ABC Monday February 18 00:14:59 2019 Page 1
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Statistics/Data Analysis
User: ABC
Project: ABC
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Statistics/Data Analysis StataCorp
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MP - Parallel Edition College Station, Texas 77845 USA
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Single-user 2-core Stata network license expires 20 Aug 2019:
Serial number: 501609213901
Licensed to: Anhtony Charca
ACharca's Econometric Advisor Group
Notes:
1. Unicode is supported; see help unicode_advice.
2. More than 2 billion observations are allowed; see help obs_advice.
3. Maximum number of variables is set to 5000; see help set_maxvar.
1 . import excel "C:\Users\dangn\Desktop\SOS.xlsx", sheet("Sheet1") firstrow
(9 vars, 315 obs)
2 . encode Country, gen(COUNTRY)
3 . xtset COUNTRY Year
panel variable: COUNTRY (strongly balanced)
time variable: Year, 2001 to 2021
delta: 1 unit
4 . sum GDP NetFDI RIR Reserves CA LIR Covid
Variable Obs Mean Std. Dev. Min Max
GDP 315 2075.397 4499.895 32.68 22996.1
NetFDI 315 -13.1681 50.80397 -344.331 177.277
RIR 315 5.787484 9.003918 -20.5 48.34
Reserves 315 19.55524 74.63692 -443.625 479.5533
CA 315 -18.17763 152.3456 -821.645 420.5685
LIR 315 11.06029 10.46254 2.23 67.08
Covid 315 .0952381 .2940106 0 1
5 . corr GDP NetFDI RIR Reserves CA LIR Covid
(obs=315)
GDP NetFDI RIR Reserves CA LIR Covid
GDP 1.0000
NetFDI -0.1298 1.0000
RIR -0.0880 -0.0892 1.0000
Reserves 0.0916 -0.4378 -0.0699 1.0000
CA -0.6142 -0.3012 -0.0083 0.2183 1.0000
LIR -0.1710 -0.0930 0.8501 -0.0597 0.0189 1.0000
Covid 0.0842 -0.0215 -0.0694 0.0336 -0.0006 -0.0953 1.0000
ABC Monday February 18 00:14:59 2019 Page 2
6 . xtunitroot fisher GDP , dfuller lag (0)
Fisher-type unit-root test for GDP
Based on augmented Dickey-Fuller tests
Ho: All panels contain unit roots Number of panels = 15
Ha: At least one panel is stationary Number of periods = 21
AR parameter: Panel-specific Asymptotics: T -> Infinity
Panel means: Included
Time trend: Not included
Drift term: Not included ADF regressions: 0 lags
Statistic p-value
Inverse chi-squared(30) P 6.7574 1.0000
Inverse normal Z 4.9445 1.0000
Inverse logit t(74) L* 5.3470 1.0000
Modified inv. chi-squared Pm -3.0006 0.9987
P statistic requires number of panels to be finite.
Other statistics are suitable for finite or infinite number of panels.
7 . xtunitroot fisher d.GDP , dfuller lag (0)
(15 missing values generated)
Fisher-type unit-root test for D.GDP
Based on augmented Dickey-Fuller tests
Ho: All panels contain unit roots Number of panels = 15
Ha: At least one panel is stationary Number of periods = 20
AR parameter: Panel-specific Asymptotics: T -> Infinity
Panel means: Included
Time trend: Not included
Drift term: Not included ADF regressions: 0 lags
Statistic p-value
Inverse chi-squared(30) P 180.6685 0.0000
Inverse normal Z -10.3366 0.0000
Inverse logit t(79) L* -12.8728 0.0000
Modified inv. chi-squared Pm 19.4512 0.0000
P statistic requires number of panels to be finite.
Other statistics are suitable for finite or infinite number of panels.
