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.



More intriguing information

1. Response speeds of direct and securitized real estate to shocks in the fundamentals
2. BARRIERS TO EFFICIENCY AND THE PRIVATIZATION OF TOWNSHIP-VILLAGE ENTERPRISES
3. The name is absent
4. Lumpy Investment, Sectoral Propagation, and Business Cycles
5. BODY LANGUAGE IS OF PARTICULAR IMPORTANCE IN LARGE GROUPS
6. The name is absent
7. The name is absent
8. On the job rotation problem
9. The magnitude and Cyclical Behavior of Financial Market Frictions
10. Review of “The Hesitant Hand: Taming Self-Interest in the History of Economic Ideas”