VARIABLES

Portfolio flows 2

Portfolio flows 2

Portfolio flows 2

Portfolio flows 1

Portfolio flows 1

Portfolio flows 1

FINDEV1

−0.836**

−0.887**

(0.386)

(0.386)

FINDEV1 × TLIB

0.017***

0.017***

(0.005)

(0.005)

TLIB

−0.003

−0.002

−0.003

−0.003*

−0.002

0.003

(0.002)

(0.003)

(0.002)

(0.002)

(0.003)

(0.002)

FINDEV2

−0.934

−0.973

(0.627)

(0.626)

FINDEV2 × TLIB

0.012***

0.012***

(0.004)

(0.004)

FINDEV3

0.707

0.728

(0.455)

(0.455)

FINDEV3 × TLIB

0.004*

0.005*

(0.002)

(0.002)

Controls: country, year fixed effects, gdp, rule law, corrupt, interest rate, inflation

Observations

1500

1509

878

1,500

1509

878

Adjusted R-squared

0.477

0.471

0.556

0.479

0.473

0.559