8 . xtunitroot fisher NetFDI , dfuller lag (0)
Fisher-type unit-root test for NetFDI
Based on augmented Dickey-Fuller tests
Ho: All panels contain unit roots Number of panels = 15
Ha: At least one panel is stationary Number of periods = 21
ABC Monday February 18 00:14:59 2019 Page 3
AR parameter: Panel-specific Asymptotics: T -> Infinity
Panel means: Included
Time trend: Not included
Drift term: Not included ADF regressions: 0 lags
Statistic p-value
Inverse chi-squared(30) P 37.2535 0.1699
Inverse normal Z -0.8489 0.1980
Inverse logit t(79) L* -0.8554 0.1975
Modified inv. chi-squared Pm 0.9364 0.1745
P statistic requires number of panels to be finite.
Other statistics are suitable for finite or infinite number of panels.
9 . xtunitroot fisher d.NetFDI , dfuller lag (0)
(15 missing values generated)
Fisher-type unit-root test for D.NetFDI
Based on augmented Dickey-Fuller tests
Ho: All panels contain unit roots Number of panels = 15
Ha: At least one panel is stationary Number of periods = 20
AR parameter: Panel-specific Asymptotics: T -> Infinity
Panel means: Included
Time trend: Not included
Drift term: Not included ADF regressions: 0 lags
Statistic p-value
Inverse chi-squared(30) P 391.9233 0.0000
Inverse normal Z -17.0382 0.0000
Inverse logit t(79) L* -28.0730 0.0000
Modified inv. chi-squared Pm 46.7241 0.0000
P statistic requires number of panels to be finite.
Other statistics are suitable for finite or infinite number of panels.
10 . xtunitroot fisher RIR ,dfuller lag (0)
Fisher-type unit-root test for RIR
Based on augmented Dickey-Fuller tests
Ho: All panels contain unit roots Number of panels = 15
Ha: At least one panel is stationary Number of periods = 21
AR parameter: Panel-specific Asymptotics: T -> Infinity
Panel means: Included
Time trend: Not included
Drift term: Not included ADF regressions: 0 lags
Statistic p-value
Inverse chi-squared(30) P 152.7930 0.0000
Inverse normal Z -8.1469 0.0000
Inverse logit t(79) L* -10.4986 0.0000
Modified inv. chi-squared Pm 15.8525 0.0000
P statistic requires number of panels to be finite.
Other statistics are suitable for finite or infinite number of panels.
ABC Monday February 18 00:14:59 2019 Page 4
11 . xtunitroot fisher Reserves , dfuller lag (0)
Fisher-type unit-root test for Reserves
Based on augmented Dickey-Fuller tests
Ho: All panels contain unit roots Number of panels = 15
Ha: At least one panel is stationary Number of periods = 21
AR parameter: Panel-specific Asymptotics: T -> Infinity
Panel means: Included
Time trend: Not included
Drift term: Not included ADF regressions: 0 lags
Statistic p-value
Inverse chi-squared(30) P 128.1871 0.0000
Inverse normal Z -7.5018 0.0000
Inverse logit t(79) L* -8.9259 0.0000
Modified inv. chi-squared Pm 12.6759 0.0000
P statistic requires number of panels to be finite.
Other statistics are suitable for finite or infinite number of panels.
12 . xtunitroot fisher CA , dfuller lag (0)
Fisher-type unit-root test for CA
Based on augmented Dickey-Fuller tests
Ho: All panels contain unit roots Number of panels = 15
Ha: At least one panel is stationary Number of periods = 21
AR parameter: Panel-specific Asymptotics: T -> Infinity
Panel means: Included
Time trend: Not included
Drift term: Not included ADF regressions: 0 lags
Statistic p-value
Inverse chi-squared(30) P 30.9642 0.4172
Inverse normal Z -0.6382 0.2617
Inverse logit t(79) L* -0.6211 0.2682
Modified inv. chi-squared Pm 0.1245 0.4505
P statistic requires number of panels to be finite.
Other statistics are suitable for finite or infinite number of panels.
