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