| 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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