VARIABLES

Portfolio flows 2

Portfolio flows 2

Portfolio flows 2

Portfolio flows 1

Portfolio flows 1

Portfolio flows 1

FINDEV1

0.012

−0.041

(0.045)

(0.035)

FINDEV1 × TLIB

0.163***

0.132***

(0.049)

(0.044)

FINDEV2

0.040

−0.007

(0.039)

(0.028)

FINDEV2 × TLIB

0.139***

0.114***

(0.048)

(0.044)

FINDEV3

−0.164*

−0.179**

(0.093)

(0.078)

FINDEV3 × TLIB

0.220**

0.222***

(0.086)

(0.075)

TLIB

0.005

0.006

0.078***

−0.009

−0.009

0.013

(0.014)

(0.015)

(0.027)

(0.010)

(0.011)

(0.017)

corrupt

0.010***

0.001

0.014

0.007***

0.004

0.011

(0.003)

(0.010)

(0.023)

(0.003)

(0.010)

(0.021)

rulelaw

−0.012

0.002

−0.045*

−0.003

0.002

−0.021

(0.008)

(0.018)

(0.023)

(0.004)

(0.017)

(0.019)

Controls: country, year fixed effects, gdp, interest rate, inflation rate

Observations

1,440

1,447

794

1,440

1,447

794

Adjusted R-squared

0.452

0.454

0.502

0.382

0.380

0.505