**Table 5**

**Drivers of Gross Capital Inflows, 1980‐2017: NATURAL RESOURCE ABUNDANT COUNTRIES** _Dependent Variable: GROSS Inflows, Total and By Type (% GDP) Sample: 18 countries, 1980‐2017 (annual) Estimation method: Instrumental Variables (IV)_

||Gross|Typ|e of Gross Infl|ows|Gross|Typ|e of Gross Infl|ows|
|---|---|---|---|---|---|---|---|---|
||Inflows|FDI|PI|OI|Inflows|FDI|PI|OI|
|VARIABLES|**[1]**|**[2]**|**[3]**|**[4]**|**[5]**|**[6]**|**[7]**|**[8]**|
|_Domestic Factors_|||||||||
|GDP Growth|-0.0235|0.00816|-0.00122|-0.0278|-0.0260|0.00694|-0.00141|-0.0297|
||(0.0157)|(0.00824)|(0.00153)|(0.0169)|(0.0189)|(0.00898)|(0.00183)|(0.0201)|
|GDP per capita|-0.273|0.0326|-0.00841|-0.294|-0.294|0.0293|-0.00884|-0.314|
|_(in logs)_|(0.194)|(0.113)|(0.0206)|(0.208)|(0.210)|(0.114)|(0.0228)|(0.223)|
|CPI Inflation|-4.12e-05|0.000475|-0.000158*|-0.000174|0.000122|0.000637|-0.000148|-1.60e-05|
||(0.00117)|(0.000427)|(8.84e-05)|(0.00125)|(0.00130)|(0.000425)|(9.54e-05)|(0.00139)|
|Primary Balance|0.00208|-0.00460***|0.000162|0.00199|0.00214|-0.00493***|0.000149|0.00222|
|_(% of GDP)_|(0.00262)|(0.000801)|(0.000161)|(0.00282)|(0.00286)|(0.000762)|(0.000166)|(0.00304)|
|Exchange rate flexibility|-0.00690|0.00328|-0.00143|-0.00698|-0.00795|0.00353|-0.00166|-0.00743|
||(0.00850)|(0.00507)|(0.000981)|(0.00915)|(0.00938)|(0.00556)|(0.00117)|(0.00997)|
|Investment Profile|0.00830|0.0155***|0.00174***|-0.00715|0.0123|0.00969***|0.00172**|-0.000157|
||(0.00932)|(0.00308)|(0.000636)|(0.0100)|(0.0118)|(0.00341)|(0.000774)|(0.0125)|
|Government Stability|..|..|..|..|-0.00141|0.00933**|0.000797|-0.00654|
||||||(0.0138)|(0.00385)|(0.000860)|(0.0147)|
|Socioeconomic Conditions|..|..|..|..|-0.0168|0.00837|-0.00172|-0.0193|
||||||(0.0164)|(0.00805)|(0.00171)|(0.0174)|
|Corruption|..|..|..|..|-0.0164|-0.00736|0.00261|-0.0302|
||||||(0.0273)|(0.00765)|(0.00170)|(0.0291)|
|Trade Openness|0.0985|-0.0276|0.0139|0.102|0.118|-0.0207|0.0131|0.126|
|_(% of GDP, logs)_|(0.0965)|(0.0441)|(0.00883)|(0.104)|(0.114)|(0.0458)|(0.00993)|(0.122)|
|Financial Openness|0.00865|-0.0141*|-0.000974|0.0192|0.0151|-0.00961|-0.000260|0.0243|
|_(Chinn‐Ito Index)_|(0.0193)|(0.00766)|(0.00155)|(0.0208)|(0.0267)|(0.0100)|(0.00215)|(0.0284)|
|_External Factors_|||||||||
|Foreign Growth|0.0178**|0.00145|-0.00209***|0.0198**|0.0164**|0.00105|-0.00237***|0.0187**|
||(0.00715)|(0.00267)|(0.000548)|(0.00769)|(0.00759)|(0.00301)|(0.000660)|(0.00806)|
|VIX Index|-0.141***|0.0182|-0.0145***|-0.134***|-0.159*|-0.00341|-0.0196**|-0.136|
||(0.0471)|(0.0235)|(0.00445)|(0.0507)|(0.0853)|(0.0381)|(0.00786)|(0.0906)|
|US Economic Policy|0.00219***|-0.000418|0.000119**|0.00210***|0.00239**|-0.000219|0.000152*|0.00221**|
|Uncertainty|(0.000691)|(0.000295)|(5.78e-05)|(0.000743)|(0.00103)|(0.000399)|(8.45e-05)|(0.00110)|
|Commodity Terms of|0.0442|0.0105|0.00384|0.0359|0.0362|0.0165|0.00249|0.0274|
|Trade|(0.0556)|(0.0194)|(0.00404)|(0.0599)|(0.0577)|(0.0191)|(0.00426)|(0.0613)|
|Oil Price|-0.0343|0.000514|-0.00771*|-0.00529|-0.0759|0.00427|-0.0107*|-0.0540|
|(in logs)|(0.0523)|(0.0190)|(0.00394)|(0.0563)|(0.0701)|(0.0283)|(0.00611)|(0.0745)|
|Minerals and Metals|0.0390|0.0518|0.00377|-0.0183|0.0884|0.0424|0.00645|0.0437|
|Prices (in logs)|(0.0799)|(0.0338)|(0.00634)|(0.0860)|(0.101)|(0.0451)|(0.00882)|(0.107)|
|Observations|310|336|340|310|310|336|340|310|
|No. Countries|17|18|18|17|17|18|18|17|
|_Standard errors in parentheses_|_. *** p<0.01, **_|_p<0.05, * p<0.1_|||||||

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