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 |