**Table 13**

**Drivers of Gross Portfolio Investment (PI) Inflows, 1980‐2017: Quantile Regressions** _Dependent Variable: GROSS Portfolio Investment 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|0.000112|8.48e-05|4.05e-05|2.21e-05|-2.72e-05|-3.78e-05|-2.86e-05|-2.18e-05|-0.000204|
||(0.000435)|(0.000179)|(0.000191)|(0.000239)|(0.000242)|(0.000300)|(0.000245)|(0.000358)|(0.000555)|
|GDP per capita|-0.00123|0.00255|0.00350|0.00626|0.00888|0.0120|0.0127**|0.0159*|0.0166|
|_(in logs)_|(0.0115)|(0.00474)|(0.00505)|(0.00632)|(0.00640)|(0.00793)|(0.00647)|(0.00947)|(0.0147)|
|CPI Inflation|-5.91e-05|-2.17e-05|-1.45e-05|1.43e-05|3.89e-05|3.16e-05|3.32e-05|4.36e-05|6.53e-05|
||(0.000218)|(8.98e-05)|(9.56e-05)|(0.000120)|(0.000121)|(0.000150)|(0.000123)|(0.000179)|(0.000278)|
|Primary Balance|-8.47e-06|-1.57e-06|-3.52e-06|-7.02e-06|-6.92e-06|6.40e-06|-4.52e-05|-6.97e-05|-1.33e-07|
|_(% of GDP)_|(0.000386)|(0.000159)|(0.000169)|(0.000212)|(0.000215)|(0.000266)|(0.000217)|(0.000318)|(0.000493)|
|Exchange rate flexibility|-2.02e-05<br>(0.000712)|4.31e-05<br>(0.000293)|-4.09e-06<br>(0.000312)|-3.45e-05<br>(0.000391)|-5.00e-06<br>(0.000396)|-8.59e-06<br>(0.000490)|-9.71e-05<br>(0.000400)|-0.000223<br>(0.000585)|-0.000981<br>(0.000908)|
|Investment Profile|0.000656|0.000285|0.000298|0.000400|0.000767|0.00103|0.00127**|0.00134|0.000872|
||(0.000994)|(0.000409)|(0.000436)|(0.000545)|(0.000552)|(0.000685)|(0.000559)|(0.000817)|(0.00127)|
|Trade Openness|-0.00314|-0.00224|-0.00155|-0.00151|-0.00164|-0.00244|-0.00335|-0.00358|-0.00171|
|_(% of GDP, logs)_|(0.00800)|(0.00330)|(0.00351)|(0.00439)|(0.00445)|(0.00551)|(0.00450)|(0.00658)|(0.0102)|
|Financial Openness|-0.00111|-0.000291|6.59e-05|0.000537|0.000960|0.00115|0.00141|0.00176|0.00324|
|_(Chinn‐Ito Index)_|(0.00208)|(0.000858)|(0.000913)|(0.00114)|(0.00116)|(0.00143)|(0.00117)|(0.00171)|(0.00265)|
|_External Factors_||||||||||
|Foreign Growth|0.000395|0.000383|0.000133|9.00e-05|0.000139|0.000122|0.000174|-4.68e-05|-0.000383|
||(0.000691)|(0.000285)|(0.000303)|(0.000379)|(0.000384)|(0.000476)|(0.000389)|(0.000568)|(0.000881)|
|VIX Index|-0.00184|-0.00124|-0.00106|-0.00127|-0.00222|-0.00342|-0.00469|-0.00550|-0.00613|
||(0.00550)|(0.00227)|(0.00241)|(0.00302)|(0.00306)|(0.00379)|(0.00310)|(0.00453)|(0.00702)|
|US Economic Policy|9.71e-06|1.04e-05|6.18e-06|4.53e-06|2.77e-06|-6.75e-06|-7.15e-06|-2.43e-05|-3.82e-05|
|Uncertainty|(6.21e-05)|(2.56e-05)|(2.72e-05)|(3.41e-05)|(3.45e-05)|(4.28e-05)|(3.49e-05)|(5.11e-05)|(7.92e-05)|
|Commodity Terms of|3.43e-05|-0.000441|0.000200|0.000584|0.000267|0.000128|7.03e-05|-0.000497|-0.00101|
|Trade|(0.00856)|(0.00353)|(0.00375)|(0.00470)|(0.00476)|(0.00590)|(0.00481)|(0.00704)|(0.0109)|
|Oil Price|0.00110|0.00133|0.000578|0.00100|0.00183|0.00172|0.00146|0.00131|0.00107|
||(0.00672)|(0.00277)|(0.00295)|(0.00369)|(0.00374)|(0.00463)|(0.00378)|(0.00553)|(0.00857)|
|Minerals and Metals|-0.00267|-0.00234|-0.00139|-0.00186|-0.00284|-0.00233|-0.000689|0.00150|0.00341|
|Prices|(0.00969)|(0.00399)|(0.00425)|(0.00532)|(0.00539)|(0.00668)|(0.00545)|(0.00797)|(0.0124)|
|Observations|2,157|2,157|2,157|2,157|2,157|2,157|2,157|2,157|2,157|

_Standard errors in parentheses. *** p<0.01, ** p<0.05, * p<0.1_ 31