|**Table 3. G**|**rowth in the Valu**<br>**Panel A: B**|**e of Internatio**<br>**ank Loans and D**|**nal Investm**<br>**eposits**|**ent Positions**|||
|---|---|---|---|---|---|---|
|**Level of Data Aggregation**|**Region-Region**|**Country-R**|**egion**|**Co**|**untry-Country**||
|**Estimation Method**|**OLS**|**OLS**|**PPML**|**OLS**|**PPM**|**L**|
|**Dependent Variable**|**Log(Value)**|**Log(Value)**|**Value**|**Log(Value)**|**Value**|**Value**|
|North-to-North Trend|0.014<br>|0.014 **<br>|0.010 **|-0.006<br>|0.009 **|0.010 **|
||(0.012)|(0.006)|(0.004)|(0.004)|(0.005)|(0.005)|
|North-to-South Trend|0.050 ***|0.043 ***|0.044 ***|0.028 ***|0.043 ***|0.044 ***|
||(0.007)|(0.006)|(0.004)|(0.003)|(0.004)|(0.004)|
|South-to-North Trend|0.015 **|0.020 ***|0.012 **|0.001|0.011 **|0.012 **|
||(0.006)|(0.005)|(0.006)|(0.002)|(0.005)|(0.005)|
|South-to-South Trend|0.090 ***|0.141 ***|0.088 ***|0.061 ***|0.053 ***|0.079 ***|
||(0.003)|(0.007)|(0.012)|(0.004)|(0.012)|(0.013)|
|**Wald Tests on Trend Coefficients:**|||||||
|1. South-to-South = North-to-North|0.076 ***|0.127 ***|0.079 ***|0.067 ***|0.044 ***|0.069 ***|
|2. South Destination = North Destination|0.056 ***|0.075 ***|0.055 ***|0.047 ***|0.038 ***|0.051 ***|
|3. South Source = North Source|0.020 **|0.052 ***|0.023 ***|0.020 ***|0.006|0.019 **|
|**Fixed Effects**|R-R|C-R|C-R|C-C|R-R|C-C|
|**Number of Observations**|72|13,215|13,878|107,405|200,576|148,117|

|**Wald Tests on Trend Coefficients:**<br>1. South-to-South = North-to-North<br>2. South Destination = North Destination<br>3. South Source = North Source<br>**Fixed Effects**<br>**Number of Observations**<br>|0.076 ***<br>0.056 ***<br>0.020 **<br>R-R<br>72<br><br>**Panel B**|0.127 ***<br>0.075 ***<br>0.052 ***<br>C-R<br>13,215<br><br>**: Portfolio Invest**|0.079 ***<br>0.055 ***<br>0.023 ***<br>C-R<br>13,878<br><br>**ment**|0.067 ***<br>0.047 ***<br>0.020 ***<br>C-C<br>107,405<br>|0.044 ***<br>0.038 ***<br>0.006<br>R-R<br>200,576<br>|0.069 ***<br>0.051 ***<br>0.019 **<br>C-C<br>148,117|
|---|---|---|---|---|---|---|
|**Level of Data Aggregation**|**Region-Region**|**Country-**|**Region**|**C**|**ountry-Country**||
|**Estimation Method**|**OLS**|**OLS**|**PPML**|**OLS**|**PPM**|**L**|
|**Dependent Variable**|**Log(Value)**|**Log(Value)**|**Value**|**Log(Value)**|**Value**|**Value**|
|North-to-North Trend|0.048 ***|0.044 ***|0.042 ***|0.031 ***|0.043 ***|0.042 ***|
||(0.009)|(0.006)|(0.004)|(0.004)|(0.003)|(0.003)|
|North-to-South Trend|0.097 ***<br>(0.013)|0.163 ***<br>(0.012)|0.078 ***<br>(0.003)|0.126 ***<br>(0.004)|0.079 ***<br>(0.003)|0.076 ***<br>(0.003)|
|South-to-North Trend|0.100 ***|0.100 ***|0.086 ***|0.104 ***|0.061 ***|0.085 ***|
||(0.008)|(0.010)|(0.008)|(0.007)|(0.008)|(0.007)|
|South-to-South Trend|0.139 ***|0.164 ***|0.103 ***|0.119 ***|0.046 ***|0.097 ***|
||(0.015)|(0.011)|(0.008)|(0.006)|(0.013)|(0.012)|
|**Wald Tests on Trend Coefficients:**|||||||
|1. South-to-South = North-to-North|0.091 ***|0.120 ***|0.061 ***|0.088 ***|0.004|0.055 ***|
|2. South Destination = North Destination|0.044 ***|0.092 ***|0.027 ***|0.055 ***|0.011|0.023 ***|
|3. South Source = North Source|0.047 ***|0.029 ***|0.034 ***|0.033 ***|-0.007|0.032 ***|
|**Fixed Effects**|R-R|C-R|C-R|C-C|R-R|C-C|
|**Number of Observations**|72|8,466<br>(cont.)|9,815|71,614|153,930|95,591|