Cross-Country Evidence on the Link between the Level of Infrastructure and Capital Inflows



__________Variable_________

_________________Description_________________

_____Sources_____

Total External Liability Stock
per GDP

Total External Liability Stock = Cum. FDI
Liab.+ Cum. Portfolio Equity Liab. +Debt

GDP in Current US $

Simple Average for 1990-95____________________

Lane and Milesi-
Feretti (2001)

World Bank (GDF
WDI, 1999 a,b)

FDI Liability Stocks
per GDP

Cum. FDI Liabilities: estimated by
cumulating US dollar flows. Stocks are
adjusted for changes in relative capital
goods’ prices between home country and US.

GDP in Current US $

Simple Average for 1990-95____________________

Lane and Milesi-
Feretti (2001)

World Bank (GDF
WDI, 1999 a,b)

Portfolio Equity Liab. Stocks
per Gdp

Cum. Portfolio Equity Liabilities: estimated
by cumulating US dollar flows. Stocks
are adjusted to reflect year on year
changes in the US dollar
value of the domestic stock market index.
GDP in Current US $

Simple Average for 1990-95____________________

Lane and Milesi-
Feretti (2001)

World Bank (GDF,
1999 a)

Debt Stock per GDP

Developing Countries: Stock of external
debt

GDP in Current US $

Simple Average for 1990-95____________________

World Bank
(GDD, 2001)

World Bank (GDF

WDI, 1999 a,b)

Total External Liability Flows
per GDP

Total External Liability Flow = Flow
of Inward Direct Investment
+ Inward Portf. Equity +Debt
GDP in Current US $

Simple Average for 1990-95____________________

Lane and Milesi-
Feretti (2001)

World Bank (GDF,
1999 a)_____________

FDI Liability Flows
per GDP

Flow of Inward Direct Investment

GDP in Current US $

Simple Average for 1990-95____________________

IMF (IFS
BOPS, 1999 a,b)
World Bank
GDF, 1999 a)

Portf. Equity Liability Flows
per GDP

Flow of Inward Portfolio Equity

GDP in Current US $

Simple Average for 1990-95____________________

IMF (IFS &
BOPS, 1999 a,b)
World Bank (GDF
& WDI, 1999 a,b)

Debt Flows
per GDP

Flow of External Debt

GDP in Current US $

Simple Average for 1990-95____________________

IMF (BOPS,
1999 b)
World Bank (GDF
& WDI, 1999 a,b)

Table 1: The Dependent Variables. Note: Cum. = Cummulative; Liab. = Liability; Portf. =
Portfolio. GDF = Global Development Finance; WDI = World Development Indicators; GDD =
Global Development Network Growth Database; IFS = International Financial Statistics; BOBS
= Balance of Payments Statistics.

20



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