International Financial Integration*



-42 -

Table 4 Panel Analysis of Gross Equity Share, 1982-2001

(1)

(2)

(3)

(4)

(5)

(6)

(7)

External.

0.03

0.02

0.02

0.02

0.02

-0.02

-0.01

Liberalization

(2.92)***

(2.08)**

(2.27)**

(1.6)

(1.68)

(1.51)

(1.2)

Trade openness

0.1

0.18

-0.05

-0.04

-0.03

0.04

(1.4)

(2.5)**

(.55)

(.38)

(.35)

(.34)

Log GDP per

0.31

0.2

0.17

0.004

0.02

capita

(1.97)*

(1.83)*

(1.36)

(.03)

(.1)

Financial Depth

-0.02

-0.03

-0.03

-0.04

(1.57)

(1.34)

(2.04)*

(2.09)**

Stock market

0.11

0.11

0.15

0.15

capitalization

(3.15)***

(3.54)***

(7.04)***

(6.45)***

Cumulative

-0.58

0.93

0.99

privatization

(1.96)*

(2.28)**

(2.15)**

Corporate Tax

0.03

0.02

Rate

(.3)

(.82)

Protection

-0.021

(.94)

Adjusted R2

0.12

0.12

0.19

0.53

0.48

0.69

0.69

Number of obs.

70

70

70

64

57

44

44

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