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

Explanatory Variables

(1)

(2)

(3)

(4),

(5)

Л6)

(7)_^

(8)

(9)

(10) _

Air-DepartureLe_vel

0.041***

-

-

0.047***

-

-

0.042*

^B

^B

0.079***

(2.50)

(2.45)

(1.71)

(2.94)

RoadLevel

-

0.008

-

-

0.006

-

-

-0.002

-

-0.040^*

(0.31)

(0.23)

(0.09)

(1.78)

TelecircuitLevel

-

-

0.01

-

-

-0.015

-

-

-0.016

-0.085^**

(0.26)

(0.37)

(0.56)

(2.42)

log((GDP/Capita)Average)

-0.004

0.007

0.008

0.002

0.011

0.012

-0.001

(0.64)

(1.02)

(1.05)

(0.32)

(1.52)

(1.43)

(0.09)

log((GDP)Average)

0.001

-0.002

-0.003

-0.004

-0.007^***

-0.008^***

-0.004

(0.30)

(1.01)

(1.18)

(1.22)

(2.63)

(2.49)

(-1.24)

Openness

-0.001^***

-0.001^***

-0.001^***

-0.001^**

(3.27)

(4.67)

(3.82)

(2.41)

Nat. ResourceAverage

-0.0001

-0.0002^**

-0.0002^**

-0.0002^***

(1.50)

(2.14)

(2.38)

(2.49)

Latitude

0.0001

0.0002

0.0001

0.0002

(0.67)

(0.17)

(0.13)

(1.60)

LandlockedDum

-0.008

-0.015^*

-0.016^**

-0.010

.

(0.93)

(1.95)

(2.08)

(1.33)

R²

0.33

0.005

0.003

-

-

-

-

-

-

-

a_Sd_Ej. R²

0.30

-0.03

-0.03

0.26

0.02

0.01

0.29

0.04

0.05

0.50

0.01

0.01

0.01

0.01

0.01

0.01

0.01

0.01

0.01

0.01

Sample Size_______________

30

30

30

30

30

30

30

30

30

30