Table 3 Open in new tab Institutions and...

	PC	PC	PC	PC	SMC	SMC	SMC	SMC
SESQR	7.631***	7.975***	−3.869	−1.293	5.999***	6.954***	−0.689	5.452^a
(4.637)	(4.727)	(−1.181)	[−0.60]	(3.142)	(4.775)	(−0.163)	[2.36]
French legal	−0.166***	−0.151***	−0.152***	−0.157^a	−0.159**	−0.233***	−0.237**	−0.135^a
(−3.912)	(−3.035)	(−2.828)	[−9.46]	(−2.523)	(−3.318)	(−2.597)	[−3.70]
Rule of law	0.117*	0.141**	0.163***	0.136^a	−0.061	0.003	0.011	−0.001
(1.947)	(2.233)	(2.863)	[3.33]	(−1.666)	(0.061)	(0.185)	[−0.11]
Creditor protection	−0.012	0.019	0.024	0.001	−0.032	−0.024	−0.024	0.001
(−0.343)	(0.425)	(0.548)	[0.08]	(−0.835)	(−0.435)	(−0.337)	[0.08]
Democracy	−0.074**	−0.063	−0.065	−0.071^a	−0.027	−0.110*	−0.083	−0.016
(−2.295)	(−1.656)	(−1.551)	[−4.70]	(−0.975)	(−2.039)	(−1.272)	[−0.46]
Governance	−0.022	−0.004	0.017	−0.001	−0.063	−0.074	−0.061	−0.005
(−0.543)	(−0.079)	(0.333)	[−0.10]	(−1.532)	(−1.606)	(−0.915)	[−0.26]
Economic freedom	0.019	0.029	0.081	0.013	0.058	0.048	0.040	0.023
(0.259)	(0.448)	(1.627)	[0.37]	(1.514)	(0.744)	(0.511)	[0.45]
Legal formalism	−0.001	0.015	−0.036	−0.003	0.078	0.023	0.013	0.005
(−0.011)	(0.236)	(−0.564)	[−0.15]	(0.929)	(0.217)	(0.135)	[0.19]
Creditor information	−0.003	0.033	0.057	0.004	−0.040	−0.029	−0.021	0.001
(−0.062)	(0.682)	(1.189)	[0.26]	(−1.439)	(−0.462)	(−0.285)	[0.01]
Income		−0.012	−0.020	−0.001		−0.022	0.022	−0.001
	(−0.511)	(−0.931)	[−0.11]		(−0.533)	(0.420)	[−0.14]
Remittances/ trust		−0.062	−0.098**	−0.059^a		0.019	0.069	0.004
	(−1.649)	(−2.336)	[−2.13]		(0.227)	(1.242)	[0.18]
Trade openness		0.043	0.037	0.039^a		0.076	0.052	0.009
	(1.520)	(1.169)	[2.15]		(1.553)	(1.273)	[0.38]
Financial openness		0.007	0.043	0.006		−0.072	−0.111	−0.013
	(0.225)	(1.177)	[0.40]		(−1.489)	(−1.571)	[−0.50]
Inflation		0.018	0.040	0.011		−0.039	−0.017	−0.024
	(0.777)	(1.510)	[0.62]		(−1.046)	(−0.471)	[−0.71]
Developing			−0.049*	−0.005			0.083*	0.082^a
		(−1.766)	[−0.39]			(1.705)	[1.85]
Non-OLS			0.011	0.001			0.024	0.001
		(0.783)	[0.22]			(0.530)	[0.02]
Focus of study			−0.015	−0.001			−0.069	−0.007
		(−0.677)	[−0.09]			(−1.291)	[−0.35]
Focus of study* SESQR			10.150***	8.831^a			7.535**	0.689
		(3.340)	[5.01]			(2.448)	[0.31]
Panel			−0.095*	−0.061^a			−0.015	−0.001
		(−1.867)	[−1.79]			(−0.181)	[−0.01]
Average year 1992			−0.000	−0.001			−0.003	−0.001
		(−0.194)	[−0.16]			(−0.950)	[−0.41]
Endogenous			−0.026	−0.003			0.095**	0.088^a
		(−1.089)	[−0.28]			(2.506)	[2.70]
Constant	0.100***	0.062	0.175**	0.133^a	0.104***	0.116**	0.151	0.071^a
(3.350)	(1.199)	(2.244)	[3.68]	(3.720)	(2.263)	(1.190)	[2.66]
Observations	503	503	503	503	195	195	195	195
Number of studies	62	62	62	62	28	28	28	28
Joint bias test			0.004				0.014
Adjusted R²	0.344	0.367	0.424	–	0.236	0.281	0.352	–

