|
Survival time
|
(1)
|
(2)
|
(3)
|
|---|
|
Decentralization
|
|
edec
| |
−0.030***
(0.008)
|
−0.032***
(0.008)
|
|
Controls
|
|
primary balance(t − 1)
|
−0.067*
(0.036)
|
−0.056
(0.036)
|
−0.071**
(0.035)
|
|
debt(t − 1)
|
0.020
(0.028)
|
0.006
(0.029)
|
0.005
(0.029)
|
|
debt
|
−0.040
(0.028)
|
−0.025
(0.028)
|
−0.025
(0.028)
|
|
Δ interest payments
|
0.498***
(0.167)
|
0.497***
(0.165)
|
0.493***
(0.171)
|
|
real gdp growth
|
−0.188***
(0.055)
|
−0.139**
(0.057)
|
−0.142**
(0.056)
|
|
Δ interest rate
|
0.036
(0.051)
|
0.000
(0.052)
|
−0.002
(0.052)
|
|
election year
|
0.107
(0.163)
|
0.119
(0.165)
|
0.110
(0.167)
|
|
right wing
|
−0.548***
(0.169)
|
−0.273
(0.183)
|
−0.271
(0.181)
|
|
government type
|
−0.703***
(0.169)
|
−0.406**
(0.190)
|
−0.406**
(0.185)
|
|
tax based consolidation
|
0.248*
(0.131)
|
0.209**
(0.088)
|
0.201**
(0.082)
|
|
Hazard parameters
|
|
Constant
|
−0.156
(0.245)
|
0.407
(0.283)
|
0.476*
(0.283)
|
|
ln(ρ)
|
0.667***
(0.051)
|
0.712***
(0.052)
|
0.715***
(0.052)
|
|
Number of observations
|
166
|
166
|
166
|
- Survival time estimation assuming the Weibull survival distribution. Robust standard errors in parentheses
- *** p < 0.01; ** p < 0.05; * p < 0.10