‘Whatever it takes’ and the role of Eurozone news

Figures & data

Table 1. Numbers of news days and news events, 1 July 2009–1 July 2016.

	Cyprus	Greece	Spain	Ireland	Italy	Portugal	All
Days with no news	1665	1368	1527	1599	1548	1558	969
1 event	29	261	158	84	130	125	456
2 events on same day	4	51	13	16	18	16	189
3 events on same day	0	17	3	2	3	2	52
4 events on same day	3	2	0	0	0	0	23
5 events on same day	0	1	0	0	2	0	9
6 events on same day	0	1	0	0	0	0	3
Total news days	36	333	174	102	153	143	732
Total news events	49	433	193	122	185	163	1145

Table 2. Coefficient estimates.

	Dependent variable:
	‘Whatever it takes’ speech, 26 July 2012
Break date	(1)	p-Value of test equal coefficients before and after break	(2)	p-Value of test equal coefficients before and after break
	0.023***		0.022***
Coefficient estimates before break date 26 July 2012
	0.022***		0.021***
			0.0058***
	0.28*		0.27*
	−0.13*		−0.13*
	0.0018		0.0020
	0.20		0.27
	−0.16		−0.14
Coefficient estimates after break date 26 July 2012
	0.0073**	0.000	0.0089***	0.001
			−0.0013	0.015
	−0.014	0.074	−0.019	0.076
	−0.0089	0.078	−0.0065	0.078
	0.0017*	0.75	0.0017*	0.70
	−0.24**	0.29	−0.24**	0.21
	0.15**	0.14	0.14*	0.19
N	5584		5584
- adjusted	0.195		0.198

Notes: (i) Model is estimated over the period 1 July 2009–1 July 2016, (ii) clustered SEs, (iii) fixed effect panel regression, (iv) countries included: Ireland, Italy, Portugal and Spain, (v) N = number of observations. (vi) * = 10% significance, ** = 5 % significance, *** = 1% significance