**Table 1**

**Drivers of Gross Capital Inflows in the World, 1980‐2017** _Dependent Variable: GROSS Inflows, Total and By Type (% GDP) Sample: 104 countries, 1980‐2017 (annual) Estimation method: Instrumental Variables (IV)_

||Gross|Typ|e of Gross Inflo|ws|Gross|Typ|e of Gross Infl|ows|
|---|---|---|---|---|---|---|---|---|
||Inflows|FDI|PI|OI|Inflows|FDI|PI|OI|
|VARIABLES|**[1]**|**[2]**|**[3]**|**[4]**|**[5]**|**[6]**|**[7]**|**[8]**|
|_Domestic Factors_|||||||||
|GDP Growth|0.00988*|0.00539**|0.00398*|0.00177|0.0106*|0.00511*|0.00395|0.00247|
||(0.00555)|(0.00271)|(0.00240)|(0.00407)|(0.00590)|(0.00289)|(0.00256)|(0.00433)|
|GDP per capita|0.131***|0.0134|0.0762***|0.0515*|0.123***|0.0146|0.0712***|0.0468|
|_(in logs)_|(0.0408)|(0.0206)|(0.0183)|(0.0300)|(0.0399)|(0.0201)|(0.0178)|(0.0293)|
|CPI Inflation|0.00163***|0.000522*|0.000819***|0.000422|0.00155***|0.000598**|0.000794***|0.000331|
||(0.000621)|(0.000301)|(0.000268)|(0.000459)|(0.000601)|(0.000289)|(0.000257)|(0.000444)|
|Primary Balance|0.00196*|-0.00198***|0.000336|0.00234***|0.00160|-0.00200***|0.000128|0.00219***|
|_(% of GDP)_|(0.00102)|(0.000460)|(0.000409)|(0.000751)|(0.00103)|(0.000466)|(0.000415)|(0.000763)|
|Exchange rate flexibility|-0.000902|-0.00108|-0.00219***|0.00245*|-0.000155|-0.00114|-0.00181**|0.00290**|
||(0.00181)|(0.000874)|(0.000778)|(0.00134)|(0.00185)|(0.000901)|(0.000800)|(0.00137)|
|Investment Profile|0.0173***|0.00374***|0.00515***|0.00874***|0.0132***|0.00354**|0.00275**|0.00671***|
||(0.00264)|(0.00128)|(0.00114)|(0.00195)|(0.00316)|(0.00155)|(0.00138)|(0.00233)|
|Government Stability|..|..|..|..|0.000293|0.00159|0.00163|-0.00144|
||||||(0.00318)|(0.00149)|(0.00132)|(0.00235)|
|Socioeconomic Conditions|..|..|..|..|0.0103**|-0.00137|0.00524***|0.00654**|
||||||(0.00417)|(0.00203)|(0.00180)|(0.00307)|
|Corruption|..|..|..|..|-0.0138**|-0.00733**|-0.00596**|-0.00590|
||||||(0.00630)|(0.00295)|(0.00261)|(0.00466)|
|Trade Openness|-0.0255|-0.00989|-0.0134|-0.00465|-0.0245|-0.00846|-0.0128|-0.00459|
|_(% of GDP, logs)_|(0.0231)|(0.0111)|(0.00993)|(0.0171)|(0.0234)|(0.0112)|(0.0100)|(0.0173)|
|Financial Openness|0.0220***|0.00474*|0.00663***|0.00893**|0.0202***|0.00418*|0.00593***|0.00802**|
|_(Chinn‐Ito Index)_|(0.00521)|(0.00249)|(0.00221)|(0.00385)|(0.00524)|(0.00249)|(0.00222)|(0.00387)|
|_External Factors_|||||||||
|Foreign Growth|0.00303*|0.000577|0.000132|0.00256**|0.00317*|0.000391|6.75e-05|0.00280**|
||(0.00171)|(0.000803)|(0.000716)|(0.00126)|(0.00169)|(0.000797)|(0.000711)|(0.00125)|
|VIX Index|-0.0186|0.0126|0.00461|-0.0280**|-0.0103|0.00617|0.00413|-0.0178|
||(0.0189)|(0.00926)|(0.00815)|(0.0140)|(0.0249)|(0.0122)|(0.0107)|(0.0184)|
|US Economic Policy|-0.000297*|-0.000224***|-8.92e-05|-7.44e-05|-0.000327*|-0.000168*|-7.76e-05|-0.000129|
|Uncertainty|(0.000160)|(7.59e-05)|(6.75e-05)|(0.000118)|(0.000182)|(8.66e-05)|(7.67e-05)|(0.000135)|
|Commodity Terms of|-0.0324|0.00766|-0.00392|-0.0313**|-0.0295|0.00891|-0.00240|-0.0303*|
|Trade|(0.0215)|(0.0102)|(0.00912)|(0.0159)|(0.0215)|(0.0102)|(0.00909)|(0.0159)|
|Oil Price|-0.0428**|-0.00859|0.00820|-0.0406***|-0.0414**|-0.0160*|0.00906|-0.0371***|
|_(in logs)_|(0.0169)|(0.00801)|(0.00715)|(0.0125)|(0.0181)|(0.00857)|(0.00763)|(0.0134)|
|Minerals and Metals|0.0327|0.0394***|-0.0358***|0.0293|0.0333|0.0460***|-0.0351***|0.0267|
|Prices_(in logs)_|(0.0250)|(0.0118)|(0.0105)|(0.0185)|(0.0250)|(0.0118)|(0.0105)|(0.0185)|
|Observations|2,110|2,149|2,154|2,113|2,110|2,149|2,154|2,113|
|No. Countries|103|104|104|103|103|104|104|103|
|_Standard errors in parentheses_|_. *** p<0.01, **_|_p<0.05, * p<0._|_1_||||||

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