19 Table 3: Regressions for gross financial inflows with interacted channels, unbalanced quarterly panel, 2000Q1–2013Q2<sup>_†_</sup>

||**I1**|**I2**|**I3**|**I4**|**I5**|**I6**|**I7**|**I8**|
|---|---|---|---|---|---|---|---|---|
|Lagged infows|0.474<br>(0.02)<sup>_∗∗∗_</sup>|0.471<br>(0.02)<sup>_∗∗∗_</sup>|0.474<br>(0.02)<sup>_∗∗∗_</sup>|0.474<br>(0.02)<sup>_∗∗∗_</sup>|0.474<br>(0.02)<sup>_∗∗∗_</sup>|0.470<br>(0.02)<sup>_∗∗∗_</sup>|0.471<br>(0.02)<sup>_∗∗∗_</sup>|0.473<br>(0.02)<sup>_∗∗∗_</sup>|
|All QE|0.002|-0.004|-0.005|-0.031|5.086|0.102|-0.003|10.201|
|episodes|(0.01)|(0.02)|(0.01)|(0.02)|(2.37)<sup>_∗∗_</sup>|(0.07)|(0.02)|(5.07)<sup>_∗∗_</sup>|
|||||_Liquidity _|_channel_||||
|3M T-bill|-0.009|-0.022|-0.011|-0.018|-0.012|-0.018|-0.011|-0.008|
|rate|(0.00)<sup>_∗∗_</sup>|(0.01)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.01)<sup>_∗∗∗_</sup>|(0.01)|(0.01)<sup>_∗_</sup>|(0.01)|(0.01)|
|3M T-bill|0.065|||0.072|0.003|||0.059|
|_×_ QE|(0.03)<sup>_∗∗_</sup>|||(0.09)|(0.04)|||(0.09)|
|Money supply|||||0.268|0.012|-0.006|0.403|
||||||(0.27)|(0.23)|(0.23)|(0.29)|
|Money supply|||||-0.316|||-0.630|
|_×_ QE|||||(0.15)<sup>_∗∗_</sup>|||(0.31)<sup>_∗∗_</sup>|
|||||_Portfolio bala_|_nce channel_||||
|Yield curve|-0.014|-0.029|-0.016|-0.026|-0.021|-0.025|-0.015|-0.019|
||(0.00)<sup>_∗∗∗_</sup>|(0.01)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.01)<sup>_∗∗∗_</sup>|(0.01)<sup>_∗∗_</sup>|(0.01)<sup>_∗∗_</sup>|(0.01)|(0.01)|
|Yield curve||0.015||0.017||0.017||-0.011|
|_×_ QE||(0.01)||(0.01)||(0.01)<sup>_∗_</sup>||(0.02)|
|Interest rate|-0.000|-0.000|-0.000|-0.000|-0.000|-0.000|-0.000|-0.000|
|diferential|(0.00)|(0.00)|(0.00)|(0.00)|(0.00)|(0.00)|(0.00)|(0.00)|
|Interest rate||-0.001<br>||-0.000<br>||-0.000<br>||-0.000<br>|
|dif. _×_ QE||(0.00)||(0.00)||(0.00)||(0.00)|
|Global PMI|||||-0.001|-0.000|-0.001|-0.000|
||||||(0.00)|(0.00)|(0.00)|(0.00)|
|Global PMI||||||-0.002||-0.000|
|_×_ QE||||||(0.00)||(0.00)|
|Growth|||||0.001|0.001|0.001|0.001|
|diferential|||||(0.00)<sup>_∗_</sup>|(0.00)|(0.00)<sup>_∗_</sup>|(0.00)|
|Growth dif.||||||0.001||0.001|
|_×_ QE||||||(0.00)||(0.00)|
|||||_Confdenc_|_e channel_||||
|VIX|-0.001|-0.001|-0.001|-0.002|-0.002|-0.001|-0.002|-0.001|
||(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|
|VIX _×_ QE|||0.001|-0.000|||0.001|-0.003|
||||(0.00)<sup>_∗∗_</sup>|(0.00)|||(0.00)<sup>_∗_</sup>|(0.00)|
|Basic controls|Yes|Yes|Yes|Yes|Yes|Yes|Yes|Yes|
|Adj. R<sup>2</sup><br>|0.369|0.369|0.369|0.370|0.371|0.370|0.369|0.371|
|R<sup>2 </sup>(within)|0.374|0.374|0.374|0.375|0.377|0.376|0.375|0.379|
|R<sup>2 </sup>(between)|0.524|0.522|0.524|0.524|0.530|0.532|0.528|0.534|
|N (countries)|1,938 (60)|1,938 (60)|1,938 (60)|1,938 (60)|1,925 (60)|1,925 (60)|1,925 (60)|1,925 (60)|

> _†_ All level variables are in logarithmic form, but rates, indices, and indicator variables are untransformed. Bootstrapped standard errors (with 100 replications) are reported in parentheses. A time trend, country fixed effects, constant term, and basic controls from the extended specification were included in the regressions, but not reported.<sup>_∗_</sup> indicates significance at 10 percent level,

> _∗∗_ indicates significance at 5 percent level, and _∗∗∗_ indicates significance at 1 percent level.