
Parameter

S. E.

Student’s t


Eq. 1: dep. Var: GDP(t)

GDP(tl)

0.808***

0.071

11.390

Poll(tl)

−0.024

0.031

−0.783

RoL(tl)

0.054*

0.033

1.651

Eq. 2: dep. Var: RoL(t)

GDP(tl)

0.053***

0.018

2.950

Poll(tl)

−0.020

0.018

−1.131

RoL(tl)

0.743***

0.032

22.984

Eq. 3: dep. Var: Poll(t)

GDP(tl)

0.002

0.112

0.017

Poll(tl)

0.810***

0.107

7.568

RoL(tl)

−0.103**

0.049

−2.106

 The three variable VAR model is estimated by GMM; countrytime and fixed effects are removed prior to estimation. Reported numbers show the coefficients of regressing the row variables on lags of the column variables. Heteroskedasticity adjusted tstatistics are reported
 ***Indicates significance at 1 % level; **indicates significance at 5 % level; *indicates significance at 10 % level