SMC

Bayesian model averaging

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

SESQR

7.631***

7.975***

−3.869

−1.293

5.999***

6.954***

−0.689

5.452^a

(4.637)

(4.727)

(−1.181)

[−0.60]

(3.142)

(4.775)

(−0.163)

[2.36]

French legal

−0.166***

−0.151***

−0.152***

−0.157^a

−0.159**

−0.233***

−0.237**

−0.135^a

(−3.912)

(−3.035)

(−2.828)

[−9.46]

(−2.523)

(−3.318)

(−2.597)

[−3.70]

Rule of law

0.117*

0.141**

0.163***

0.136^a

−0.061

0.003

0.011

−0.001

(1.947)

(2.233)

(2.863)

[3.33]

(−1.666)

(0.061)

(0.185)

[−0.11]

Creditor protection

−0.012

0.019

0.024

0.001

−0.032

−0.024

0.001

(−0.343)

(0.425)

(0.548)

[0.08]

(−0.835)

(−0.435)

(−0.337)

[0.08]

Democracy

−0.074**

−0.063

−0.065

−0.071^a

−0.027

−0.110*

−0.083

−0.016

(−2.295)

(−1.656)

(−1.551)

[−4.70]

(−0.975)

(−2.039)

(−1.272)

[−0.46]

Governance

−0.022

−0.004

0.017

−0.001

−0.063

−0.074

−0.061

−0.005

(−0.543)

(−0.079)

(0.333)

[−0.10]

(−1.532)

(−1.606)

(−0.915)

[−0.26]

Economic freedom

0.019

0.029

0.081

0.013

0.058

0.048

0.040

0.023

(0.259)

(0.448)

(1.627)

[0.37]

(1.514)

(0.744)

(0.511)

[0.45]

Legal formalism

−0.001

0.015

−0.036

−0.003

0.078

0.023

0.013

0.005

(−0.011)

(0.236)

(−0.564)

[−0.15]

(0.929)

(0.217)

(0.135)

[0.19]

Creditor information

−0.003

0.033

0.057

0.004

−0.040

−0.029

−0.021

0.001

(−0.062)

(0.682)

(1.189)

[0.26]

(−1.439)

(−0.462)

(−0.285)

[0.01]

Income

−0.012

−0.020

−0.001

−0.022

0.022

−0.001

(−0.511)

(−0.931)

[−0.11]

(−0.533)

(0.420)

[−0.14]

Remittances/ trust

−0.062

−0.098**

−0.059^a

0.019

0.069

0.004

(−1.649)

(−2.336)

[−2.13]

(0.227)

(1.242)

[0.18]

Trade openness

0.043

0.037

0.039^a

0.076

0.052

0.009

(1.520)

(1.169)

[2.15]

(1.553)

(1.273)

[0.38]

Financial openness

0.007

0.043

0.006

−0.072

−0.111

−0.013

(0.225)

(1.177)

[0.40]

(−1.489)

(−1.571)

[−0.50]

Inflation

0.018

0.040

0.011

−0.039

−0.017

−0.024

(0.777)

(1.510)

[0.62]

(−1.046)

(−0.471)

[−0.71]

Developing

−0.049*

−0.005

0.083*

0.082^a

(−1.766)

[−0.39]

(1.705)

[1.85]

