# **Table 4. Intensive margin of cross-border financial investments**

|**Database**||**Portfolio I**|**nvestments**<br>_Panel A_|||**Syndica**|**ted Loans**||
|---|---|---|---|---|---|---|---|---|
|**Level of Data Aggregation**|**Region**|**-Region**|**Countr**|**y-Region**|**Region**|**-Region**|**Count**|**ry-Region**|
|||**LVl/**||**LVl/**||**LVl/**||**LVl/**|
|**Dependent Variable**|**Log(Value)**|**og[aue**<br>**Sqrt(GDPa***<br>**GDPb)]**|**Log(Value)**|**og[aue**<br>**Sqrt(GDPa***<br>**GDPb)]**|**Log(Value)**|**og[aue**<br>**Sqrt(GDPa***<br>**GDPb)]**|**Log(Value)**|**og[aue**<br>**Sqrt(GDPa***<br>**GDPb)]**|
|North-North Trend|0.072 ***|0.045 ***|0.082 ***|0.055 ***|0.012|-0.007|0.059 ***|0.039 ***|
|North-South Trend<br>|0.149 ***<br>|0.078 ***<br>|0.167 ***<br>|0.097 ***<br>|0.069 ***<br>|0.018<br>|0.056 ***<br>|0.005<br>|
|North-LAC Trend<br>South-North Trend|0.118 ***<br>0.132 ***|0.058 ***<br>0.061 ***|0.075 ***<br>0.166 ***|0.015<br>0.095 ***|0.003<br>0.073 ***|-0.032<br>0.022|-0.007<br>0.096 ***|-0.042 ***<br>0.045 ***|
|South-South Trend|0.197 ***|0.082 ***|0.264 ***|0.150 ***|0.120 ***|0.038 ***|0.110 ***|0.028 ***|
|South-LAC Trend|0.275 ***|0.171 ***|0.133 ***|0.029|0.177 ***|0.111 *|0.033|-0.035 *|
|LAC-North Trend|0.206 ***|0.146 ***|0.224 ***|0.163 ***|0.153 ***|0.118 ***|0.086 ***|0.050 *|
|LAC-South Trend|0.275 ***|0.171 ***|0.225 ***|0.121 ***|0.131 *|0.052|0.222 ***|0.142 ***|
|LAC-LAC Trend|0.190 ***|0.096 ***|0.143 ***|0.049 **|-0.002|-0.054|0.041 *|-0.001|
|Region-pair Dummies|Yes|Yes|No|No|Yes|Yes|No|No|
|Country-Region Dummies|No|No|Yes|Yes|No|No|Yes|Yes|
|**Number of Observations**|99|99|5,545|5,545|136|136|4,101|4,101|
|**R-squared**|0.991|0.997|0.973|0.988|0.997|0.993|0.985|0.992|
|**Differences between Trend Coefficients**|||||||||
|(LAC-North) Trend - (South-North) Trend|0.074 ***|0.085 ***|0.058 ***|0.068 ***|0.080 *|0.096 **|-0.010|0.005|
|(LAC-South) Trend - (South-South) Trend|0.078|0.089|-0.039|-0.029|0.011|0.014|0.112 ***|0.114 ***|
|(LAC-LAC) Trend - (LAC-South) Trend<br>|-0.085<br>|-0.075<br>|-0.082 **<br>|-0.072 *<br>|-0.133<br>|-0.106<br>|-0.181 ***<br>|-0.143 ***<br>|
|(North-LAC) Trend - (North-South) Trend|-0.031|-0.020|-0.092 ***|-0.082 ***|-0.066 **|-0.050 *|-0.063 ***|-0.047 ***|
|(South-LAC)Trend -(South-South)Trend|0.078 **|0.089 ***|-0.131 ***|-0.121 ***|0.057|0.073|-0.077 ***|-0.063 ***|
||||_Panel B_||||||
|**Database**||**M**|**&A**|||**Gre**|**enfield**||
|**Level of Data Aggregation**|**Region**|**-Region**|**Countr**|**y-Region**|**Region**|**-Region**|**Count**|**ry-Region**|
|**Dependent Variable**|**Log(Value)**|**Log[Value/**<br>**Sqrt(GDPa***|**Log(Value)**|**Log[Value/**<br>**Sqrt(GDPa***|**Log(Value)**|**Log[Value/**<br>**Sqrt(GDPa***|**Log(Value)**|**Log[Value/**<br>**Sqrt(GDPa***|
|||**GDPb)]**||**GDPb)]**||**GDPb)]**||**GDPb)]**|
|North-North Trend|0.068 ***|0.053 ***|0.078 ***|0.063 ***|0.015|-0.002|-0.007|-0.024 *|
|North-South Trend|0.103 ***|0.066 ***|0.092 ***|0.054 ***|-0.029|-0.094 ***|-0.031 **|-0.096 ***|
|North-LAC Trend|0.068 ***|0.040 *|0.053 ***|0.024 **|0.039|-0.022|-0.038|-0.099 ***|
|South-North Trend|0.111 ***|0.074 ***|0.099 ***|0.061 ***|0.067 **|0.002|-0.007|-0.072 ***|
|South-South Trend<br>|0.124 ***<br>|0.064 ***<br>|0.093 ***<br>|0.030 ***<br>|-0.011<br>|-0.124 ***<br>|-0.003<br>|-0.116 ***<br>|
|South-LAC Trend|0.086|0.034|0.028|-0.028|-0.082 **|-0.191 ***|-0.028|-0.137 ***|
|LAC-North Trend|0.141***|0.112***|0.119***|0.089***|0.070|0.009|0.054|-0.007|
|<br>LAC-South Trend|<br>-|<br>-|<br>-|<br>-|-0.211 **|-0.321 ***|-0.138 *|-0.247 ***|
|LAC-LAC Trend|0.100 ***|0.058 *|0.037*|-0.007|0.044|-0.061|0.043|-0.064|
|Region-pair Dummies|Yes|Yes|No|No|Yes|Yes|No|No|
|Country-Region Dummies|No|No|Yes|Yes|No|No|Yes|Yes|
|**Number of Observations**|174|174|4,084|4,084|81|81|3,844|3,844|
|**R-squared**|0.991|0.985|0.949|0.981|0.998|0.996|0.971|0.988|
|**Differences between Trend Coefficients**|||||||||
|(LAC-North) Trend - (South-North) Trend|0.030|0.038|0.020|0.028|0.003|0.007|0.061|0.065|
|<br>(LAC-South) Trend - (South-South) Trend|-|-|-|-|-0.200 **|-0.197 **|-0.135|-0.131|
|<br>(LAC-LAC) Trend - (LAC-South) Trend|-|-|-|-|0.255 ***|0.260 ***|0.181 *|0.183 *|
|(North-LAC) Trend - (North-South) Trend|-0.035|-0.026|-0.039 ***|-0.030 **|0.068|0.072|-0.007|-0.003|
|<br>(South-LAC)Trend -(South-South)Trend|-0.038|-0.030|-0.065 *|-0.058 *|-0.071|-0.067|-0.025|-0.021|

This table shows the different trends for the intensive margin. To capture the intensive margin, the regressions only include links that were already established in the first period of each investment type (20012005 for portfolio holdings, 1996-2000 for syndicated loans, 1990-1995 for M&A, and 2003-2005 for greenfield investments). There are two levels of aggregation: region-region and country-region. The latter includes both country-region (outflows) and region-country (inflows) observations. North countries are the G7 and Western Europe. South countries are all the others (excluding LAC countries). Offshore centers are excluded from the sample. *, **, and *** represent statistical significance at 10%, 5%, and 1%, respectively.