Table 14 Regression results for cross-border claims to banks, for period 2000–2016

From: Global liquidity and capital flow regulations

Variables Equity outflow restrictions and CONC Bond inflow restrictions and CONC Collective invest. outflow index and CONC
Panel regression Panel regression Panel regression
Stockturnover 0.0025*** 0.0024*** 0.0024***
  (0.0008) (0.0008) (0.0008)
VIX CBOE − 0.0158*** − 0.0159*** − 0.0163***
  (0.0034) (0.0035) (0.0035)
Δ Govexp − 0.5326 − 0.4995 − 0.4734
  (0.5364) (0.5368) (0.5367)
Δ GovDEBT − 0.0014 − 0.0020 − 0.0017
  (0.0016) (0.0016) (0.0016)
Ln GDPdeflator − 0.0076 − 0.0025 − 0.0074
  (0.0227) (0.0226) (0.0227)
Ln Govrevenue 0.1254 0.1045 0.0708
  (0.1787) (0.1786) (0.1773)
Δ M2 (US) 0.0128*** 0.0127** 0.0129***
  (0.0049) (0.00493) (0.0049)
Δ Inflation − 0.0196** − 0.0187** − 0.0178**
  (0.0089) (0.0089) (0.0089)
L1. CURRENT ACCOUNT − 0.0040 − 0.0043 − 0.0041
  (0.0061) (0.0061) (0.0061)
Equity outflow restrictions index − 0.2068**   
  (0.0837)   
Bond inflow restrictions index   − 0.1818*  
   (0.1018)  
Collective investments outflow restrictions    − 0.0973*
    (0.0508)
CONC − 0.2876* − 0.3009* − 0.2814*
  (0.1564) (0.1568) (0.1566)
Constant − 0.3851 − 0.3683 − 0.3254
  (0.6614) (0.6653) (0.6675)
Country fixed effect Y Y Y
Observations 1248 1248 1248
R-squared 0.0185 0.0166 0.0164
Number of countries 78 78 78
  1. Dependent variable: Per cent Change in cross-border claims on banks (Per cent Change in BIS Locational Cross-Border Claims on Banks, exchange rate adjusted, Table A6). Per cent Change (%ΔX) in Claims on banks is calculated by using the formula (Xafter - Xbefore)/Xbefore. SCHINDLER (2009) and IMF database on capital controls and Macroprudential Indices: Equity outflow restrictions index, Bond inflow restrictions index, Collective investments outflow restrictions, CTC and CONC. Robust standard errors are reported in parentheses and indicate significance at the 1% *** p < 0.01, at the 5% ** p < 0.05, and at the 10% * p < 0.1, respectively