# **Table A1**

**Drivers of Gross Capital Inflows: SUB‐SAHARAN AFRICA, 1980‐99 vs. 2000‐17** _Dependent Variable: GROSS Inflows, Total and By Type (% GDP) Sample: 26 countries, 1980‐2017 (annual) Estimation method: Instrumental Variables (IV)_

||**To**|**tal Gross Inflo**|**ws**||**FDI Inflows**|||**PI Inflows**|||**OI Inflows**|||**OI Inflows**||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|VARIABLES|1980-2017|1980-1999|2000-2017|1980-2017|1980-1999|2000-2017|1980-2017|1980-1999|2000-2017|1980-2017|1980-1999|2000-2017|1980-2017|1980-1999|2000-2017|
|_Domestic Factors_||||||||||||||||
|GDP Growth|-0.0268|-0.0354|-0.0480|0.00927|-0.00188|0.0157|-0.000457|0.000512|-0.000293|-0.0346|0.000344|-0.0500|-0.0342|0.00285|-0.0544|
||(0.0233)|(0.0525)|(0.0623)|(0.0120)|(0.0118)|(0.0237)|(0.00232)|(0.00386)|(0.00405)|(0.0225)|(0.0295)|(0.0479)|(0.0223)|(0.0287)|(0.0546)|
|GDP per capita|-0.270|-1.761|-0.809|0.0399|-0.0681|0.269|0.00463|0.0515|0.00557|-0.270|0.324|-0.752|-0.243|0.461|-0.741|
|_(in logs)_|(0.262)|(3.155)|(1.132)|(0.139)|(0.478)|(0.455)|(0.0287)|(0.168)|(0.0886)|(0.240)|(1.572)|(0.841)|(0.233)|(1.526)|(0.880)|
|CPI Inflation|-0.000375|0.00110|-0.00525|0.000495|0.000486**|0.000912|-0.000123|-9.91e-05|-0.000147|-0.000373|0.000759|-0.00450|0.000106|0.000468|-0.00511|
||(0.00121)|(0.00205)|(0.00363)|(0.000462)|(0.000244)|(0.00129)|(9.08e-05)|(0.000117)|(0.000174)|(0.00135)|(0.000765)|(0.00324)|(0.00130)|(0.000641)|(0.00355)|
|Primary Balance|0.000273|-0.0156|0.000455|-0.00336***|-0.00113|-0.00377***|-6.74e-05|-3.13e-05|-3.74e-05|0.000581|-0.00275|0.00155|1.54e-05|-0.00204|0.000344|
|_(% of GDP)_|(0.00219)|(0.0187)|(0.00384)|(0.000742)|(0.00167)|(0.00105)|(0.000131)|(0.000719)|(0.000126)|(0.00221)|(0.00581)|(0.00326)|(0.00221)|(0.00540)|(0.00403)|
|Exchange rate flexibility|0.000387|0.0320|-0.00450|0.00166|-0.00353|0.00386|-0.000395|0.000771|-0.000539|-0.000637|-0.00154|-0.00335|-0.00162|-0.00114|-0.00334|
||(0.0119)|(0.0652)|(0.0232)|(0.00881)|(0.00595)|(0.0147)|(0.00160)|(0.00213)|(0.00246)|(0.0132)|(0.00906)|(0.0222)|(0.0133)|(0.00941)|(0.0235)|
|Government Stability|-0.00569|-0.00828|-0.00631|0.0109***|0.00194|0.0118*|..|..|..|..|..|..|..|..|..|
||(0.00864)|(0.0267)|(0.0140)|(0.00256)|(0.00384)|(0.00705)||||||||||
|Socioeconomic conditions|<br>-0.0242|0.0474|-0.0105|..|..|..|..|..|..|-0.0364*|-0.0176|-0.0403|-0.0353*|-0.0203|-0.0448|
||(0.0253)|(0.0908)|(0.0293)|||||||(0.0216)|(0.0381)|(0.0281)|(0.0213)|(0.0377)|(0.0298)|
|Investment Profile|0.0108|-0.0314|0.0351|..|..|..|..|..|..|..|..|..|..|..|..|
||(0.0100)|(0.0546)|(0.0301)|||||||||||||
|Corruption|-0.0194|-0.125|0.00382|..|..|..|..|..|..|..|..|..|..|..|..|
||(0.0205)|(0.235)|(0.0351)|||||||||||||
|Rule of Law|-0.00627|0.0331|-0.128|..|..|..|..|..|..|..|..|..|..|..|..|
||(0.0255)|(0.0775)|(0.0937)|||||||||||||
