**Table 11**

**Drivers of Gross Capital Inflows, 1980‐2017: Quantile Regressions** _Dependent Variable: GROSS Inflows, Total and By Type (% GDP) Sample: 104 countries, 1980‐2017 (annual)_

|Variables|10th|20th|30th|40th|50th|60th|70th|80th|90th|
|---|---|---|---|---|---|---|---|---|---|
|_Domestic Factors_||||||||||
|GDP Growth|0.00282*|0.00221***|0.00181***|0.00218***|0.00218***|0.00263***|0.00187***|0.00173*|0.000705|
||(0.00148)|(0.000764)|(0.000601)|(0.000677)|(0.000717)|(0.000768)|(0.000642)|(0.000978)|(0.00183)|
|GDP per capita|0.0331|0.0313|0.0303**|0.0343**|0.0275|0.0182|0.0176|0.0166|-0.000221|
|_(in logs)_|(0.0376)|(0.0195)|(0.0153)|(0.0172)|(0.0183)|(0.0196)|(0.0164)|(0.0249)|(0.0467)|
|CPI Inflation|3.29e-05|0.000319|0.000349|0.000607*|0.000749**|0.00102***|0.00127***|0.00163***|0.00156*|
||(0.000714)|(0.000369)|(0.000290)|(0.000327)|(0.000346)|(0.000371)|(0.000310)|(0.000472)|(0.000885)|
|Primary Balance|-0.00322**|-0.00210***|-0.00134**|-0.00113*|-0.000659|-0.000632|-0.000298|-0.000452|-5.17e-05|
|_(% of GDP)_|(0.00134)|(0.000692)|(0.000544)|(0.000613)|(0.000649)|(0.000695)|(0.000582)|(0.000885)|(0.00166)|
|Exchange rate flexibility|0.00183|0.00164|0.000458|-0.000459|-0.000938|-0.00156|-0.00182*|-0.00292*|-0.00338|
||(0.00233)|(0.00121)|(0.000948)|(0.00107)|(0.00113)|(0.00121)|(0.00101)|(0.00154)|(0.00289)|
|Investment Profile|0.00549*|0.00590***|0.00625***|0.00697***|0.00768***|0.00719***|0.00783***|0.00809***|0.00613|
||(0.00325)|(0.00168)|(0.00132)|(0.00149)|(0.00158)|(0.00169)|(0.00141)|(0.00215)|(0.00404)|
|Trade Openness|-0.00655|-0.0149|-0.00947|-0.0101|-0.00517|-0.00296|0.00250|0.0107|0.0109|
|_(% of GDP, logs)_|(0.0262)|(0.0135)|(0.0106)|(0.0120)|(0.0127)|(0.0136)|(0.0114)|(0.0173)|(0.0325)|
|Financial Openness|-0.000649|0.00160|0.00283|0.00419|0.00446|0.00523|0.00568*|0.00542|0.00426|
|_(Chinn‐Ito Index)_|(0.00678)|(0.00351)|(0.00276)|(0.00310)|(0.00329)|(0.00352)|(0.00295)|(0.00449)|(0.00841)|
|_External Factors_||||||||||
|Foreign Growth|0.000959|0.00180|0.00140|0.000892|0.000208|0.000522|0.00110|0.000374|-4.21e-05|
||(0.00227)|(0.00117)|(0.000921)|(0.00104)|(0.00110)|(0.00118)|(0.000985)|(0.00150)|(0.00281)|
|VIX Index|0.00817|0.0102|0.0136*|0.00971|0.00566|0.00396|0.000707|-0.00302|-0.00543|
||(0.0180)|(0.00933)|(0.00734)|(0.00826)|(0.00876)|(0.00938)|(0.00785)|(0.0119)|(0.0224)|
|US Economic Policy|-0.000145|-0.000181*|-0.000198**|-0.000199**|-0.000228**|-0.000217**|-0.000210**|-0.000220|-0.000193|
|Uncertainty|(0.000204)|(0.000106)|(8.31e-05)|(9.35e-05)|(9.91e-05)|(0.000106)|(8.88e-05)|(0.000135)|(0.000253)|
|Commodity Terms of|-0.0148|-0.0153|-0.0153|-0.00822|-0.0111|-0.00738|-0.0122|-0.00346|0.00691|
|Trade (in logs)|(0.0279)|(0.0145)|(0.0114)|(0.0128)|(0.0136)|(0.0145)|(0.0121)|(0.0185)|(0.0347)|
|Oil Price|-0.0126|-0.00812|-0.0128|-0.0167*|-0.0201*|-0.0113|-0.0115|-0.0256*|-0.0212|
|(in logs)|(0.0220)|(0.0114)|(0.00896)|(0.0101)|(0.0107)|(0.0115)|(0.00958)|(0.0146)|(0.0273)|
|Minerals and Metals|0.0145|0.0249|0.0348***|0.0402***|0.0495***|0.0423**|0.0436***|0.0686***|0.0845**|
|Prices (in logs)|(0.0318)|(0.0164)|(0.0129)|(0.0145)|(0.0154)|(0.0165)|(0.0138)|(0.0210)|(0.0394)|
|Observations|2,114|2,114|2,114|2,114|2,114|2,114|2,114|2,114|2,114|

_Standard errors in parentheses. *** p<0.01, ** p<0.05, * p<0.1_ 29