# **Table 12**

**Drivers of Gross FDI Inflows, 1980‐2017: Quantile Regressions** _Dependent Variable: GROSS FDI Inflows, Total and By Type (% GDP) Sample: 104 countries, 1980‐2017 (annual)_

|Variables|10th|20th|30th|40th|50th|60th|70th|80th|90th|
|---|---|---|---|---|---|---|---|---|---|
|_Domestic Factors_||||||||||
|GDP Growth|0.000478|0.000572***|0.000497***|0.000751***|0.000781***|0.000980***|0.00100***|0.00134***|0.00134|
||(0.000378)|(0.000194)|(0.000181)|(0.000210)|(0.000203)|(0.000281)|(0.000282)|(0.000383)|(0.000826)|
|GDP per capita|0.00265|0.00691|0.00659|0.00425|0.00105|0.00225|0.00108|-0.000123|-0.000662|
|_(in logs)_|(0.0100)|(0.00512)|(0.00478)|(0.00555)|(0.00536)|(0.00742)|(0.00745)|(0.0101)|(0.0219)|
|CPI Inflation|-3.91e-05|-3.58e-06|-1.44e-05|9.07e-05|8.09e-05|0.000189|0.000258*|0.000428**|0.000606|
||(0.000189)|(9.70e-05)|(9.04e-05)|(0.000105)|(0.000101)|(0.000141)|(0.000141)|(0.000192)|(0.000414)|
|Primary Balance|9.02e-05|0.000128|8.44e-05|3.48e-05|3.66e-05|7.56e-05|2.81e-06|-0.000147|-3.62e-05|
|_(% of GDP)_|(0.000336)|(0.000172)|(0.000161)|(0.000187)|(0.000180)|(0.000250)|(0.000250)|(0.000340)|(0.000735)|
|<br>Exchange rate flexibility|0.000348|7.52e-06|-0.000136|-0.000183|-9.87e-05|-0.000253|8.29e-06|0.000106|6.12e-06|
||(0.000618)|(0.000317)|(0.000295)|(0.000343)|(0.000331)|(0.000459)|(0.000460)|(0.000626)|(0.00135)|
|Investment Profile|0.000362<br>(0.000864)|0.000439<br>(0.000443)|0.000686*<br>(0.000413)|0.000899*<br>(0.000480)|0.00117**<br>(0.000463)|0.00111*<br>(0.000641)|0.00132**<br>(0.000644)|0.00102<br>(0.000874)|0.00121<br>(0.00189)|
|Trade Openness|0.000747|0.00170|0.00341|0.00588|0.00706*|0.00567|0.00645|0.00914|0.0149|
|_(% of GDP, logs)_|(0.00695)|(0.00356)|(0.00332)|(0.00386)|(0.00372)|(0.00516)|(0.00518)|(0.00703)|(0.0152)|
|Financial Openness|0.00105|0.00129|0.00134|0.00133|0.00128|0.00132|0.00151|0.00263|0.00299|
|_(Chinn‐Ito Index)_|(0.00181)|(0.000926)|(0.000863)|(0.00100)|(0.000968)|(0.00134)|(0.00135)|(0.00183)|(0.00395)|
|_External Factors_||||||||||
|Foreign Growth|0.000199|-0.000163|-0.000155|-0.000205|-0.000221|-0.000349|-0.000396|-0.000531|-0.000300|
||(0.000600)|(0.000308)|(0.000287)|(0.000333)|(0.000322)|(0.000446)|(0.000447)|(0.000607)|(0.00131)|
|VIX Index|0.00522|0.00688***|0.00722***|0.00651**|0.00625**|0.00739**|0.00813**|0.0114**|0.00902|
||(0.00478)|(0.00245)|(0.00228)|(0.00266)|(0.00256)|(0.00355)|(0.00356)|(0.00484)|(0.0104)|
|US Economic Policy|-2.72e-05|-6.42e-05**|-7.46e-05***|-7.15e-05**|-8.08e-05***|-9.58e-05**|-0.000117***|-0.000152***|-0.000124|
|Uncertainty|(5.39e-05)|(2.76e-05)|(2.58e-05)|(2.99e-05)|(2.89e-05)|(4.00e-05)|(4.02e-05)|(5.46e-05)|(0.000118)|
|Commodity Terms of|-0.000970|-0.00254|-0.00498|-0.00275|-0.00187|-0.000950|-0.00108|-0.00270|0.00274|
|Trade|(0.00743)|(0.00381)|(0.00355)|(0.00413)|(0.00398)|(0.00552)|(0.00554)|(0.00752)|(0.0162)|
|Oil Price|0.00159|-0.00114|-0.00175|-0.00232|-0.00177|-0.00122|2.44e-05|0.000526|-0.00527|
||(0.00585)|(0.00299)|(0.00279)|(0.00325)|(0.00313)|(0.00434)|(0.00435)|(0.00592)|(0.0128)|
|Minerals and Metals|0.00434|0.0101**|0.0122***|0.0139***|0.0149***|0.0153**|0.0164***|0.0159*|0.0174|
|Prices|(0.00843)|(0.00432)|(0.00403)|(0.00468)|(0.00452)|(0.00626)|(0.00628)|(0.00853)|(0.0184)|
|Observations|2,151|2,151|2,151|2,151|2,151|2,151|2,151|2,151|2,151|

_Standard errors in parentheses. *** p<0.01, ** p<0.05, * p<0.1_ 30