	(1)	(2)	(3)	(4)	(5)
VARIABLES	All countries	EMDEs	AEs	Expenditure-led episodes	Revenue-led episodes
					
rules_in_place	0.84***	0.82***	0.99**	0.86**	1.02***
	(0.24)	(0.29)	(0.49)	(0.34)	(0.39)
L.GGXONLB_NGDP	-0.05***	-0.03	-0.09***	-0.02	-0.00
	(0.02)	(0.02)	(0.03)	(0.02)	(0.02)
L.GGXWDG_NGDP	0.01***	0.01***	0.01**	0.01***	0.01***
	(0.00)	(0.00)	(0.01)	(0.00)	(0.00)
L.INTP_GGR	0.05***	0.04***	0.18***	0.07***	0.05***
	(0.01)	(0.01)	(0.05)	(0.02)	(0.02)
L.NGDP_RPCH	0.00	-0.00	0.04*	0.00	-0.00
	(0.01)	(0.02)	(0.02)	(0.02)	(0.02)
L.lnNGDP_D_fd2	-0.08*	-0.05	-0.20**	-0.18***	-0.05
	(0.04)	(0.04)	(0.09)	(0.06)	(0.06)
L.BCA_NGDPD	0.05***	0.04***	0.05	0.06***	0.06***
	(0.01)	(0.01)	(0.04)	(0.02)	(0.02)
hipc	-0.04	-0.19			0.40
	(0.38)	(0.39)			(0.47)
imf_support	0.06	-0.06		0.08	0.52
	(0.36)	(0.37)		(0.62)	(0.62)
POLenv	0.14	0.07	-0.01	0.18	0.03
	(0.12)	(0.16)	(0.27)	(0.22)	(0.19)
ear90s	-1.48***	-2.86***	-1.85**	-1.51**	-2.28***
	(0.54)	(0.72)	(0.79)	(0.73)	(0.82)
mid90s	-0.62	-1.83**	-0.60	-0.56	-1.29
	(0.44)	(0.78)	(0.58)	(0.53)	(0.80)
ear00s	-1.09**	-1.80**	-1.78***	-1.41***	-1.71**
	(0.45)	(0.77)	(0.65)	(0.54)	(0.79)
mid00s	-1.03**	-1.65**	-1.73**	-1.78***	-1.38*
	(0.45)	(0.77)	(0.71)	(0.55)	(0.80)
ear10s	-1.07**	-2.21***	-1.02	-1.15**	-1.80**
	(0.46)	(0.80)	(0.78)	(0.55)	(0.81)
mid10s	-1.25***	-2.05***	-1.56*	-0.93*	-2.04**
	(0.48)	(0.79)	(0.85)	(0.55)	(0.82)
ear20s	-2.08***	-2.79***	-2.27**	-1.77**	-3.32***
	(0.60)	(0.84)	(1.15)	(0.71)	(0.88)
emde	-0.30			-0.88	-0.90
	(0.42)			(0.83)	(0.77)
Commodity	0.53**	0.38	1.46**	0.28	0.61
	(0.27)	(0.34)	(0.69)	(0.47)	(0.48)
ss	-0.23	-0.63	1.23**	-0.77	0.55
	(0.40)	(0.52)	(0.55)	(0.67)	(0.65)
lnsig2u	0.10	0.16	0.69	1.26***	1.39***
	(0.36)	(0.42)	(0.64)	(0.46)	(0.40)
Constant	-2.02***	-1.06	-3.04***	-3.09***	-2.94***
	(0.51)	(0.90)	(1.06)	(0.78)	(0.94)
					
Observations	2,816	1,978	838	2,752	2,766
Number of ccode	122	88	34	122	122
Log likelihood	-711.2	-436	-233.1	-407.9	-441.5
