The impact of fiscal policy on foreign direct investments. Empiric evidence from Romania

Figures & data

Table

Dependent Variable: SOLDISD_EURO
Method: Least Squares
Date: 07/27/11 Time: 19:31
Sample (adjusted): 2000M07 2010M12
Included observations: 126 after adjustments
Convergence achieved after 19 iterations
MA Backcast: 2000M06
Variable	Coefficient	Std. Error	t-Statistic	Prob.
SOLDISD_EURO(-2)	0.298803	0.063554	4.701553	0.0000
MRATADOBACTIVARE(-2)	44.25039	7.162191	6.178331	0.0000
DCREDITINTERNEURO(-4)	0.043198	0.009650	4.476668	0.0000
DVENITURIDIRECTEEURO(-1)	−0.117486	0.030713	−3.825285	0.0002
DACTIVEEURO	0.072858	0.016459	4.426525	0.0000
INFL(-2)	19.81299	7.832518	2.529581	0.0128
DVENITURIINDIRECTEEURO	0.060332	0.024270	2.485822	0.0144
DEXTEURO(-1)	0.054633	0.012405	4.404110	0.0000
DRATAREZMINVAL(-4)	12.22608	4.376845	2.793355	0.0062
DRATAREZMINLEI(-3)	22.30191	7.126374	3.129489	0.0022
DSDEEURO	−0.052788	0.014033	−3.761734	0.0003
DCHELTUIELIPUB_EURO(-3)	0.032951	0.014315	2.301852	0.0232
DM0EURO(-1)	−0.020618	0.010230	−2.015409	0.0463
DIMPEURO(-2)	0.020743	0.011808	1.756587	0.0818
AR(1)	−0.401873	0.097648	−4.115524	0.0001
MA(1)	0.999925	0.058313	17.14748	0.0000
R-squared	0.599901	Mean dependent var		126.6329
Adjusted R-squared	0.545342	S.D. dependent var		133.7151
S.E. of regression	90.16188	Akaike info criterion		11.95926
Sum squared resid	894208.1	Schwarz criterion		12.31942
Log likelihood	−737.4332	Hannan-Quinn criter.		12.10558
Durbin-Watson stat	2.003652
Inverted AR Roots	−.40
Inverted MA Roots	−1.00

Table

R2=0.55, DW=2.04
Method: Least Squares
Date: 08/08/11 Time: 15:37
Sample (adjusted): 2000M07 2010M12
Included observations: 126 after adjustments
Convergence achieved after 20 iterations
MA Backcast: 2000M06
Variable	Coefficient	Std. Error	t-Statistic	Prob.
SOLDISD_EURO(-2)	0.307991	0.060554	5.086206	0.0000
MRATADOBACTIVARE(-2)	46.40681	7.711679	6.017732	0.0000
DCREDITINTERNEURO(-4)	0.041969	0.009753	4.303157	0.0000
DVENITFISCALEURO(-1)	−0.046187	0.018503	−2.496171	0.0140
DACTIVEEURO	0.068139	0.017624	3.866289	0.0002
INFL(-2)	18.89326	8.076781	2.339206	0.0211
DEXTEURO(-1)	0.050957	0.012950	3.935051	0.0001
DRATAREZMINVAL(-4)	13.47428	4.480894	3.007051	0.0033
DRATAREZMINLEI(-1)	17.70694	7.712680	2.295822	0.0236
DSDEEURO	−0.043837	0.014096	−3.109981	0.0024
DM0EURO(-2)	0.023684	0.009202	2.573698	0.0114
DIMPEURO(-2)	0.020190	0.012104	1.668113	0.0981
DCHELTUIELIPUB_EURO(-3)	0.029084	0.015323	1.898029	0.0603
AR(1)	−0.449532	0.094343	−4.764866	0.0000
MA(1)	0.999292	0.041998	23.79352	0.0000
R-squared	0.558377	Mean dependent var		126.6329
Adjusted R-squared	0.502677	S.D. dependent var		133.7151
S.E. of regression	94.29743	Akaike info criterion		12.04213
Sum squared resid	987012.5	Schwarz criterion		12.37978
Log likelihood	−743.6541	Hannan-Quinn criter.		12.17931
Durbin-Watson stat	2.041114
Inverted AR Roots	−.45
Inverted MA Roots	−1.00

Figure 1. The impact of direct and indirect tax, total fiscal revenues and budgetary spending on FDIs (time of impact is expressed in months on the OX axis).

Source: E-views estimations

Figure 2. The impact of monthly net wages on FDIs (time of impact is expressed in months on the OX axis).

Source: E-views estimations.