# Appendix Table **III:** Argentina (Instrumental Variables) **1**

|DependentVariables:|TotalDebt/Equit|y|Short-TermDe|btEquity|Long-TermDeb|t/Equity|Short-TermDe|bt/T.Debt'|Ret.EarningsT|.Debt|
|---|---|---|---|---|---|---|---|---|---|---|
|IndependentVariables:|**IV**|IV**-** FD|**IV**|IV**-** FD|**IV**|IV**-** FD|**IV**|IV**-**FD|<br>**IV**|<br>IV**-** FD|
|Firms'Characteristics:<br>|||||||||||
|Log**of**NetFixedAssets|**0.128**<br>|**0.111**|**0.003**|**-0.007**|**0.119-***|_0.114"_|**-0.080"**|**-0.082"**|0.092|0.145|
||**(1.367)**|(1.129)|(0.041)|(-0.102)|**(2.598)**|**(2.469)**|(-2.114)|(-2.149)|**(0.076)**|**(0.116)**|
|NetFixedAssets/Total<br>|**-1.173"**<br>|-1.129-"<br>|**-0.608****|**-0.581'"**|**-0.576"**|**-0.552"**|**0.176**|**0.180**|**-7.960**|**_-7A57_**|
|Assets|**(-3.131)**|**(-2.987)**|**(-3.027)**|(-2.845)|**(-2.223)**|**(-2.137)**|(1.491)|(1.543)|**(-1.299)**|**(-1.225)**|
|Profits/Total Assets|**-2.712"***<br>|**-2.9971-**<br>|-1.488"<br>|**-1.630"**<br>|**-1.250"***<br>|**-1.380*-**<br>|-0.040<br>|-0.054<br>|**27.634"**<br>|25.434"<br>|
||**(-2.63711**|**(-2.833)1**|(-2.109)|**_(-2241)_**|**(.2.691)**|**(-2.8871)**|**(-0.125)**|(-.,0|t2.213)|(2.0-,0)|
|TradableProducers|**-0.119**<br>|**-0.138**|**0.108**|**0.100**|-0.224|**-0.237**|**0.056**|**0.057**|**-0.806**|**-0.352**|
||(-0.465)|(-0.534)|**(0.905)**|**(0.836)**|**(-1.091)**|(-1.144)|(0.840)|**(0.869)**|**(-0.391)**|**(-0.171)**|
|FirmAge|**0.000**<br>|**0.000**<br>|**-0.001**<br>|**-0.001**<br>|0.002*|0.002*|**0.000**|**0.000**|**-0.030**|**-0.031**|
||**(0.058)**|**(0.039)**|**(-0.820)**|**(-0.886)**|**(1.778)**|**(1.803)**|**(-0.015)**|(-0.044)|**(-1.076)**|**(-1.116)**|
|DomesticCunencyDebt|||||||**0A39"**|0.443"*|||
||||||||**(5.235)**|**(5.362)**|||
|Access:<br>|||||||||||
|Accessto**Infl**Bond<br>|1.047"<br>|1.021m|**0.638"**|**0.628"**|0.424"|0.400"|**-0.186***|**-0.186***|**-0.877**|**-1.651**|
|Markets|(2.940)|(2.864)|**(2.378)**|**(2.320)**|(2.243)|**(2.106)**|**(-1.961)**|(-1.946)|**(-0.328)**|**(-0.582)**|
|AccesstoInfIEquity<br>|**-0.635**<br>|-0.546<br>|**-0.521**<br>|-0.494|-0.052|-0.020|**0.000**|**0.000**|0.541|**0.761**|
|Markets|**(-1.238)**|**(-1.081)**|**(-1.562)**|**_(-1A78)_**|**(-0.276)**|**(-0.105)**|**(0.000)**|**(0.000)**|**(0.217)**|**(0.278)**|
|Financial Liberalizationa|nd Crises:||||||||||
|FinancialLiberalization|-0.497"|**-0.971*"**|**-0.178**|-0.433*|**-0.318"***|**-0.532*-**|**0.000**|**0.000**|**2.030**|-5.522|
|Financial Development||**0.726**||**0.391**||**0.326**||**0.061**||11A78|
|||**(1.572)**||**(1.331)**||**(1.382)**||**(0.369)**||(1.584)|
|MexicanCrisis**- 1995**|**0.217**<br>|0.140|0.225'|**0.185**|**-0.006**|-0.042|**0.203"**|**0.197"**|**0.786**|**_-0.430_**|
||**(1.613)**|**(1.001)**|**(1.837)**|**(1.516)**|**(-0.106)**|(-0.643)|**(3.828)**|(3.493)|**(0.360)**|**(-0.175)**|
|AsianCrisis**- 1997**|**0.321**|**0.206**|0.264|0.202|**0.069**|**0.015**|||**-1.530**|**-3.384**|
||(1.647)|**(0.987)**|(1.644)|**(1.238)**|**(0.935)**|**(0.170)**|||**(-0.916)**|(-1.540)|
|AsianCrisis**- 1998**|**-0.060**||**-0.039**||**0.006**||||0.224||
||(-0.314)||**(-0.378)**||**(0.056)**||||**(0.160)**||
|**C**|**1.456***|**2.227"**|1.074*|1.489"|0.426|0.754*|1.009"|**0.978"***|0.904|10.045|
||**(1.752)**|(2.480)|**(1.670)**|(2.154)|**(1.057)**|**(1.687)**|**(3.610)**|**(3.271)**|**(0.103)**|(0.846)|
|AdjustedR-Squared|**0.050**|**0.059**|**0.027**|**0.030**|**0.060**|**0.067**|**0.362**|**0.366**|**-0.011**|**.0.007**|
|FixedEffects<br>|||||||||||
|Chi-Hausman|||||||||||
|NumberofFirms|**63**|**63**|**63**|**63**|**63**|**63**|**60**|**60**|**63**|**63**|
|Number_of_Observations|**278**|**269**|**278**|**269**|**282**|**272**|**167**|**167**|274|264|
|WithandwithoAFinancial D|evelopment||||||||||

> **2** There is not data for debt curency deorination in **1997** and **1998.** Robust Standard errors-Whito correction for heteroskedasticity. T-statislics are in parenthesis. The variable *inancial develoPMent is the interaction of domesticlinancial development and financial liberalization. ***,",*"** Indicate 10,5,1, percent level of significance, respectively