25 Table 5: Regressions for financial inflows, by type, unbalanced quarterly panel, 2000Q1–2013Q2<sup>_†_</sup>

||**D1**|**D2**|**D3**<br>**D4**|**D5**|**D6**|
|---|---|---|---|---|---|
||_Portfolio_|_Loans_|_FDI_<br>_Gross fund_|_Bonds_|_Equity_|
|Lagged infows|0.261<br>(0.02)<sup>_∗∗∗_</sup>|0.307<br>(0.02)<sup>_∗∗∗_</sup>|0.597<br>-0.088<br>(0.02)<sup>_∗∗∗_</sup><br>(0.04)<sup>_∗∗_</sup>|0.294<br>(0.03)<sup>_∗∗∗_</sup>|-0.011<br>(0.03)|
|All QE|0.018|0.021|-0.003<br>0.061|0.015|0.044|
|episodes|(0.01)<sup>_∗∗∗_</sup>|(0.01)<sup>_∗∗∗_</sup>|(0.01)<br>(0.02)<sup>_∗∗∗_</sup>|(0.02)|(0.03)<sup>_∗_</sup>|
||||_Liquidity channel_|||
|3M T-bill|-0.015|-0.008|0.004<br>-0.080|-0.089|-0.053|
|rate|(0.01)<sup>_∗∗_</sup>|(0.01)<sup>_∗_</sup>|(0.01)<br>(0.02)<sup>_∗∗∗_</sup>|(0.02)<sup>_∗∗∗_</sup>|(0.03)<sup>_∗∗_</sup>|
|Money supply|0.015|-0.071|0.056<br>-1.110|-2.120|-0.589|
||(0.19)|(0.16)|(0.26)<br>(0.65)<sup>_∗_</sup>|(0.45)<sup>_∗∗∗_</sup>|(0.66)|
||||_Portfolio balance channel_|||
|Yield curve|-0.020|-0.002|0.005<br>-0.090|-0.065|-0.064|
||(0.01)<sup>_∗∗∗_</sup>|(0.01)|(0.01)<br>(0.03)<sup>_∗∗∗_</sup>|(0.02)<sup>_∗∗∗_</sup>|(0.03)<sup>_∗∗_</sup>|
|Interest rate|-0.000|-0.000|-0.000<br>-0.001|-0.002|-0.000|
|diferential|(0.00)|(0.00)|(0.00)<br>(0.00)|(0.00)<sup>_∗_</sup>|(0.00)|
|Global PMI|-0.001|-0.001|-0.001<br>0.008|0.003|0.004|
||(0.00)|(0.00)|(0.00)<br>(0.01)|(0.00)|(0.01)|
|Growth|0.001|0.001|0.000<br>0.001|-0.000|-0.001|
|diferential|(0.00)<sup>_∗_</sup>|(0.00)|(0.00)<br>(0.00)|(0.00)|(0.00)|
||||_Confdence channel_|||
|VIX|-0.002|-0.000|-0.000<br>-0.002|-0.006|-0.000|
||(0.00)<sup>_∗∗∗_</sup>|(0.00)|(0.00)<br>(0.00)|(0.00)<sup>_∗∗∗_</sup>|(0.00)|
||||_Basic controls_|||
|GDP|0.009|0.110|0.070<br>-0.060|0.020|0.039|
||(0.03)|(0.02)<sup>_∗∗∗_</sup>|(0.04)<sup>_∗_</sup><br>(0.09)|(0.07)|(0.08)|
|Developing|0.004|0.000|-0.001<br>0.014|0.023|0.007|
|GDP growth|(0.00)<sup>_∗∗∗_</sup>|(0.00)|(0.00)<br>(0.01)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.01)|
|High-income|-0.001|0.002|0.004<br>-0.011|-0.017|-0.007|
|GDP growth|(0.00)|(0.00)|(0.00)<br>(0.01)|(0.01)<sup>_∗∗∗_</sup>|(0.01)|
|Country|0.001|0.001|0.002<br>0.002|0.001|0.000|
|rating|(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗∗_</sup>|(0.00)<sup>_∗∗_</sup><br>(0.00)|(0.00)|(0.00)|
|Crisis period|-0.002|-0.043|-0.005<br>0.024|-0.043|0.032|
||(0.01)|(0.01)<sup>_∗∗∗_</sup>|(0.02)<br>(0.04)|(0.03)|(0.05)|
|Post-crisis|0.024|-0.025|-0.010<br>0.038|-0.061|0.050|
|period|(0.01)<sup>_∗_</sup>|(0.01)<sup>_∗∗_</sup>|(0.02)<br>(0.05)|(0.04)|(0.05)|
|Adj. R<sup>2</sup>|0.157|0.032|0.399<br>0.054|0.193|0.005|
|R<sup>2 </sup>(within)|0.164|0.037|0.403<br>0.070|0.203|0.018|
|R<sup>2 </sup>(between)|0.572|0.209|0.854<br>0.450|0.562|0.042|
|N (countries)|1,925 (60)|3,460 (85)|2,419 (63)<br>974 (31)|1,220 (39)|1,185 (37)|

> _†_ 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.