The fundamental determinants of financial integration in the European Union

Table 2 - The fundamental determinants of the intensity of capital controls in the EU

		(i-i^Euro)i,_t.i	DEP_i	INF_i	M2_i	DEF_i	DEBT_i	UN_i	CA_i	INF TAX_i	SEIGN_i	M2Ml_i	CREDIT_i	OPEN_i	PROD_i		F	R²
A	_ See below.		-0.022 (0.017)	-0.205 (0.082)	0.003 (0.023)	-0.114* (0.060)	0.008 (0.013)	-0.001 (0.072)________	0.168* (0.073)	0.708 (0.554)	-0.210 (0.414)	0.584** (0.226)	-0.036 (0.021)	-0.033 (0.025)	0.092** (0.031)	2.58	9.93	0.35
B	See below.			-0.151" (0.050)		-0.098* (0.048)			0.150* (0.065)			0.487* (0.211)	-0.035** (0.011)		0.097** (0.024)	2.57	20.42	0.35
C	See below.	0.548** (0.055)														2.66	105.25	0.33
D	See below.	0.324" (0.063)	-0.019 (0.016)	-0.124 (0.079)	0.0008 (0.022)	-0.130* (0.048)	0.005 (0.056)	-0.0005 (0.068)	0.086 (0.070)	0.400 (0.525)	-0.096 (0.390)	0.465* (0.214)	-0.020 (0.020)	-0.033 (0.024)	0.059* (0.030)	2.28	12.41	0.43
E	See below.	0.397" (0.059)		-0.153" (0.032)		-0.103* (0.043)										2.31	52.04	0.41

	ʌ: ζ_i___________________________________________		B: ζ_i_______________________________________________________		c-∙ ζ_i_______________________________________________________________		P: ζ_i_____________________________________________		E: ζ_i
1	Netherlands	-4.533 (3.427)	Germany	-6.482 (2.042)"	Denmark	0.483 (0.366)	Netherlands	-2.396 (3.249)	Denmark	1.399 (0.429)"
2	Germany	-4.931 (2.566)	Spain	-7.192 (2.249)"	Austria	0.147 (0.366)	Belgium	-2.505 (3.497)	UK	0.776 (0.469)
3	Denmark	-5.030 (3.245)	Denmark	-7.205 (2.327)"	Netherlands	0.004 (0.365)	Denmark	-2.689 (3.085)	Spain	0.686 (0.507)
4	Belgium	-5.121 (3.679)_____________	UK_______	-7.254 (2.233)"______________	Germany	-0.080 (0.366)________________	Germany	-3.292 (2.434)_______________	Austria	0.628 (0.398)____________
5	Austria	-6.045 (3.203)	Netherlands	-7.470 (2.140)"	UK	-0.157 (0.367)	UK	-3.791 (2.757)	Germany	0.272 (0.385)
6	UK	-6.192 (2.890)*	Austria	-7.861 (2.276)"	Spain	-0.336 (0.381)	Austria	-3.824 (3.043)	Finland	0.240 (0.407)
7	Spain	-6.370 (2.987)*	France	-7.873 (2.174)"	Belgium	-0.349 (0.366)	Spain	-4.103 (2.843)	Netherlands	0.239 (0.408)
8	France	-6.455 (2.817)*____________	Italy	-8.645 (2.345)"______________	France	-0.610 (0.373)________________	France	-4.149 (2.686)_______________	Sweden	0.100 (0.416)____________
9	Sweden	-7.738 (3.081)*	Belgium	-8.714 (2.203)"	Italy	-0.659 (0.418)	Sweden	-4.778 (2.954)	France	0.051 (0.414)
10	Italy	-7.968 (3.042)*	Sweden	-9.560 (2.346)"	Sweden	-0.684 (0.380)	Finland	-5.208 (3.088)	Belgium	-0.422 (0.524)
11	Finland	-8.456 (3.214)"	Finland	-10.388 (2.456)**	Finland	-0.871 (0.382)*	Italy	-5.503 (2.900)	Italy	-0.543 (0.690)

σ∣ is the variance of the error terms in the model, F is the F-test of the explanatory power of the regression and R² is the coefficient of determination adjusted for degrees of freedom, denoting the explanatory power of the regression. For critical
values of the t- and the F-distribution, see Dougherty (1992, pp. 364-371).

Significantly different from zero at the 95 % level of confidence (two-tailed test).

Significantly different from zero at the 99 % level of confidence (two-tailed test).

Source: see Appendix B.

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