Variables

(1)

(2)

(3)

(4)

(5)

Fixed ER

0.169***

0.108***

0.107***

0.172***

(0.0267)

(0.0223)

(0.0219)

(0.0243)

Chinn-Ito Index

0.0215**

0.0423***

0.0405***

0.00555

(0.00940)

(0.00785)

(0.00775)

(0.0104)

Lagged Fixed ER

0.0930***

(0.0218)

Lagged Chinn-Ito Index

0.0331***

(0.00786)

GDP per capita

−0.364***

−0.391***

−0.400***

−0.400***

−0.127***

(0.0132)

(0.0110)

(0.0112)

(0.0112)

(0.0293)

Population

0.796***

0.892***

0.915***

0.914***

1.657***

(0.0143)

(0.0121)

(0.0122)

(0.0122)

(0.116)

Democracy

0.122***

0.115***

0.157***

(0.0325)

(0.0327)

(0.0338)

Political Rights

0.153***

0.158***

0.146***

(0.0324)

(0.0326)

(0.0310)

Colonial Connection

2.286***

2.286***

(0.0513)

(0.0515)

Constant

16.85***

18.73***

18.62***

18.61***

13.74***

(0.115)

(1.469)

(1.434)

(1.434)

(1.291)

Year Fixed Effects

Y

Y

Y

Y

Y

Donor Fixed Effects

N

Y

Y

Y

N

Donor-Recipient

Pair Fixed Effects

N

N

N

N

Y

Observations

43,660

43,660

43,461

43,186

43,461

R-squared

0.155

0.414

0.442

0.443

0.722