International Financial Integration*

-41 -

Table 3 Panel Analysis of International Equity Integration, 1982-2001

	(1)	(2)	(3)	(4)	(5)	(6)	(7)
External. Liberalization	0.17 (3.69)***	0.03 (.5)	0.02 (.36)	-0.01 (.5)	-0.01 (.2)	0.04 (.9)	0.03 (.71)
Trade openness		2.35 (3.62)***	2.96 (4.88)***	1.10 (3.37)***	1.53 (4.58)***	1.45 (4.0)***	1.33 (3.37)***
Log GDP per capita			2.15 (2.74)***	0.99 (3.65)***	1.56 (5.06)***	1.82 (4.98)***	1.8 (4.74)***
Financial Depth				0.02 (.48)	0.07 (.84)	0.08 (.96)	0.1 (1.3)
Stock market capitalization				0.92 (18.3)***	0.93 (17.4)***	0.94 (9.7)***	0.94 (9.52)***
Cumulative privatization					-1.5 (1.55)	-3.32 (1.76)*	-3.39 (1.82)*
Corporate Tax Rate						0.04 (.16)	0.09 (.31)
Protection							0.04 (.82)
Adjusted R²	0.12	0.31	0.41	0.89	0.9	0.87	0.87
Number of obs.	72	72	72	66	59	46	46

Note: Dependent variable is first difference of GEQGDP (the ratio of foreign equity assets
and liabilities to GDP). 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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