Non-OLS

0.011

0.001

0.024

0.001

(0.783)

[0.22]

(0.530)

[0.02]

Focus of study

−0.015

−0.001

−0.069

−0.007

(−0.677)

[−0.09]

(−1.291)

[−0.35]

Focus of study* SESQR

10.150***

8.831^a

7.535**

0.689

(3.340)

[5.01]

(2.448)

[0.31]

Panel

−0.095*

−0.061^a

−0.015

−0.001

(−1.867)

[−1.79]

(−0.181)

[−0.01]

Average year 1992

−0.000

−0.001

−0.003

−0.001

(−0.194)

[−0.16]

(−0.950)

[−0.41]

Endogenous

−0.026

−0.003

0.095**

0.088^a

(−1.089)

[−0.28]

(2.506)

[2.70]

Constant

0.100***

0.062

0.175**

0.133^a

0.104***

0.116**

0.151

0.071^a

(3.350)

(1.199)

(2.244)

[3.68]

(3.720)

(2.263)

(1.190)

[2.66]

Observations

503

195

Number of studies

Joint bias test

0.004

0.014

Adjusted R²

0.344

0.367

0.424

–

0.236

0.281

0.352

–

	PC	PC	PC	PC	SMC	SMC	SMC	SMC
SESQR	7.631***	7.975***	−3.869	−1.293	5.999***	6.954***	−0.689	5.452^a
(4.637)	(4.727)	(−1.181)	[−0.60]	(3.142)	(4.775)	(−0.163)	[2.36]
French legal	−0.166***	−0.151***	−0.152***	−0.157^a	−0.159**	−0.233***	−0.237**	−0.135^a
(−3.912)	(−3.035)	(−2.828)	[−9.46]	(−2.523)	(−3.318)	(−2.597)	[−3.70]
Rule of law	0.117*	0.141**	0.163***	0.136^a	−0.061	0.003	0.011	−0.001
(1.947)	(2.233)	(2.863)	[3.33]	(−1.666)	(0.061)	(0.185)	[−0.11]
Creditor protection	−0.012	0.019	0.024	0.001	−0.032	−0.024	−0.024	0.001
(−0.343)	(0.425)	(0.548)	[0.08]	(−0.835)	(−0.435)	(−0.337)	[0.08]
Democracy	−0.074**	−0.063	−0.065	−0.071^a	−0.027	−0.110*	−0.083	−0.016
(−2.295)	(−1.656)	(−1.551)	[−4.70]	(−0.975)	(−2.039)	(−1.272)	[−0.46]
Governance	−0.022	−0.004	0.017	−0.001	−0.063	−0.074	−0.061	−0.005
(−0.543)	(−0.079)	(0.333)	[−0.10]	(−1.532)	(−1.606)	(−0.915)	[−0.26]
Economic freedom	0.019	0.029	0.081	0.013	0.058	0.048	0.040	0.023
(0.259)	(0.448)	(1.627)	[0.37]	(1.514)	(0.744)	(0.511)	[0.45]
Legal formalism	−0.001	0.015	−0.036	−0.003	0.078	0.023	0.013	0.005
(−0.011)	(0.236)	(−0.564)	[−0.15]	(0.929)	(0.217)	(0.135)	[0.19]
Creditor information	−0.003	0.033	0.057	0.004	−0.040	−0.029	−0.021	0.001
(−0.062)	(0.682)	(1.189)	[0.26]	(−1.439)	(−0.462)	(−0.285)	[0.01]
Income		−0.012	−0.020	−0.001		−0.022	0.022	−0.001
	(−0.511)	(−0.931)	[−0.11]		(−0.533)	(0.420)	[−0.14]
Remittances/ trust		−0.062	−0.098**	−0.059^a		0.019	0.069	0.004
	(−1.649)	(−2.336)	[−2.13]		(0.227)	(1.242)	[0.18]
Trade openness		0.043	0.037	0.039^a		0.076	0.052	0.009
	(1.520)	(1.169)	[2.15]		(1.553)	(1.273)	[0.38]
Financial openness		0.007	0.043	0.006		−0.072	−0.111	−0.013
	(0.225)	(1.177)	[0.40]		(−1.489)	(−1.571)	[−0.50]
Inflation		0.018	0.040	0.011		−0.039	−0.017	−0.024
	(0.777)	(1.510)	[0.62]		(−1.046)	(−0.471)	[−0.71]
Developing			−0.049*	−0.005			0.083*	0.082^a
		(−1.766)	[−0.39]			(1.705)	[1.85]
Non-OLS			0.011	0.001			0.024	0.001
		(0.783)	[0.22]			(0.530)	[0.02]
Focus of study			−0.015	−0.001			−0.069	−0.007
		(−0.677)	[−0.09]			(−1.291)	[−0.35]
Focus of study* SESQR			10.150***	8.831^a			7.535**	0.689
		(3.340)	[5.01]			(2.448)	[0.31]
Panel			−0.095*	−0.061^a			−0.015	−0.001
		(−1.867)	[−1.79]			(−0.181)	[−0.01]
Average year 1992			−0.000	−0.001			−0.003	−0.001
		(−0.194)	[−0.16]			(−0.950)	[−0.41]
Endogenous			−0.026	−0.003			0.095**	0.088^a
		(−1.089)	[−0.28]			(2.506)	[2.70]
Constant	0.100***	0.062	0.175**	0.133^a	0.104***	0.116**	0.151	0.071^a
(3.350)	(1.199)	(2.244)	[3.68]	(3.720)	(2.263)	(1.190)	[2.66]
Observations	503	503	503	503	195	195	195	195
Number of studies	62	62	62	62	28	28	28	28
Joint bias test			0.004				0.014
Adjusted R²	0.344	0.367	0.424	–	0.236	0.281	0.352	–

