| VARIABLES | Chinn-Ito index | Chinn-Ito index | Chinn-Ito index | FDI flows | FDI flows | FDI flows |
| FINDEV 1 | 0.465 | 2.319 |
|
| ||
| (0.336) | (2.003) |
|
| |||
| FINDEV1 × TLIB | −0.232 | −0.945 |
|
| ||
| (0.334) | (1.777) |
|
| |||
| FINDEV2 | 0.238 |
| 1.180 |
| ||
| (0.312) |
| (1.528) |
| |||
| FINDEV2 × TLIB | −0.368 |
| −0.304 |
| ||
| (0.285) |
| (1.364) |
| |||
| FINDEV3 | 0.232 |
|
| 2.889*** | ||
| (0.378) |
|
| (1.103) | |||
| FINDEV3 × TLIB | −0.409 |
|
| −0.987 | ||
| (0.335) |
|
| (0.981) |