Dependent Variables

Call Bid-Ask Spread

Put Bid-Ask Spread

(48)

(49)

(50)

Volume

(51)

(52)

(53)

(54)

Open Interest

Implied Volatility

Independent Variables

GDP

−4.29e−11

(2.86e−11)

GDP per capita

0

(omitted)

Unemployment (%)

0

2,816,423**

(omitted)

(1,367,568)

Log (Population)

0

(omitted)

Public Debt % Of GDP

0

(omitted)

Bank Capital to Assets Ratio (%)

0

−438,472**

(omitted)

(1,044,215)

Inflation (%)

−1,735,981**

(−2.24)

Economic Freedom

−3,176,978***

(−3.29)

Interest Rates (Gov Bonds) 10 Y

−7,753,608

−1949336**

(1,442,226)

(1005638)

Freedom from Corruption

−1,103,397

(5,378,363)

Fiscal Freedom

5,534,044

−743077**

(7,689,659)

(374613)

Business Freedom

−1,957,668

(2,168,171)

Investment Freedom

−0.6655107

(2,736,405)

Income Tax Rate (%)

3,517,256

(9,821,794)

Corporate Tax Rate (%)

1,314,354

(2,205,902)

Financial Freedom

−6,127,787

(1,685,506)

Market Capitalization of Listed Domestic Companies

5.86e−12

(5.48e−11)

S&P Global Equity Indices (Annual % Change)

−0.3950643

(0.3022939)

Stocks Traded, Turnover Ratio of Domestic Shares (%)

−0.0598586***

−6.90e−13

(0.0108215)

(8.29e−11)

Stocks Traded, Total Value

−5.78e−12**

−0.0669228

(2.57e−12)

(0.4787676)

1 Period Lag

0.0510537**

0.0004341**

0.0543677

0.7661213*

0.9500853***

0.9537631***

0.7929832*

(0.0183087)

(0.0211777)

(0.2947393)

(0.2349361)

(0.1792904)

(0.1393786)

(0.3067227)

Constant

141,611***

1,644,235*

0

−2.28e+07***

1,872,171*

2,252,860

4.13e+07***

(3.377322)

(4.702344)

(omitted)

(7,011,565)

(7,189,556)

(3,117,190)

(2.39e+07)