VARIABLES

(1)

Before 1992

(2)

After 1992

(3)

Before 2002

(4)

After 2002

Fixed ER

0.0778

0.144***

0.139***

0.0959**

(0.0590)

(0.0294)

(0.0364)

(0.0441)

Chinn-Ito index

−0.0820**

−0.0300**

0.0289*

−0.00130

(0.0330)

(0.0133)

(0.0169)

(0.0258)

GDP per capita

−0.260***

−0.00576

−0.0948**

−0.116*

(0.0824)

(0.0404)

(0.0477)

(0.0680)

Population

0.700

2.477***

0.814***

2.887***

(0.436)

(0.176)

(0.223)

(0.298)

Democracy

0.0712

0.0583

0.154***

0.136**

(0.0762)

(0.0407)

(0.0515)

(0.0570)

Political Rights

0.113*

0.128***

0.208***

0.140***

(0.0667)

(0.0375)

(0.0436)

(0.0533)

Constant

17.73***

9.346***

15.34***

8.554***

(1.753)

(0.534)

(1.446)

(0.979)

Year Fixed Effects

Y

Y

Y

Y

Donor-Recipient Pair Fixed Effects

Y

Y

Y

Y

Observations

10,806

32,655

21,997

21,464

R-squared

0.025

0.019

0.022

0.014

Number of pairs

1429

3614

2281

3498