-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 |
-0.06 |
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 |
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 |
1.27 (5.86)*** |
1.3 (6.18)*** |
1.32 (6.35)*** |
1.35 (6.95)*** | |||
Cumulative |
-1.65 (.66) |
-9.67 (2.66)** |
-9.92 (2.87)*** | ||||
Corporate Tax |
-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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