13 . xtunitroot fisher d.CA , dfuller lag (0)
(15 missing values generated)
Fisher-type unit-root test for D.CA
Based on augmented Dickey-Fuller tests
Ho: All panels contain unit roots Number of panels = 15
Ha: At least one panel is stationary Number of periods = 20
ABC Monday February 18 00:14:59 2019 Page 5
AR parameter: Panel-specific Asymptotics: T -> Infinity
Panel means: Included
Time trend: Not included
Drift term: Not included ADF regressions: 0 lags
Statistic p-value
Inverse chi-squared(30) P 181.4921 0.0000
Inverse normal Z -10.5957 0.0000
Inverse logit t(79) L* -12.9622 0.0000
Modified inv. chi-squared Pm 19.5575 0.0000
P statistic requires number of panels to be finite.
Other statistics are suitable for finite or infinite number of panels.
14 . xtunitroot fisher Covid , dfuller lag (0)
Fisher-type unit-root test for Covid
Based on augmented Dickey-Fuller tests
Ho: All panels contain unit roots Number of panels = 15
Ha: At least one panel is stationary Number of periods = 21
AR parameter: Panel-specific Asymptotics: T -> Infinity
Panel means: Included
Time trend: Not included
Drift term: Not included ADF regressions: 0 lags
Statistic p-value
Inverse chi-squared(30) P 1.9955 1.0000
Inverse normal Z 5.8840 1.0000
Inverse logit t(79) L* 5.7529 1.0000
Modified inv. chi-squared Pm -3.6154 0.9999
P statistic requires number of panels to be finite.
Other statistics are suitable for finite or infinite number of panels.
15 . reg d.GDP d.NetFDI RIR Reserves d.CA LIR Covid
Source SS df MS Number of obs = 300
F(6, 293) = 17.43
Model 8596575.81 6 1432762.64 Prob > F = 0.0000
Residual 24079948.1 293 82184.1231 R-squared = 0.2631
Adj R-squared = 0.2480
Total 32676523.9 299 109286.033 Root MSE = 286.68
D.GDP Coef. Std. Err. t P>|t| [95% Conf. Interval]
NetFDI
D1. -.9210913 .3511653 -2.62 0.009 -1.612217 -.2299652
RIR 1.267604 3.473379 0.36 0.715 -5.568331 8.103538
Reserves 1.772065 .2213975 8.00 0.000 1.336334 2.207796
CA
D1. -1.786245 .4358719 -4.10 0.000 -2.644082 -.9284086
LIR -4.350146 3.009163 -1.45 0.149 -10.27246 1.572167
Covid 38.90095 55.50375 0.70 0.484 -70.33562 148.1375
_cons 124.0394 27.01418 4.59 0.000 70.87296 177.2058
ABC Monday February 18 00:15:00 2019 Page 6
16 . vif
Variable VIF 1/VIF
LIR 3.47 0.288554
RIR 3.46 0.289431
NetFDI
D1. 1.05 0.951801
Reserves 1.04 0.961469
CA
D1. 1.03 0.974251
Covid 1.01 0.988051
Mean VIF 1.84
17 . xtreg d.GDP d.NetFDI RIR Reserves d.CA LIR Covid, fe
Fixed-effects (within) regression Number of obs = 300
Group variable: COUNTRY Number of groups = 15
R-sq: Obs per group:
within = 0.2110 min = 20
between = 0.0248 avg = 20.0
overall = 0.1123 max = 20
F(6,279) = 12.44
corr(u_i, Xb) = -0.0261 Prob > F = 0.0000
D.GDP Coef. Std. Err. t P>|t| [95% Conf. Interval]
NetFDI
D1. -1.154064 .2577993 -4.48 0.000 -1.661542 -.6465851
RIR -4.05018 3.289052 -1.23 0.219 -10.52469 2.424329
