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.

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