| VARIABLES | Portfolio flows 2 | Portfolio flows 2 | Portfolio flows 2 | Portfolio flows 1 | Portfolio flows 1 | Portfolio flows 1 |
| FINDEV1 | 0.342* | 0.332* |
|
| ||
| (0.183) | (0.181) |
|
| |||
| FINDEV1 × TLIB | 0.558*** | 0.544*** |
|
| ||
| (0.143) | (0.141) |
|
| |||
| FINDEV2 | 0.030 |
| 0.018 |
| ||
| (0.234) |
| (0.233) |
| |||
| FINDEV2 × TLIB | 0.246** |
| 0.228* |
| ||
| (0.118) |
| (0.117) |
| |||
| FINDEV3 | −0.247 |
|
| −0.301 | ||
| (0.376) |
|
| (0.381) | |||
| FINDEV3 × TLIB | 0.616* |
|
| 0.656* | ||
| (0.342) |
|
| (0.349) | |||
| TLIB | −0.225*** | −0.243*** | −0.043 | −0.242*** | −0.258*** | −0.122** |
| (0.058) | (0.062) | (0.063) | (0.058) | (0.061) | (0.060) | |
| Corruption index | 0.376*** | 0.367*** | 0.491*** | 0.376*** | 0.368*** | 0.473*** |
| (0.075) | (0.075) | (0.138) | (0.074) | (0.075) | (0.137) | |
| Rule of law | −3.232*** | −3.152*** | −5.567*** | −3.233*** | −3.157*** | −5.512*** |
| (0.655) | (0.662) | (1.300) | (0.655) | (0.662) | (1.296) | |
| country, year fixed effects, gdp, interest rate, inflation | ||||||
| Observations | 1973 | 1982 | 1159 | 1973 | 1982 | 1159 |
| Adjusted R-squared | 0.454 | 0.446 | 0.553 | 0.454 | 0.447 | 0.556 |