**Table 4**

**Drivers of Gross Capital Inflows, 1980‐2017: SUB‐SAHARAN AFRICA** _Dependent Variable: GROSS Inflows, Total and By Type (% GDP) Sample: 26 countries, 1980‐2017 (annual) Estimation method: Instrumental Variables (IV)_

||Gross|Ty|pe of Gross Infl|ows|Gross|Ty|pe 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|-0.0367|0.0150|-0.000593|-0.0431|-0.0258|0.00496|-0.000614|-0.0285|
||(0.0305)|(0.0149)|(0.00229)|(0.0310)|(0.0221)|(0.00786)|(0.00174)|(0.0217)|
|GDP per capita|-0.308|0.0912|0.00323|-0.311|-0.225|-0.00252|0.00290|-0.204|
|_(in logs)_|(0.305)|(0.173)|(0.0269)|(0.308)|(0.226)|(0.0949)|(0.0214)|(0.218)|
|CPI Inflation|-7.92e-05|0.000395|-9.76e-05|-0.000264|4.22e-05|0.000419|-0.000102|-0.000155|
||(0.00136)|(0.000580)|(8.12e-05)|(0.00149)|(0.00119)|(0.000396)|(8.29e-05)|(0.00123)|
|Primary Balance|-0.00117|-0.00293***|-0.000110|-0.000690|-0.000130|-0.00357***|-0.000112|0.000748|
|_(% of GDP)_|(0.00266)|(0.000920)|(0.000137)|(0.00276)|(0.00215)|(0.000568)|(0.000122)|(0.00215)|
|Exchange rate flexibility|-0.00727|0.00613|-0.000529|-0.00690|-0.000445|-0.00119|-0.000579|0.00219|
||(0.0168)|(0.0108)|(0.00161)|(0.0179)|(0.0119)|(0.00565)|(0.00120)|(0.0123)|
|Investment Profile|0.0103|0.00950**|0.000873|0.00515|0.00802|0.00630**|0.00105|0.00340|
||(0.00981)|(0.00461)|(0.000609)|(0.0111)|(0.0103)|(0.00309)|(0.000655)|(0.0101)|
|Government Stability|||||-0.00851|0.00968***|-4.17e-05|-0.0135*|
||||||(0.00766)|(0.00230)|(0.000483)|(0.00808)|
|Socioeconomic Conditions|||||-0.0222|0.0146**|8.43e-05|-0.0296|
||||||(0.0198)|(0.00707)|(0.00161)|(0.0189)|
|Corruption|||||-0.0205|-0.00890|0.000968|-0.0222|
||||||(0.0219)|(0.00621)|(0.00130)|(0.0225)|
|Trade Openness|0.111|-0.0166|0.00238|0.112|0.0751|0.0124|0.00265|0.0637|
|_(% of GDP, logs)_|(0.0853)|(0.0461)|(0.00665)|(0.0930)|(0.0566)|(0.0230)|(0.00474)|(0.0598)|
|Financial Openness|0.00922|-0.0197*|-0.000277|0.0263|-0.00583|-0.0124*|-0.000146|0.00672|
|_(Chinn‐Ito Index)_|(0.0268)|(0.0104)|(0.00150)|(0.0285)|(0.0198)|(0.00651)|(0.00136)|(0.0204)|
|_External Factors_|||||||||
|Foreign Growth|0.0219**|0.000746|-0.000204|0.0206**|0.0206***|-0.000373|-0.000177|0.0194***|
||(0.00856)|(0.00333)|(0.000466)|(0.00926)|(0.00696)|(0.00240)|(0.000501)|(0.00718)|
|VIX Index|-0.110*|0.0129|-0.00872*|-0.105|-0.0782|-0.0284|-0.00872*|-0.0556|
||(0.0582)|(0.0360)|(0.00516)|(0.0644)|(0.0614)|(0.0240)|(0.00494)|(0.0648)|
|US Economic Policy|0.00176***|-0.000188|5.95e-05|0.00158**|0.00156***|0.000131|5.70e-05|0.00127**|
|Uncertainty|(0.000622)|(0.000333)|(4.71e-05)|(0.000691)|(0.000585)|(0.000214)|(4.38e-05)|(0.000619)|
|Commodity Terms of|0.0348|0.00758|0.00219|0.0256|0.0291|0.0183|0.00201|0.0160|
|Trade|(0.0421)|(0.0191)|(0.00266)|(0.0467)|(0.0357)|(0.0121)|(0.00248)|(0.0375)|
|Oil Price|0.0365|-0.0103|0.00163|0.0343|-0.0100|0.00215|0.00232|-0.0209|
|_(in logs)_|(0.0581)|(0.0221)|(0.00336)|(0.0591)|(0.0485)|(0.0170)|(0.00347)|(0.0510)|
|Minerals and Metals|-0.00422|0.0336|-0.00262|-0.0311|0.0320|0.0341|-0.00331|0.0119|
|Prices_(in logs)_|(0.0703)|(0.0317)|(0.00447)|(0.0771)|(0.0716)|(0.0267)|(0.00570)|(0.0732)|
|Observations|446|457|456|447|446|457|456|447|
|No. Countries|26|26|26|26|26|26|26|26|

_Standard errors in parentheses. *** p<0.01, ** p<0.05, * p<0.1_ 22