The fundamental determinants of financial integration in the European Union



22

Appendix A

Dummy variable of separate restrictions on payments for capital transactions: if these restrictions are in place, the variable takes the value
of 1, and 0 otherwise.

CONTROL 1

AUS

BEL

DEN

FIN

FRA

GER

ITA

NET

SPA

SWE

UK

TOTAL

1973__________

_____1

________0

____1

_____1

_____1

_____0

____1

____1

____1

______1

_____1

_____9

1974_________

_____1

________0

____1

_____1

_____1

_____0

____1

____1

____1

______1

_____1

_____9

1975__________

_____1

________0

____1

_____1

_____1

_____0

____1

____1

____1

______1

_____1

_____9

1976__________

_____1

________0

____1

_____1

_____1

_____0

____1

____1

____1

______1

_____1

_____9

1977_________

_____1

________0

____1

_____1

_____1

_____0

____1

____1

____1

______1

_____1

_____9

1978__________

_____1

________0

____1

_____1

_____1

_____0

____1

____1

____1

______1

_____1

_____8

1979__________

_____1

________0

____1

_____1

_____1

_____0

____1

_______0_

____1

______1

_____1

_____8

1980__________

_____1

________0

____1

_____1

_____1

_____0

____1

_______0_

____1

______1

_________0_

_____7

1981__________

_____1

________0

____1

_____1

_____1

_____0

____1

___0

____1

______1

_____0

_____7

1982__________

_____1

________0

____1

_____1

_____1

_____0

____1

___0

____1

______1

_____0

_____7

1983__________

_____1

________0

____1

_____1

_____1

_______0

____1

_______0_

____1

______1

_________0_

_____7

1984_________

_____1

________0

____1

_____1

_____1

_______0

_______0_

_______0_

____1

______1

_________0_

_____6

1985__________

_____1

________0

____1

_____1

_____1

_____0

___0

___0

____1

______1

_____0

_____6

1986__________

_____1

________0

____1

_____1

_____1

_____0

___0

___0

____1

______1

_____0

_____6

1987_________

_____1

________0

____1

_____1

_____1

_____0

____1

_______0_

____1

______1

_________0_

_____7

1988__________

_____1

________0

____1

_____1

_____1

_____0

____1

_______0_

____1

______1

_________0_

_____7

1989__________

_____1

________0

____0

_____1

_____1

_____0

____1

___0

____1

______1

_____0

_____6

1990__________

_____1

________0

____0

_____1

_____1

_____0

____1

___0

____1

______1

_____0

_____6

1991__________

_____1

________0

_______0_

_____1

_____1

_____0

____1

_______0_

____1

______1

_________0_

_____6

1992__________

______0

________0

_______0_

_________0_

_____1

_____0

____1

_______0_

____1

______1

_________0_

_____4

1993__________

_______0

________0

____0

_____1

_____1

_____0

____1

___0

____1

______1

_____0

_____5

TOTAL

19

0

16

20

21

0

18

6

21

21

7

Source: International Monetary Fund, Exchange Restrictions, 1973-1978 and International Monetary Fund, Exchange Arrangements and Exchange
Restrictions, Annual Reports, 1979-1993.

Dummy variable of separate exchange rate(s) for some or all capital transactions and/or some or all invisibles: if these restrictions are
in place, the variable takes the value of 1, and 0 otherwise.

CONTROL 2

AUS

BEL

DEN

FIN

FRA

GER

ITA

NET

SPA

SWE

UK

TOTAL

1973_________

________0_

______1

__________0_

_____0

______1

__________0_

____1

_____1

______0_

________0_

_____1

_____5

1974________

____0

______1

_____0

_____0

______1

_____0

____1

_____1

___0

____0

_____1

_____5

1975_________

____0

______1

_____0

_____0

_____0

_____0

____1

____0

___0

____0

_____1

_____3

1976________

________0_

______1

__________0_

_____0

_____0

__________0_

____1

________0_

______0_

________0_

_____1

_____3

1977________

________0_

______1

__________0_

_____0

_____0

__________0_

____1

________0_

______0_

________0_

_____1

_____3

1978________

____0

______1

_____0

_____0

_____0

_____0

____1

____0

___0

____0

_____1

_____3

1979________

____0

______1

_____0

_____0

_____0

_____0

____1

____0

___0

____0

____0

_____2

1980________

________0_

______1

__________0_

_____0

_____0

__________0_

____1

________0_

______0_

________0_

____0

_____2

1981_________

________0_

______1

__________0_

_____0

_____0

__________0_

____1

________0_

______0_

________0_

____0

_____2

1982________

____0

______1

_____0

_____0

_____0

_____0

____1

____0

___0

____0

____0

_____2

1983_________

____0

______1

_____0

_____0

_____0

_____0

___0

____0

___0

____0

____0

_____2

1984________

________0_

______1

__________0_

_____0

_____0

__________0_

___0

________0_

______0_

________0_

____0

_____2

1985_________

________0_

______1

__________0_

_____0

_____0

__________0_

___0

________0_

______0_

________0_

____0

_____2

1986________

____0

______1

_____0

_____0

_____0

_____0

___0

____0

___0

____0

____0

_____2

1987________

____0

______1

_____0

_____0

_____0

_____0

___0

____0

___0

____0

____0

_____2

1988________

________0_

______1

__________0_

________0

_____0

__________0_

_____0

________0_

______0_

________0_

____0

_____2

1989________

________0_

______1

__________0_

________0

_____0

__________0_

_____0

________0_

______0_

________0_

____0

_____2

1990________

____0

______1

_____0

_____0

_____0

_____0

___0

____0

___0

____0

____0

_____2

1991_________

____0

_____0

_____0

_____0

_____0

_____0

___0

____0

___0

____0

____0

__________0_

1992________

________0_

_____0

__________0_

_____0

_____0

__________0_

___0

________0_

______0_

________0_

____0

_____0

1993_________

________0_

_____0

__________0_

_____0

_____0

__________0_

___0

________0_

______0_

____0

____0

_____0

TOTAL

0

18

0

0

2

0

10

2

0

0

6

Source: International Monetary Fund, Exchange Restrictions, 1973-1978 and International Monetary Fund, Exchange Arrangements and Exchange
Restrictions, Annual Reports, 1979-1993.



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