Long-Term Capital Movements

(1)

(2)

(3)

(4)

(5)

(6)

(7)

CUMCA
1970-98
All

CUMCA
1980-98
All

CUMCA
1970-98
No Sing.

CUMCA
1980-98
No Sing.

CUMFL
1970-98
No Sing.

CUMFL
1980-98
No Sing.

CUMCA
1977-97
Balanced

Log GDP per capita

-0.21

(4.59)**

-0.08

(1.05)

-0.29

(6.76)**

-0.2

(2.98)**

-0.31

(6.8)**

-0.25

(3.6)**

-0.26

(3.55)**

Public Debt

-0.67

(14.03)**

-0.67

(13.3)**

-0.73

(16.8)**

-0.71

(14.6)**

-0.86

(21.4)**

-0.86

(19.6)**

-0.50

(8.87)**

χ² (Demog.)

28.7
(0.00)**

21.2
(0.00)**

5.5
(.14)

4.6
(.20)

12.7
(.01)**

6.4
(.10)

38.7
(0.00)**

Adjusted R²

0.83

0.87

0.85

0.88

0.89

0.91

0.89

Observations

779

590

753

572

728

566

416

Countries

39

39

38

38

38

38

16

α (POP<15)

-1.01

-0.38

-0.49

-0.78

-0.9

-1.11

-1.17

α (POP>64)

-0.522

0.158

2.05

2.47

4.33

4.6

0.55

α max

3.92
(50-54)

3.54
(55-59)

2.05
(65+)

2.47
(65+)

4.33
(65+)

4.6
(65+)

5.66
(55-59)

α min
_

-3.92

(20-24)

-3.54

(20-24)

-1.19

(25-29)

-1.1

(20-24)

-1.18

(45-49)

-1.14

(35-39)

-5.67

(20-24)