International Financial Integration*



-40 -

Table 2 Panel Analysis of International Financial Integration, 1982-2001

(1)

(2)

(3)

(4)

(5)

(6)

(7)

External

Liberalization

0.29

(5.3)***

0.06

(.69)

0.04

(.5)

-0.05
(.5)

-0.06
(.6)

0.08

(.8)

0.05

(.5)

Trade openness

4.18

(3.2)***

4.95

(3.7)***

3.08

(3.71)***

3.89

(4.5)***

3.29

(3.63)***

2.72

(3.01)***

Log GDP per
capita

2.65

(2.5)**

1.56

(1.97)*

2.76

(3.51)***

2.82

(4.31)***

2.71

(4.06)***

Financial Depth

0.24

(1.58)

0.56

(1.68)

0.62

(1.88)*

0.75

(2.37)**

Stock market
capitalization

1.27

(5.86)***

1.3

(6.18)***

1.32

(6.35)***

1.35

(6.95)***

Cumulative
privatization

-1.65

(.66)

-9.67

(2.66)**

-9.92

(2.87)***

Corporate Tax
Rate

-1.47

(1.65)

-1.27

(1.4)

Protection

0.19

(1.4)

Adjusted R2

0.17

0.35

0.39

0.69

0.72

0.7

0.7

Number of obs.

78

78

78

72

64

49

49

Note: Dependent variable is first difference of the IFIGFP ratio. Fixed-effects panel
estimation using averaged data for 1982-85, 1986-89, 1990-93, 1994-97, 1998-2001. White-
corrected t-statistics in parentheses. See text for definition of variables.



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