VARIABLES

Portfolio flows 2

Portfolio flows 2

Portfolio flows 2

Portfolio flows 1

Portfolio flows 1

Portfolio flows 1

FINDEV1

−0.321*

−0.315*

(0.165)

(0.164)

FINDEV1 × TLIB

0.567***

0.551***

(0.136)

(0.135)

FINDEV2

0.028

0.022

(0.216)

(0.215)

FINDEV2 × TLIB

0.256**

0.233**

(0.117)

(0.116)

FINDEV3

−0.210

−0.257

(0.356)

(0.361)

FINDEV3 × TLIB

0.596*

0.631*

(0.322)

(0.328)

TLIB

−0.220***

−0.224***

−0.038

−0.234***

−0.236***

−0.112**

(0.053)

(0.053)

(0.058)

(0.052)

(0.053)

(0.056)

GDP

0.020***

0.020***

0.027***

0.020***

0.020***

0.027***

(0.004)

(0.004)

(0.006)

(0.004)

(0.004)

(0.006)

Observations

2356

2365

1287

2356

2365

1287

Adjusted R-squared

0.454

0.447

0.554

0.455

0.447

0.556