Independent Variables | Results of Dynamic Panel Data Model | Results of Crossectional OLS | ||||||
Effect on Call and Bid Spread | Effect on Volume | Effect on Open Interest | Effect on Volatility | Effect on Call and Bid Spread | Effect on Volume | Effect on Open Interest | Effect on Volatility | |
GDP | 0/+ | − | − | +/− | + | − | ||
Unemployment (%) | + | − | + | |||||
Log (Population) | − | 0/+ | + | + | + | |||
Bank Capital to Assets Ratio (%) | − | |||||||
Inflation (%) | − | + | − | |||||
Economic Freedom | − | − | − | − | ||||
Interest Rates (Gov Bonds)10 Year | − | −/+ | − | |||||
Freedom from Corruption | − | −/+ | − | − | ||||
Fiscal Freedom | + | − | − | |||||
Business Freedom | − | + | − | − | ||||
Investment Freedom | − | + | + | − | ||||
Income Tax Rate (%) | + | |||||||
Corporate Tax Rate (%) | + | − | − | |||||
Financial Freedom | +/− | − | − | − | ||||
Market Capitalization of Listed Domestic Companies | 0/+/− | + | − | +/− | + | − | + | |
S&P Global Equity Indices (Annual % Change) | − | |||||||
Stocks Traded, Turnover Ratio of Domestic Shares (%) | −/+ | + | − | + | + | + | ||
Stocks Traded, Total Value | 0/− | 0/− | − | +/− | + | + | − | |
Public Debt % Of GDP | − | + | + | + | +/− | |||
GDP Per Capita | 0/− | |||||||
FDI inflows | + | |||||||
Property rights | − |
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