The fundamental determinants of financial integration in the European Union



27

Incumbent government: left-wing government (1), right-wing government (0).

LEFT

AUs

BEL

DEN

FIN

FRa

GER

ITA

NET

SPA

SWE

UK

TOTAL

1973

1

о

1

1

о

1

1

1

о

1

о

7

1974

1

0

1

1

о

1

1

1

о

1

1

8^

1975

1

о

1

1

о

1

о

1

о

1

1

7

1976

1

о

1

1

о

1

о

1

о

1

1

7

1977

1

о

1

1

о

1

о

1

о

о

1

6"

1978

1

о

1

1

о

1

о

о

о

о

1

7

1979

1

о

1

1

о

1

1

о

о

о

1

6"

1980

1

1

1

1

о

1

1

о

о

о

о

6^

1981

1

1

1

1

1

1

о

1

о

о

о

7

1982

1

о

1

1

1

1

о

1

1

1

о

8^

1983

1

о

о

1

1

о

1

о

1

1

о

6"

1984

1

о

о

1

1

о

1

о

1

1

о

6^

1985

1

о

о

1

1

о

1

о

1

1

о

6"

1986

1

о

о

1

1

о

1

о

1

1

о

6"

1987

1

о

о

1

о

о

1

о

1

1

о

T

1988

1

1

о

о

1

о

о

о

1

1

о

T

1989

1

1

о

о

1

о

о

1

1

1

о

6"

1990

1

1

о

о

1

о

о

1

1

1

о

6"

1991

1

1

о

о

1

о

о

1

1

1

о

6"

1992

1

1

о

о

1

о

о

1

1

1

о

6^

1993

1

1

о

о

1

о

о

1

1

1

о

6^

TOTAL

21

8

15

12

9

12

12

16

6

Source: Dummy variable constructed with the help of Banks (ed.) (1993), Political Handbook of the World: 1993, CSA Publications, State
University of New York, Binghamton, New York.

Ranking of countries’ EXR, ES, LEFT and SIGGOV variables: a priori assumption, Rank 1: few capital controls - Rank 11: many
capital controls

EXR

ES

LEFT

SIGGOV

UK

4

Germany

5

UK

6

UK

1

""2

Spain

12

Denmark

4

Belgium

8

Denmark

1

Finland

21

Netherlands

4

Italy

9

Germany

1

Austria

22

Austria

3

Denmark

Spain

1

"5

Sweden

25

Belgium

3

Germany

Austria

2

"6

Italy

28

Finland

3

Netherlands

12

Sweden

2

France

36

France

2

Spain

12

Finland

3

Belgium

42

Italy

2

France

12

Netherlands

3

^9

Denmark

42

Sweden

2

Finland

15

Belgium

4

Germany

42

United Kingdom

2

Sweden

16

France

4

11

Netherlands

42

Spain

1

Austria

21

Italy

6



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