SMC

Bayesian model averaging

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

SESQR

7.631***

7.975***

−3.869

−1.293

5.999***

6.954***

−0.689

5.452^a

(4.637)

(4.727)

(−1.181)

[−0.60]

(3.142)

(4.775)

(−0.163)

[2.36]

French legal

−0.166***

−0.151***

−0.152***

−0.157^a

−0.159**

−0.233***

−0.237**

−0.135^a

(−3.912)

(−3.035)

(−2.828)

[−9.46]

(−2.523)

(−3.318)

(−2.597)

[−3.70]

Rule of law

0.117*

0.141**

0.163***

0.136^a

−0.061

0.003

0.011

−0.001

(1.947)

(2.233)

(2.863)

[3.33]

(−1.666)

(0.061)

(0.185)

[−0.11]

Creditor protection

−0.012

0.019

0.024

0.001

−0.032

−0.024

0.001

(−0.343)

(0.425)

(0.548)

[0.08]

(−0.835)

(−0.435)

(−0.337)

[0.08]

Democracy

−0.074**

−0.063

−0.065

−0.071^a

−0.027

−0.110*

−0.083

−0.016

(−2.295)

(−1.656)

(−1.551)

[−4.70]

(−0.975)

(−2.039)

(−1.272)

[−0.46]

Governance

−0.022

−0.004

0.017

−0.001

−0.063

−0.074

−0.061

−0.005

(−0.543)

(−0.079)

(0.333)

[−0.10]

(−1.532)

(−1.606)

(−0.915)

[−0.26]

Economic freedom

0.019

0.029

0.081

0.013

0.058

0.048

0.040

0.023

(0.259)

(0.448)

(1.627)

[0.37]

(1.514)

(0.744)

(0.511)

[0.45]

Legal formalism

−0.001

0.015

−0.036

−0.003

0.078

0.023

0.013

0.005

(−0.011)

(0.236)

(−0.564)

[−0.15]

(0.929)

(0.217)

(0.135)

[0.19]

Creditor information

−0.003

0.033

0.057

0.004

−0.040

−0.029

−0.021

0.001

(−0.062)

