Table 4: Regional Studies (Risk Variables)
Africa |
Asia |
Latin America | |
Economic risk Inflation Variance of inflation |
(-) Naudé and Krugell (2007) (-) Onyeiwu et al. (2004) (+/-) Lemi and Asefa (2003) |
(+/-) Nasser (2007) (+/-) Frenkel et al. (2004) (+/-) Nasser (2007) |
(+/-) Tuman and Emmert (1999, 2004) (-) Nasser (2007) (-) Campos and Kinoshita (2008) (-) Bengoa et al. (2003) (+/-) Frenkel et al. (2004) (+) Nasser (2007) |
Exchange rate variability Fixed exchange rate dummy |
(+/-) Lemi and Asefa (2003) |
(+/-) Wezel (2003) (+) Frenkel et al. (2004) |
(+ /-) Wezel (2003) (+/-) Tuman and Emmert (1999, 2004) (+/-) Frenkel et al. (2004) |
External debt Debt service record International reserves Overall indices Index of economic freedom ICRG Euromoney Political risk Political instability Political risk index |
(-) Lemi and Asefa (2003) (-) Naudé and Krugell (2007) |
(+/-) Wezel (2003) (+/-) Wezel (2003) (+) Frenkel et al. (2004) (+/-) Wezel (2003) |
(+ /-) Wezel (2003) (-) Bengoa et al. (2003) (+) Baumgarten and Hausman (2000) (+) Bengoa et al. (2003) (+) Wezel (2003) (+/-) Frenkel et al. (2004) (+ /-) Wezel (2003) (-) Baumgarten and Hausman (2000) |
Political violence Political freedom index Political rights Executive constraints Corruption index Government size Accountability Commercial risk Investment climate Openness to FDI Expropriation (settler mortality) Bureaucratic quality Financial risk index |
(-) Asiedu (2005, 2006) (+) Lemi and Asefa (2003) (+/-) Onyeiwu et al. (2004) (-) Asiedu et al. (2007) (-) Asiedu (2005, 2006) (+/-) Ancharaz (2002) (+) Naudé and Krugell (2007) (-) Naudé and Krugell (2007) (+) Asiedu (2006) (+) Asiedu et al. (2007) (+/-) Naudé and Krugell (2007) (+/-) Ancharaz (2002) (+) Naudé and Krugell (2007) (+) Naudé and Krugell (2007) (+) Asiedu (2005, 2006) (+) Asiedu et al. (2007) |
(+) Nasser (2007) (+/-) Nasser (2007) |
(-) Nasser (2007) (-) Tuman and Emmert (1999, 2004) (+/-) Ferris et al. (1997) (+) Tuman and Emmert (2004) (+) Nasser (2007) (-) Campos and Kinoshita (2008) (+/-) Campos and Kinoshita (2008) (+) Campos and Kinoshita (2008) (+/-) Campos and Kinoshita (2008) |
Note: (-), (+) and (+/-) indicate a significant negative, a significant positive and an insignificant explanatory variable at a 10%
significance level, respectively.
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