**Table 3**

**Drivers of Gross Capital Inflows, 1980‐2017: DEVELOPING COUNTRIES EXCLUDING SUB‐SAHARAN AFRICA** _Dependent Variable: GROSS Inflows, Total and By Type (% GDP) Sample: 56 countries, 1980‐2017 (annual) Estimation method: Instrumental Variables (IV)_

||Gross|Typ|e of Gross Infl|ows|Gross|Ty|pe 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|0.0202***|0.00273|0.000964|0.0164***|0.0205***|0.00295|0.000647|0.0168***|
||(0.00695)|(0.00416)|(0.00139)|(0.00508)|(0.00717)|(0.00432)|(0.00143)|(0.00521)|
|GDP per capita|0.0986*|0.00354|-0.00177|0.0956***|0.0853*|0.00654|-0.00331|0.0809**|
|_(in logs)_|(0.0505)|(0.0301)|(0.0101)|(0.0369)|(0.0488)|(0.0293)|(0.00970)|(0.0355)|
|CPI Inflation|0.00131**|0.000438|-4.24e-05|0.000900*|0.00140**|0.000417|-5.75e-06|0.000980**|
||(0.000658)|(0.000389)|(0.000132)|(0.000481)|(0.000659)|(0.000390)|(0.000132)|(0.000479)|
|Primary Balance|-0.000657|-0.000842|-0.000698**|0.000907|-0.000835|-0.000768|-0.000812***|0.000792|
|_(% of GDP)_|(0.00153)|(0.000899)|(0.000305)|(0.00112)|(0.00154)|(0.000908)|(0.000306)|(0.00112)|
|Exchange rate flexibility|0.000870|-0.000734|-0.000392|0.00212|0.00121|-0.000799|-0.000344|0.00246*|
||(0.00189)|(0.00112)|(0.000384)|(0.00138)|(0.00191)|(0.00114)|(0.000386)|(0.00138)|
|Investment Profile|0.0118***|0.00442**|0.000810|0.00644**|0.00904**|0.00496**|0.000285|0.00371|
||(0.00353)|(0.00211)|(0.000722)|(0.00258)|(0.00388)|(0.00232)|(0.000788)|(0.00281)|
|Government Stability|..|..|..|..|-0.00140|-0.000697|0.00197***|-0.00263|
||||||(0.00347)|(0.00206)|(0.000692)|(0.00252)|
|Socioeconomic Conditions|..|..|..|..|0.0144***|-0.00191|0.000355|0.0159***|
||||||(0.00513)|(0.00304)|(0.00102)|(0.00372)|
|Corruption|..|..|..|..|-0.00367|0.000472|-0.00123|-0.00296|
||||||(0.00699)|(0.00415)|(0.00141)|(0.00507)|
|Trade Openness|-0.0626**|-0.0134|-0.00708|-0.0417**|-0.0534*|-0.0144|-0.00726|-0.0312|
|_(% of GDP, logs)_|(0.0279)|(0.0165)|(0.00570)|(0.0204)|(0.0273)|(0.0163)|(0.00556)|(0.0198)|
|Financial Openness|0.0127**|0.00868***|0.000324|0.00349|0.0110**|0.00893***|0.000227|0.00173|
|_(Chinn‐Ito Index)_|(0.00547)|(0.00325)|(0.00110)|(0.00399)|(0.00540)|(0.00322)|(0.00109)|(0.00392)|
|_External Factors_|||||||||
|Foreign Growth|-0.000133|0.000226|-0.000556*|0.000252|0.000401|0.000217|-0.000695**|0.000926|
||(0.00158)|(0.000928)|(0.000317)|(0.00116)|(0.00155)|(0.000916)|(0.000311)|(0.00113)|
|VIX Index|0.0409|0.00229|-0.00472|0.0433**|0.0640*|0.00218|-0.00994|0.0715***|
||(0.0270)|(0.0160)|(0.00532)|(0.0197)|(0.0352)|(0.0210)|(0.00690)|(0.0256)|
|US Economic Policy|-0.000370*|-0.000136|0.000101***|-0.000330**|-0.000521**|-0.000134|0.000139***|-0.000517***|
|Uncertainty|(0.000191)|(0.000111)|(3.78e-05)|(0.000139)|(0.000232)|(0.000136)|(4.55e-05)|(0.000168)|
|Commodity Terms of|-0.00484|-0.00399|-0.00189|0.00265|-0.00871|-0.00379|-0.000977|-0.00235|
|Trade|(0.0296)|(0.0177)|(0.00605)|(0.0216)|(0.0293)|(0.0175)|(0.00595)|(0.0213)|
|<br>Oil Price|-0.0458**|-0.0106|0.00579|-0.0403***|-0.0270|-0.0131|0.00523|-0.0186|
|_(in logs)_|(0.0191)|(0.0112)|(0.00383)|(0.0140)|(0.0208)|(0.0123)|(0.00416)|(0.0151)|
|Minerals and Metals|0.100***|0.0354**|-0.00520|0.0698***|0.0796***|0.0375**|-0.00371|0.0453**|
|Prices_(in logs)_|(0.0282)|(0.0166)|(0.00572)|(0.0206)|(0.0284)|(0.0167)|(0.00567)|(0.0206)|
|Observations|1,110|1,127|1,132|1,112|1,110|1,127|1,132|1,112|
|No. Countries|55|56|56|55|55|56|56|55|

_Standard errors in parentheses. *** p<0.01, ** p<0.05, * p<0.1_ 21