| Dependent Variables | ||||||
| Call Bid-Ask Spread | (42) | (43) | (44) | |||
| Put Bid-Ask Spread | (45) | (46) | (47) | |||
| Volume | ||||||
| Open Interest | ||||||
| Implied Volatility | ||||||
| Independent Variables | ||||||
| GDP | 2.58e−11** | 2.75e−11 | ||||
| (1.02e−11) | (9.91e−11) | |||||
| GDP per capita | 0 | |||||
| (omitted) | ||||||
| Unemployment (%) | 0 | −0.7662562*** | ||||
| (omitted) | (0.3359713) | |||||
| Log (Population) | 0 | |||||
| (omitted) | ||||||
| Public Debt % Of GDP | 0 | −0.7662562** | ||||
| (omitted) | (0.3359713) | |||||
| Bank Capital to Assets Ratio (%) | 0 | |||||
| (omitted) | ||||||
| Inflation (%) | −4.36E08*** | |||||
| (−3.01) | ||||||
| Economic Freedom | 0 | |||||
| (omitted) | ||||||
| Interest Rates (Gov Bonds) 10 Year | −3,019,439 | |||||
| (5,492,788) | ||||||
| Freedom from Corruption | −6,518,908 | |||||
| (1,924,076) | ||||||
| Fiscal Freedom | −1,127,562 | |||||
| (2,980,506) | ||||||
| Business Freedom | −1,157,423 | |||||
| (5,866,613) | ||||||
| Investment Freedom | 2,181,582 | |||||
| (8,452,077) | ||||||
| Income Tax Rate (%) | −1,543,544 | 0.1981062 | ||||
| (3,889,122) | (0.0698957) | |||||
| Corporate Tax Rate (%) | −1,077,862 | |||||
| (8,128,698) | ||||||
| Financial Freedom | 2,967,133 | |||||
| (6,762,979) | ||||||
| Market Capitalization of Listed Domestic Companies | 8.50e−11*** | 2.93e−11 | ||||
| (2.09e−11) | (1.63e−10) | |||||
| S&P Global Equity Indices (Annual % Change) | −0.4178227 | |||||
| (1062312) | ||||||
| Stocks Traded, Turnover Ratio of Domestic Shares (%) | −8.30e−12 | −0.2902138 | −0.1384774 | |||
| (2.89e−10) | (0.118074) | (0.1089451) | ||||
| Stocks Traded, Total Value | −0.0127623 | 7596598 | 0 | |||
| (1,712,933) | (3195719) | (omitted) | ||||
| 1 Period Lag | −0.1829259 | −0.6810598* | −0.6853292 | −0.2902138** | ||
| (0.1194675) | (0.3904195) | (0.7003205) | (0.1180744) | |||
| Constant | −6,844,873*** | −2,372,856 | 0 | 7596598 | ||
| (218,304) | (3,422,292) | (omitted) | (31.95719) |