The Impact of Financial Openness on Economic Integration: Evidence from the Europe and the Cis



Appendix

Table 1 : Income gap equation - Basic specifications

Emerging economies                         All countries

I

II

III

IV

V

VI

VII

VIII

constant

1.316***

0.790

0.006

1.348***

0.046

0.144

0.254**

0.173

dh

0.967**

1.256***

1.550***

1.007***

0.937***

1.836***

1.901***

1.331***

dn

-0.288

-0.118

1.027

-0.282

0.143

-0.177

-0.202

0.189

dq

0.983***

0.805***

0.880***

0.264***

1.056***

0.627***

0.754***

0.659***

dz

0.276***

0.999***

0.642***

1.187***

dp1

0.785**

0.940***

dp2

0.842***

0.466***

dk_____

0.258

2.848**

Note : the Dependent variable is the difference between (log) per-capita income in the EU-15 and log
per-capita income of country i. For definition of variables, see the Appendix..

*,**,*** denotes statistical significance at 10%,5%,and 1% respectively.

Table 2 : Gravity equation

Emerging economies                        All countries

I

II

III

IV

V

VI

VII

VIII

constant

-21.820***

-19.657***

-17.150***

-21.272***

-14.869***

-15.778***

-14.506***

-12.647***

YiYj

0.987***

0.908***

0.834***

0.980***

0.758***

0.770***

0.756***

0.692***

D

-0.948***

-0.756***

-0.557***

-0.967***

-0.226***

-0.211***

-0.260***

-0.139***

q

0.050

0.004

0.109***

0.041

0.023

0.011

0.013

0.135***

z

0.194***

0.180***

0.055

0.042**

p1

p2
border

0.663***

2.200***

-0.004

0.144***

0.214***

0.854***

locked

-0.063

-0.087

Note : The dependent variable is the log of trade (in millions of USD) between country i and the EU-
15. For definition of variables, see the Appendix.

*,**,*** denotes statistical significance at 10%,5%, and 1% respectively.

17



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