DEP VARIABLES

Portfolio flows 2

Portfolio flows 2

Portfolio flows 2

Portfolio flows 1

Portfolio flows 1

Portfolio flows 1

FINDEV1

−0.001

−0.044

(0.041)

(0.032)

FINDEV1 × TLIB

0.157***

0.125***

(0.045)

(0.041)

FINDEV2

0.026

−0.013

(0.036)

(0.026)

FINDEV2 × TLIB

0.142***

0.112***

(0.045)

(0.042)

FINDEV3

−0.170*

−0.176**

(0.089)

(0.075)

FINDEV3 × TLIB

0.226***

0.220***

(0.083)

(0.072)

TLIB

0.000

0.000

0.071***

0.011

0.011

0.010

(0.012)

(0.013)

(0.026)

(0.008)

(0.009)

(0.016)

lgdp

0.016***

0.016***

0.015***

0.011***

0.011***

0.013***

(0.003)

(0.003)

(0.003)

(0.003)

(0.003)

(0.002)

Controls: country, year fixed effects

Observations

1823

1830

922

1823

1830

922

Adjusted R-squared

0.449

0.451

0.500

0.377

0.375

0.500