(0.682)

(1.189)

[0.26]

(−1.439)

(−0.462)

(−0.285)

[0.01]

Income

−0.012

−0.020

−0.001

−0.022

0.022

−0.001

(−0.511)

(−0.931)

[−0.11]

(−0.533)

(0.420)

[−0.14]

Remittances/ trust

−0.062

−0.098**

−0.059^a

0.019

0.069

0.004

(−1.649)

(−2.336)

[−2.13]

(0.227)

(1.242)

[0.18]

Trade openness

0.043

0.037

0.039^a

0.076

0.052

0.009

(1.520)

(1.169)

[2.15]

(1.553)

(1.273)

[0.38]

Financial openness

0.007

0.043

0.006

−0.072

−0.111

−0.013

(0.225)

(1.177)

[0.40]

(−1.489)

(−1.571)

[−0.50]

Inflation

0.018

0.040

0.011

−0.039

−0.017

−0.024

(0.777)

(1.510)

[0.62]

(−1.046)

(−0.471)

[−0.71]

Developing

−0.049*

−0.005

0.083*

0.082^a

(−1.766)

[−0.39]

(1.705)

[1.85]

Non-OLS

0.011

0.001

0.024

0.001

(0.783)

[0.22]

(0.530)

[0.02]

Focus of study

−0.015

−0.001

−0.069

−0.007

(−0.677)

[−0.09]

(−1.291)

[−0.35]

Focus of study* SESQR

10.150***

8.831^a

7.535**

0.689

(3.340)

[5.01]

(2.448)

[0.31]

Panel

−0.095*

−0.061^a

−0.015

−0.001

(−1.867)

[−1.79]

(−0.181)

[−0.01]

Average year 1992

−0.000

−0.001

−0.003

−0.001

(−0.194)

[−0.16]

(−0.950)

[−0.41]

Endogenous

−0.026

−0.003

0.095**

0.088^a

(−1.089)

[−0.28]

(2.506)

[2.70]

Constant

0.100***

0.062

0.175**

0.133^a

0.104***

0.116**

0.151

0.071^a

(3.350)

(1.199)

(2.244)

[3.68]

(3.720)

(2.263)

(1.190)

[2.66]

