5838) | −3.4630** (−2.1460) | −0.2028 (−0.2146) | −3.2586** (−2.0491) |
| R2 | 0.7354 | 0.2136 | 0.6789 | 0.2158 |
| F-statistics | 14.9345 | 3.9624 | 14.1721 | 3.9704 |
| (p-value) | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| Observations | 117 | 143 | 117 | 143 |