|Bureaucratic Quality|0.0268|0.0723|0.0519|..|..|..|-0.00309|0.000842|-0.00589|..|..|..|..|..|..|
||(0.0537)|(0.0995)|(0.128)||||(0.00270)|(0.00989)|(0.0104)|||||||
|Trade Openness|0.0635|-0.173|0.178|-0.00847|0.0149|-0.0489|0.000985|0.0181|0.000342|0.0635|-0.0440|0.148|0.0741|-0.0396|0.166|
|_(% of GDP, logs)_|(0.0529)|(0.297)|(0.188)|(0.0356)|(0.0515)|(0.0758)|(0.00599)|(0.0180)|(0.0112)|(0.0633)|(0.187)|(0.140)|(0.0642)|(0.194)|(0.162)|
|Financial Openness|-0.00405|0.0294|0.0625|-0.0182**|-0.00799|-0.0531|-0.000616|0.00138|-0.00224|0.0119|0.0167|0.107|0.0110|0.0181|0.114|
|_(Chinn‐Ito Index)_|(0.0222)|(0.0552)|(0.105)|(0.00815)|(0.00604)|(0.0409)|(0.00154)|(0.00223)|(0.00669)|(0.0222)|(0.0200)|(0.0916)|(0.0221)|(0.0196)|(0.102)|
|_External Factors_||||||||||||||||
|Foreign Growth|0.0240***|0.0442|0.0197*|-0.00174|-0.00132|0.00359|-0.000128|-0.00578**|-9.67e-05|0.0190**|0.0341*|0.0125|0.0167**|0.0316*|0.00994|
||(0.00695)|(0.0491)|(0.0113)|(0.00270)|(0.00704)|(0.00841)|(0.000492)|(0.00282)|(0.00126)|(0.00794)|(0.0180)|(0.0137)|(0.00767)|(0.0166)|(0.0160)|
|VIX Index|-0.0823|0.283|-0.179|-0.0270|0.00757|0.0276|-0.00785*|-0.00109|-0.00816|-0.109*|-0.110|-0.198|-0.112*|-0.125|-0.207|
||(0.0632)|(0.500)|(0.238)|(0.0308)|(0.0410)|(0.109)|(0.00452)|(0.0159)|(0.0209)|(0.0572)|(0.149)|(0.214)|(0.0573)|(0.142)|(0.235)|
|US Economic Policy|0.00129**|-0.00593|0.00216|4.98e-05|-6.43e-05|-0.000372|3.56e-05|0.000189|2.14e-05|0.00127**|0.000541|0.00180|0.00155***|0.00161|0.00247|
|Uncertainty|(0.000559)|(0.00900)|(0.00177)|(0.000270)|(0.00113)|(0.000858)|(3.78e-05)|(0.000553)|(8.61e-05)|(0.000578)|(0.00405)|(0.00140)|(0.000576)|(0.00293)|(0.00196)|
|Commodity Terms|0.0350|1.602|0.0391|0.0133|0.0652|0.00985|0.00206|0.000519|0.00237|0.0191|0.182|0.0279|0.0158|0.0495|0.0299|
|of Trade|(0.0394)|(2.246)|(0.0490)|(0.0155)|(0.536)|(0.0188)|(0.00288)|(0.164)|(0.00286)|(0.0386)|(1.190)|(0.0495)|(0.0380)|(1.120)|(0.0532)|
|Oil prices (in logs)|..|..|..|-0.0157|-0.00486|0.000518|0.000906|-0.0157|-0.00218|-0.0410|0.112|-0.0903|-0.0342|0.107|-0.0286|
|||||(0.0181)|(0.0625)|(0.0500)|(0.00403)|(0.0225)|(0.0148)|(0.0519)|(0.162)|(0.159)|(0.0512)|(0.176)|(0.116)|
|Agricultural|0.179|-0.857|0.193|..|..|..|0.0103|0.0788|0.0193|0.172|-0.239|0.308|..|..|..|
|prices (logs)|(0.122)|(1.139)|(0.274)||||(0.00899)|(0.0653)|(0.0401)|(0.124)|(0.405)|(0.365)||||
|<br>Minerals and metals|-0.0375|-0.0462|-0.0257|0.0468*|-0.00190|0.0213|-0.00520|0.0176|-0.00616|-0.0244|-0.127|-0.00386|0.0231|-0.142|0.0382|
|prices (logs)|(0.0508)|(0.269)|(0.0947)|(0.0253)|(0.0658)|(0.0822)|(0.00467)|(0.0227)|(0.00971)|(0.0794)|(0.145)|(0.133)|(0.0745)|(0.138)|(0.164)|
|Observations|446|76|370|457|76|381|456|76|380|447|76|371|447|76|371|
|Number of cnum|26|10|26|26|10|26|26|10|26|26|10|26|26|10|26|

_Standard errors in parentheses. *** p<0.01, ** p<0.05, * p<0.1_ 33