Notes:This table presents the panel least squares regression results using random effects for all 22 countries. The countries include Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong, India, Italy, Japan, Mexico, Netherlands, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, UK, and the United States. All regressions are run with five years of data: 2001–05 if lagged, and 2002–06 if not lagged.

Numbers in parentheses are t-statistics.

^**Statistically significant at α = 5 percent level and ^***statistically significant at α = 1 percent level. The cross-section random effects are not reported as they sum to zero and are not relevant to the discussions.