VARIABLES

Portfolio flows 2

Portfolio flows 2

Portfolio flows 2

Portfolio flows 1

Portfolio flows 1

Portfolio flows 1

FINDEV1 × TLIB

5.488*

5.476*

(3.322)

(3.318)

FINDEV2 × TLIB

1.422*

1.512**

(0.746)

(0.757)

FINDEV3 × TLIB

12.379*

12.146*

(7.140)

(7.085)

Controls: FINDEV1, TLIB, gdp, rule law, corrupt, interest rate, inflation

Observations

92

92

70

92

92

70

Adjusted R-squared

0.30

0.315

0.15

0.32

0.307

0.12

OIR test

0.332

2.091

0.644

0.341

3.614

0.588

Prob

0.847

0.719

0.968

0.843

0.461

0.971