Variables/Regressions

(1)

(2)

(3)

(4)

(5)

(6)

(7)

Dependent Variables

market capitalization (% of GDP)

X

market capitalization (USD billion)

X

bank deposits (USD billion)

X

bank deposits (% of GDP)

X

public debt (USD billion)

X

public debt (% of GDP)

X

net public debt (USD billion)

X

Independent Variables

number of immigrants

0.0000439

(1.05)

0.0017814***

(3.52)

0.0053673***

(4.21)

−8.45e−06

(−0.08)

0.0038334***

(5.94)

0.0000431

(1.24)

0.0031013***

(4.24)

Constant

25.70032**

(2.68)

41.9346

(0.90)

93.98644

(0.81)

129.5421***

(5.32)

15.13902

(0.27)

61.81463***

(7.75)

−62.83149

(−0.81)

Observations

32

32

32

32

32

32

32

Adjusted R-squared

0.0031

0.3968

0.7116

−0.0331

0.7569

0.0167

0.5969