Table **Ill:** Panel Estimates for Long-Term Debt _Dependent Variable: Long-Tenn Debt/Equity_

|independent<br>|Pool<br>|Latin America<br>|andEastAsia<br>|PoolL<br>|atinAmerica<br>||Pool <br>|EastAsia<br>||
|---|---|---|---|---|---|---|---|---|---|
|Variables:|OS|Within|**IV**|OLS|Within|**IV**|OLS|Within|**IV**|
|Firms'Characteristics:||||||||||
|LogofNetFixedAssets|**0.109-**|**0.015**|**0.123"'**|0.047|**-D.009**|**0.015**|0.145"|0.014|**0.169"**|
||(6.549)|**(0.789)**|**(5.581)**|**(1.217)**|(-(1.284)|(0.247)|**(7.687)**|**(0.376)**|**(7.125)**|
|NetFixedAssets/Total|_-0.149"_|-0.044|-0.354"|-0.444|**-0.227**|**0.015**|**-0.236-"**|-0.064|**-0.556*"**|
|Assets|**(-2.097)**|(-0.433)|**(-2.933)**|**(-0.039)**|**(-'.171)**|**(0.062)**|**(-2.860)**|(-0.488)|(-4.231)|
|Profits/TotalAssets|-1.747*"|-1.406*"|**-3.465*'**|**-1.305"**|-0.988*-|**-3.771"**|**-2.762"***|**-1.939"***|-4.479-"|
||(-7.784)|**(-5.056)**|**(-7.017)**|**(-6.279)**|**(-4.236)**|**(-3.769)**|**(-8.003)**|**(-3.167)**|**(-6.327)**|
|Tradable Producers|**-0.273"**<br>||**-0.256*'**<br>|**-0.075**<br>||**-0.187**<br>|-0.324"*<br>||**-0.311****<br>|
||**(-4.228)**||(-3.484)|(-0.865)||(-1.411)|(-4.510)||(-3.447)|
|Access:<br>AccesstoInt'lBond|**0.323"**|0.200"*|**0.589"**|**0.153"**|0.143"*|0.445"|0.249-*|**0.233"**|**0.139**|
|Markets|**(4.127)**|(4.179)|(4.049)|**(2.090)**|(4.538)|**(2.538)**|**(2.774)**|(3.334)|**(0.683)**|
|Accessto Int'lEquity|**0.000**|**0.000**|**0.000**|0.432"|0.094|**0.377**|**0.000**|**0.000**|**0.000**|
|Markets|**(0.990)**|**(0.800)**|**(1.635)**|(2.464)|**(0.872)**|(0.840)|**(0.691)**|**(0.817)**|**(1.190)**|
|FinancialLiberalizationan|dCrises:<br>|||||||||
|FinancialLiberalization|**4).528'**|**-0.138**|-0.491."|**-0.329**|**0.123**|**-0.290**|-0.401"|**-0.199'**|**0.337"***|
||<br>**(-4.116)**|**(-1.010)**|(-2.943)|(-1.126)|(0.432)|**(-0.628)**|**(-3.832)**|**(-1.710)**|**(-2.703)**|
|Mexican Crisis**- 1995**|**0.01**0|0.034|-0.048|0.021|**0).059***|-0.002|0.054|**0.070"**|**0.038**|
||**(0.356)**|**(1.289)**|**(-1.270)**|**(0.502)**|**(1.667)**|(-0.034)|**(1.562)**|**(2.070)**|(0.820)|
|AsianCrisis**- 1997**|0.464"|**0.520"**|0.412"|**0.178**|0.134|0.215|**0.378"***|0.464"|**0.390"**|
||(4.559)|(5.524)|(4.023)|(1.448)|**(1.236)**|(1.540)|(3.534)|**(4.367)**|(3.341)|
|AsianCrisis**- 1998**|0.474"'|0.437"|**0.270"**|**0.167"**|0.146"|**0.225"**|**0.616***|**0.652"**|0.284"|
||**(:2.725)**|**(2.759)**|(3.415)|(2.812)|**(2.699)**|**(2.773)**|**(1.803)**|(2.014)|(2.242)|
|_Country_Effects:<br>Argentina|-0208-||-0.243**'|**0.060**||-0.143||||
||.<br>**(-3.616.)**||<br>(-3.442)|<br>**(0.186)**||**(-0.277)**||||
|Brazil|**-0258"'**||4.259"|**-0.092**||**-0.327**||||
||**.**<br>(-3.449)||<br>**(-2.336)**|<br>(-0.449)||(-0.984)||||
|Indonesia|**-0.283"**||**-0.238"'***||||**-0.269"**||**-0.278-'**|
||(-4.100)||**(-2.728)**||||**(-3.572)**||**(-3.188)**|
|SouthKorea|**0.161**||0.042||||**0.170**||0.044|
||(1.243)||**(0.257)**||||**(1.379)**||**(0.315)**|
|Malaysia|**-0.190"'**||**-0.130**||||**0.078**||0.201*|
||<br>**(-2.561)**||(-1.225)||||(0.846)||**(1.870)**|
|Mexico|-0.574"||**-0.661"**|||||||
||(-4.135)||**(-3.716)**|||||||
|**C**|**1027-'**||**0988"**|**0.627"***||1.124"|**0.537"**||**0.399**|
||**.**<br>(5.184)||**.**<br>**(3.663)**|<br>**(3.109)**||<br>**(3.232)**|<br>**(2.188)**||**(1.356)**|
|AdjustedK-squared|Uf0.1b|U.4GA4|**0.16b**|0.043|U423|u.u23|0.210|0.432|U.218|
|FixedEffects||4.12"|||**5.926"'**|||4.104"||
|Chi-Hausman||474090"*|||<br>**3380**|||**8598**||
|<br>NumberofFirms|**7991**|.<br>**799**|**799**|**238**|**.**<br>**238**|**238**|**525**|**.**<br>**525**|**525**|
|NumberofObservations|**6137**|**6137**|4442|**1785**|**1785**|**1253**|4018|4018|**2971**|
|Robuststandarderors-Whitecor|rectionforheteros|kedasticity.Thailan|dIs thebasecouniry.|T-staiisticsare inp|arenthfsis.|||||

***,*"'** indicate **10,5,1,** percent lEvel of signiicance, respectively.

Instrumental variable estimation IV): Instruments are lagged explanatory variables of Firms' Characteristics (except iN variable Tradable Producers), lagged values of the variable Access to Intl Equity Markets, and an indicator of each countrys access to international bond markets.