| VARIABLES | Chinn-Ito index | Chinn-Ito index | Chinn-Ito index | FDI flows | FDI flows | FDI flows |
| FINDEV1 | 0.533 | 2.479 |
|
| ||
| (0.360) | (2.144) |
|
| |||
| FINDEV1 × TLIB | −0.385 | −0.916 |
|
|