Reserves .6181038 .1892603 3.27 0.001 .2455442 .9906633
CA
D1. -1.554142 .3242965 -4.79 0.000 -2.192521 -.9157638
LIR 8.110147 4.436446 1.83 0.069 -.6230115 16.84331
Covid 79.35014 42.39383 1.87 0.062 -4.102244 162.8025
_cons 37.35639 45.70347 0.82 0.414 -52.61104 127.3238
sigma_u 244.27587
sigma_e 210.0525
rho .57490238 (fraction of variance due to u_i)
F test that all u_i=0: F(14, 279) = 19.05 Prob > F = 0.0000
18 . est sto pool
19 . est sto fe
20 . xtreg d.GDP d.NetFDI RIR Reserves d.CA LIR Covid, re
Random-effects GLS regression Number of obs = 300
Group variable: COUNTRY Number of groups = 15
R-sq: Obs per group:
within = 0.1590 min = 20
between = 0.6567 avg = 20.0
overall = 0.2631 max = 20
Wald chi2(6) = 104.60
corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000
ABC Monday February 18 00:15:00 2019 Page 7
D.GDP Coef. Std. Err. z P>|z| [95% Conf. Interval]
NetFDI
D1. -.9210913 .3511653 -2.62 0.009 -1.609363 -.23282
RIR 1.267604 3.473379 0.36 0.715 -5.540094 8.075302
Reserves 1.772065 .2213975 8.00 0.000 1.338134 2.205996
CA
D1. -1.786245 .4358719 -4.10 0.000 -2.640538 -.931952
LIR -4.350146 3.009163 -1.45 0.148 -10.248 1.547704
Covid 38.90095 55.50375 0.70 0.483 -69.8844 147.6863
_cons 124.0394 27.01418 4.59 0.000 71.09257 176.9862
sigma_u 0
sigma_e 210.0525
rho 0 (fraction of variance due to u_i)
21 . est sto re
22 . xttest0
Breusch and Pagan Lagrangian multiplier test for random effects
D.GDP[COUNTRY,t] = Xb + u[COUNTRY] + e[COUNTRY,t]
Estimated results:
Var sd = sqrt(Var)
not sorted
r(5);
23 . xtreg d.GDP d.NetFDI RIR Reserves d.CA LIR Covid, re
Random-effects GLS regression Number of obs = 300
Group variable: COUNTRY Number of groups = 15
R-sq: Obs per group:
within = 0.1590 min = 20
between = 0.6567 avg = 20.0
overall = 0.2631 max = 20
Wald chi2(6) = 104.60
corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000
D.GDP Coef. Std. Err. z P>|z| [95% Conf. Interval]
NetFDI
D1. -.9210913 .3511653 -2.62 0.009 -1.609363 -.23282
RIR 1.267604 3.473379 0.36 0.715 -5.540094 8.075302
Reserves 1.772065 .2213975 8.00 0.000 1.338134 2.205996
CA
D1. -1.786245 .4358719 -4.10 0.000 -2.640538 -.931952
LIR -4.350146 3.009163 -1.45 0.148 -10.248 1.547704
Covid 38.90095 55.50375 0.70 0.483 -69.8844 147.6863
_cons 124.0394 27.01418 4.59 0.000 71.09257 176.9862
sigma_u 0
sigma_e 210.0525
rho 0 (fraction of variance due to u_i)
ABC Monday February 18 00:15:00 2019 Page 8
24 . xttest0
Breusch and Pagan Lagrangian multiplier test for random effects
D.GDP[COUNTRY,t] = Xb + u[COUNTRY] + e[COUNTRY,t]
Estimated results:
Var sd = sqrt(Var)
not sorted
r(5);
25 . xttest3
last estimates not xtreg, fe
r(301);
26 . xtreg d.GDP d.NetFDI RIR Reserves d.CA LIR Covid, fe
Fixed-effects (within) regression Number of obs = 300
Group variable: COUNTRY Number of groups = 15
R-sq: Obs per group:
within = 0.2110 min = 20
between = 0.0248 avg = 20.0
overall = 0.1123 max = 20
F(6,279) = 12.44
