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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