	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
VARIABLES	Budget balance rule	Debt rule	Expenditure rule	Revenue rule	Budget balance rule	Debt rule	Expenditure rule	Revenue rule
								
rules_in_place	0.08	0.85*	0.76**	0.86**	0.33	1.40***	1.08***	0.93**
	(0.67)	(0.44)	(0.37)	(0.35)	(0.61)	(0.47)	(0.41)	(0.41)
c.rules_in_place#c.Budgetbalancerule	0.87				0.78			
	(0.71)				(0.53)			
L.GGXONLB_NGDP	-0.02	-0.02	-0.02	-0.02	-0.00	-0.00	-0.00	-0.00
	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)
L.GGXWDG_NGDP	0.01***	0.01***	0.01***	0.01***	0.01***	0.01***	0.01***	0.01***
	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)
L.INTP_GGR	0.07***	0.07***	0.07***	0.07***	0.05***	0.05***	0.05***	0.05***
	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)
L.NGDP_RPCH	-0.00	0.00	0.00	0.00	-0.00	-0.00	-0.00	-0.00
	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)
L.lnNGDP_D_fd2	-0.17***	-0.18***	-0.17***	-0.18***	-0.05	-0.06	-0.05	-0.05
	(0.06)	(0.06)	(0.06)	(0.06)	(0.06)	(0.06)	(0.06)	(0.06)
L.BCA_NGDPD	0.06***	0.06***	0.06***	0.06***	0.06***	0.06***	0.06***	0.06***
	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)
imf_support	0.09	0.08	0.11	0.09	0.54	0.54	0.55	0.53
	(0.62)	(0.62)	(0.61)	(0.62)	(0.63)	(0.62)	(0.61)	(0.62)
POLenv	0.17	0.18	0.20	0.17	0.03	0.05	0.05	0.05
	(0.22)	(0.22)	(0.21)	(0.22)	(0.17)	(0.18)	(0.18)	(0.18)
ear90s	-1.53**	-1.51**	-1.47**	-1.52**	-2.32***	-2.23***	-2.33***	-2.29***
	(0.73)	(0.73)	(0.73)	(0.73)	(0.82)	(0.82)	(0.82)	(0.83)
mid90s	-0.58	-0.56	-0.52	-0.56	-1.33*	-1.24	-1.32*	-1.28
	(0.53)	(0.52)	(0.54)	(0.53)	(0.80)	(0.80)	(0.80)	(0.81)
ear00s	-1.38***	-1.41***	-1.40**	-1.40***	-1.70**	-1.65**	-1.70**	-1.66**
	(0.53)	(0.54)	(0.55)	(0.54)	(0.79)	(0.78)	(0.79)	(0.79)
mid00s	-1.82***	-1.78***	-1.79***	-1.77***	-1.40*	-1.31*	-1.40*	-1.34*
	(0.56)	(0.55)	(0.56)	(0.55)	(0.81)	(0.79)	(0.80)	(0.81)
ear10s	-1.22**	-1.15**	-1.23**	-1.14**	-1.85**	-1.74**	-1.81**	-1.78**
	(0.57)	(0.55)	(0.56)	(0.56)	(0.81)	(0.80)	(0.81)	(0.82)
mid10s	-1.02*	-0.93*	-1.03*	-0.92*	-2.08**	-2.01**	-2.03**	-2.02**
	(0.57)	(0.55)	(0.57)	(0.55)	(0.83)	(0.81)	(0.83)	(0.83)
ear20s	-1.85**	-1.77**	-1.86**	-1.76**	-3.35***	-3.25***	-3.32***	-3.28***
	(0.72)	(0.71)	(0.74)	(0.71)	(0.88)	(0.88)	(0.88)	(0.89)
emde	-0.85	-0.87	-0.59	-0.91	-0.85	-0.83	-0.85	-0.83
	(0.85)	(0.84)	(0.82)	(0.84)	(0.75)	(0.75)	(0.75)	(0.75)
Commodity	0.30	0.28	0.32	0.30	0.66	0.57	0.64	0.58
	(0.47)	(0.47)	(0.45)	(0.49)	(0.46)	(0.47)	(0.47)	(0.47)
ss	-0.76	-0.77	-0.78	-0.79	0.61	0.58	0.57	0.60
	(0.67)	(0.68)	(0.63)	(0.68)	(0.64)	(0.62)	(0.64)	(0.64)
lnsig2u	1.26***	1.25***	1.07**	1.29***	1.36***	1.31***	1.38***	1.38***
	(0.46)	(0.46)	(0.44)	(0.47)	(0.39)	(0.38)	(0.40)	(0.39)
c.rules_in_place#c.Debtrule		0.01				-0.60		
		(0.39)				(0.43)		
c.rules_in_place#c.Expenditurerule			0.44				-0.17	
			(0.36)				(0.36)	
c.rules_in_place#c.Revenuerule				-0.23				0.51
				(0.85)				(0.63)
Constant	-3.08***	-3.09***	-3.08***	-3.11***	-2.95***	-2.88***	-2.97***	-2.97***
	(0.78)	(0.79)	(0.75)	(0.79)	(0.96)	(0.92)	(0.95)	(0.94)
								
Observations	2,752	2,752	2,752	2,752	2,766	2,766	2,766	2,766
Number of ccode	122	122	122	122	122	122	122	122
Log likelihood	-405.5	-407.9	-406	-407.7	-441	-440.2	-441.9	-441.4
