14 Table 1: Baseline regressions for gross financial inflows, unbalanced quarterly panel, 2000Q1–2013Q2<sup>_†_</sup>

||**B1**|**B2**|**B3**|**B4**|**B5**|**B6**|
|---|---|---|---|---|---|---|
|Lagged infows<br>|0.469<br>(0.02)<sup>_∗∗∗_</sup><br>|0.477<br>(0.02)<sup>_∗∗∗_</sup>|0.476<br>(0.02)<sup>_∗∗∗_</sup>|0.466<br>(0.02)<sup>_∗∗∗_</sup><br>|0.473<br>(0.02)<sup>_∗∗∗_</sup>|0.473<br>(0.02)<sup>_∗∗∗_</sup>|
|All QE<br>|0.027<br>|||0.026<br>|||
|episodes|(0.01)<sup>_∗∗∗_</sup>|||(0.01)<sup>_∗∗∗_</sup>|||
|QE1 episode||0.047<br>(0.01)<sup>_∗∗∗_</sup>|||0.049<br>(0.01)<sup>_∗∗∗_</sup>||
|QE2 episode||0.033<br>(0.01)<sup>_∗∗∗_</sup>|||0.035<br>(0.01)<sup>_∗∗∗_</sup>||
|QE3 episode||0.008<br>(0.01)|||0.006<br>(0.01)||
|QE-related|||0.003|||0.002|
|expansion|||(0.00)<sup>_∗∗∗_</sup>|||(0.00)<sup>_∗∗∗_</sup>|
||||_Liquidity _|_channel_|||
|3M T-bill|-0.013|-0.020|-0.003|-0.016|-0.017|-0.006|
|rate|(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.00)|(0.01)<sup>_∗_</sup>|(0.01)<sup>_∗∗_</sup>|(0.01)|
|Money supply||||-0.106|0.144|-0.098|
|(M2)||||(0.22)|(0.26)|(0.22)|
||||_Portfolio bal_|_ance channel_|||
|Yield curve|-0.018|-0.027|-0.007|-0.018|-0.024|-0.007|
||(0.00)<sup>_∗∗∗_</sup><br>|(0.01)<sup>_∗∗∗_</sup><br>|(0.00)<br>|(0.01)<sup>_∗∗_</sup><br>|(0.01)<sup>_∗∗∗_</sup><br>|(0.01)<br>|
|Interest rate|-0.000|-0.000|-0.000|-0.000|-0.000|-0.000|
|diferential|(0.00)|(0.00)|(0.00)|(0.00)|(0.00)|(0.00)|
|Global PMI||||-0.001|-0.001|-0.002|
|||||(0.00)|(0.00)|(0.00)|
|Growth||||0.001|0.001|0.001|
|diferential||||(0.00)<sup>_∗_</sup>|(0.00)<sup>_∗_</sup>|(0.00)|
||||_Confdenc_|_e channel_|||
|VIX|-0.001|-0.002|-0.001|-0.002|-0.002|-0.002|
||(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|
||||_Basic c_|_ontrols_|||
|GDP|0.139|0.134|0.137|0.129|0.125|0.128|
||(0.03)<sup>_∗∗∗_</sup>|(0.03)<sup>_∗∗∗_</sup>|(0.03)<sup>_∗∗∗_</sup>|(0.03)<sup>_∗∗∗_</sup>|(0.03)<sup>_∗∗∗_</sup>|(0.03)<sup>_∗∗∗_</sup>|
|Developing|0.003|0.000|0.002|0.004|-0.000|0.004|
|GDP growth|(0.00)<sup>_∗_</sup>|(0.00)|(0.00)|(0.00)<sup>_∗∗_</sup>|(0.00)|(0.00)<sup>_∗∗_</sup>|
|High-income|-0.001|-0.000|-0.001|-0.000|0.001|0.000|
|GDP growth|(0.00)|(0.00)|(0.00)|(0.00)|(0.00)|(0.00)|
|Country|0.002|0.002|0.002|0.002|0.002|0.002|
|rating|(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|
|Crisis period|-0.019|-0.028|-0.023|-0.021|-0.026|-0.026|
||(0.01)|(0.01)<sup>_∗∗_</sup>|(0.01)<sup>_∗_</sup>|(0.01)|(0.01)<sup>_∗_</sup>|(0.01)<sup>_∗_</sup>|
|Post-crisis|0.002|-0.011|-0.028|0.002|-0.010|-0.026|
|period|(0.01)|(0.01)|(0.02)<sup>_∗_</sup>|(0.01)|(0.01)|(0.02)|
|Adj. R<sup>2</sup><br>|0.368|0.371|0.366|0.368|0.371|0.367|
|R<sup>2 </sup>(within)<br>|0.372|0.376|0.370|0.374|0.377|0.372|
|R<sup>2 </sup>(between)|0.522|0.525|0.525|0.526|0.529|0.528|
|N (countries)|1,938 (60)|1,938 (60)|1,938 (60)|1,925 (60)|1,925 (60)|1,925 (60)|

> _†_ All level variables are in logarithmic form, but rates, indices, and indicator variables are untransformed. Bootstrapped standard errors (with 100 replications) are reported in parentheses. A time trend, country fixed effects, and constant term were included in the regressions, but not reported.<sup>_∗_</sup> indicates significance at 10 percent level,<sup>_∗∗_</sup> indicates significance at 5 percent level, and<sup>_∗∗∗_</sup> indicates significance at 1 percent level.