corr(u_i, Xb) = -0.0261 Prob > F = 0.0000
D.GDP Coef. Std. Err. t P>|t| [95% Conf. Interval]
NetFDI
D1. -1.154064 .2577993 -4.48 0.000 -1.661542 -.6465851
RIR -4.05018 3.289052 -1.23 0.219 -10.52469 2.424329
Reserves .6181038 .1892603 3.27 0.001 .2455442 .9906633
CA
D1. -1.554142 .3242965 -4.79 0.000 -2.192521 -.9157638
LIR 8.110147 4.436446 1.83 0.069 -.6230115 16.84331
Covid 79.35014 42.39383 1.87 0.062 -4.102244 162.8025
_cons 37.35639 45.70347 0.82 0.414 -52.61104 127.3238
sigma_u 244.27587
sigma_e 210.0525
rho .57490238 (fraction of variance due to u_i)
F test that all u_i=0: F(14, 279) = 19.05 Prob > F = 0.0000
27 . xttest3
Modified Wald test for groupwise heteroskedasticity
in fixed effect regression model
H0: sigma(i)^2 = sigma^2 for all i
chi2 (15) = 1.0e+05
Prob>chi2 = 0.0000
ABC Monday February 18 00:15:01 2019 Page 9
28 . xtserial GDP NetFDI RIR Reserves CA LIR Covid
Wooldridge test for autocorrelation in panel data
H0: no first order autocorrelation
F( 1, 14) = 92.129
Prob > F = 0.0000
29 . xtgls d.GDP d.NetFDI RIR Reserves d.CA LIR Covid, panels(h) corr(ar1)
Cross-sectional time-series FGLS regression
Coefficients: generalized least squares
Panels: heteroskedastic
Correlation: common AR(1) coefficient for all panels (0.6970)
Estimated covariances = 15 Number of obs = 300
Estimated autocorrelations = 1 Number of groups = 15
Estimated coefficients = 7 Time periods = 20
Wald chi2(6) = 49.05
Prob > chi2 = 0.0000
D.GDP Coef. Std. Err. z P>|z| [95% Conf. Interval]
NetFDI
D1. -.2723173 .2589641 -1.05 0.293 -.7798775 .235243
RIR -2.956941 .8263647 -3.58 0.000 -4.576586 -1.337296
Reserves 1.029092 .2783027 3.70 0.000 .4836288 1.574555
CA
D1. -1.328304 .3240178 -4.10 0.000 -1.963368 -.6932413
LIR 1.231571 1.700285 0.72 0.469 -2.100926 4.564069
Covid -35.34976 15.71647 -2.25 0.024 -66.15347 -4.54604
_cons 22.15207 19.51389 1.14 0.256 -16.09446 60.3986
30 . hausman fe re,sigmamore
Note: the rank of the differenced variance matrix (5) does not equal the number of coefficients being tested (6);
be sure this is what you expect, or there may be problems computing the test. Examine the output of your
estimators for anything unexpected and possibly consider scaling your variables so that the coefficients
are on a similar scale.
Coefficients
(b) (B) (b-B) sqrt(diag(V_b-V_B))
fe re Difference S.E.
NetFDI
D1. -1.154064 -.9210913 -.2329725 .021813
RIR -4.05018 1.267604 -5.317784 2.843514
Reserves .6181038 1.772065 -1.153961 .1330504
CA
D1. -1.554142 -1.786245 .2321028 .0768615
LIR 8.110147 -4.350146 12.46029 5.254123
Covid 79.35014 38.90095 40.44919 16.33903
b = consistent under Ho and Ha; obtained from xtreg
B = inconsistent under Ha, efficient under Ho; obtained from xtreg
Test: Ho: difference in coefficients not systematic
chi2(5) = (b-B)'[(V_b-V_B)^(-1)](b-B)
= 138.52
Prob>chi2 = 0.0000
ABC Monday February 18 00:15:01 2019 Page 10
31 .
