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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 |
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 |
0.92 (18.3)*** |
0.93 (17.4)*** |
0.94 (9.7)*** |
0.94 (9.52)*** | |||
|
Cumulative |
-1.5 (1.55) |
-3.32 (1.76)* |
-3.39 (1.82)* | ||||
|
Corporate Tax |
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.