Observations

503

195

Number of studies

Joint bias test

0.004

0.014

Adjusted R²

0.344

0.367

0.424

–

0.236

0.281

0.352

–

Table 3

Open in new tab

Institutions and FD, meta-regression analysis

	PC	PC	PC	PC	SMC	SMC	SMC	SMC
				Bayesian model averaging				Bayesian model averaging
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
SESQR	7.631***	7.975***	−3.869	−1.293	5.999***	6.954***	−0.689	5.452^a
SESQR	(4.637)	(4.727)	(−1.181)	[−0.60]	(3.142)	(4.775)	(−0.163)	[2.36]
French legal	−0.166***	−0.151***	−0.152***	−0.157^a	−0.159**	−0.233***	−0.237**	−0.135^a
French legal	(−3.912)	(−3.035)	(−2.828)	[−9.46]	(−2.523)	(−3.318)	(−2.597)	[−3.70]
Rule of law	0.117*	0.141**	0.163***	0.136^a	−0.061	0.003	0.011	−0.001
Rule of law	(1.947)	(2.233)	(2.863)	[3.33]	(−1.666)	(0.061)	(0.185)	[−0.11]
Creditor protection	−0.012	0.019	0.024	0.001	−0.032	−0.024	−0.024	0.001
Creditor protection	(−0.343)	(0.425)	(0.548)	[0.08]	(−0.835)	(−0.435)	(−0.337)	[0.08]
Democracy	−0.074**	−0.063	−0.065	−0.071^a	−0.027	−0.110*	−0.083	−0.016
Democracy	(−2.295)	(−1.656)	(−1.551)	[−4.70]	(−0.975)	(−2.039)	(−1.272)	[−0.46]
Governance	−0.022	−0.004	0.017	−0.001	−0.063	−0.074	−0.061	−0.005
Governance	(−0.543)	(−0.079)	(0.333)	[−0.10]	(−1.532)	(−1.606)	(−0.915)	[−0.26]
Economic freedom	0.019	0.029	0.081	0.013	0.058	0.048	0.040	0.023
Economic freedom	(0.259)	(0.448)	(1.627)	[0.37]	(1.514)	(0.744)	(0.511)	[0.45]
Legal formalism	−0.001	0.015	−0.036	−0.003	0.078	0.023	0.013	0.005
Legal formalism	(−0.011)	(0.236)	(−0.564)	[−0.15]	(0.929)	(0.217)	(0.135)	[0.19]
Creditor information	−0.003	0.033	0.057	0.004	−0.040	−0.029	−0.021	0.001
Creditor information	(−0.062)	(0.682)	(1.189)	[0.26]	(−1.439)	(−0.462)	(−0.285)	[0.01]
Income		−0.012	−0.020	−0.001		−0.022	0.022	−0.001
Income		(−0.511)	(−0.931)	[−0.11]		(−0.533)	(0.420)	[−0.14]
Remittances/ trust		−0.062	−0.098**	−0.059^a		0.019	0.069	0.004
Remittances/ trust		(−1.649)	(−2.336)	[−2.13]		(0.227)	(1.242)	[0.18]
Trade openness		0.043	0.037	0.039^a		0.076	0.052	0.009
Trade openness		(1.520)	(1.169)	[2.15]		(1.553)	(1.273)	[0.38]
Financial openness		0.007	0.043	0.006		−0.072	−0.111	−0.013
Financial openness		(0.225)	(1.177)	[0.40]		(−1.489)	(−1.571)	[−0.50]
Inflation		0.018	0.040	0.011		−0.039	−0.017	−0.024
Inflation		(0.777)	(1.510)	[0.62]		(−1.046)	(−0.471)	[−0.71]
Developing			−0.049*	−0.005			0.083*	0.082^a
Developing			(−1.766)	[−0.39]			(1.705)	[1.85]
Non-OLS			0.011	0.001			0.024	0.001
Non-OLS			(0.783)	[0.22]			(0.530)	[0.02]
Focus of study			−0.015	−0.001			−0.069	−0.007
Focus of study			(−0.677)	[−0.09]			(−1.291)	[−0.35]
Focus of study* SESQR			10.150***	8.831^a			7.535**	0.689
Focus of study* SESQR			(3.340)	[5.01]			(2.448)	[0.31]
Panel			−0.095*	−0.061^a			−0.015	−0.001
Panel			(−1.867)	[−1.79]			(−0.181)	[−0.01]
Average year 1992			−0.000	−0.001			−0.003	−0.001
Average year 1992			(−0.194)	[−0.16]			(−0.950)	[−0.41]
Endogenous			−0.026	−0.003			0.095**	0.088^a
Endogenous			(−1.089)	[−0.28]			(2.506)	[2.70]
Constant	0.100***	0.062	0.175**	0.133^a	0.104***	0.116**	0.151	0.071^a
Constant	(3.350)	(1.199)	(2.244)	[3.68]	(3.720)	(2.263)	(1.190)	[2.66]
Observations	503	503	503	503	195	195	195	195
Number of studies	62	62	62	62	28	28	28	28
Joint bias test			0.004				0.014
Adjusted R²	0.344	0.367	0.424	–	0.236	0.281	0.352	–

	PC	PC	PC	PC	SMC	SMC	SMC	SMC
				Bayesian model averaging				Bayesian model averaging
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
SESQR	7.631***	7.975***	−3.869	−1.293	5.999***	6.954***	−0.689	5.452^a
SESQR	(4.637)	(4.727)	(−1.181)	[−0.60]	(3.142)	(4.775)	(−0.163)	[2.36]
French legal	−0.166***	−0.151***	−0.152***	−0.157^a	−0.159**	−0.233***	−0.237**	−0.135^a
French legal	(−3.912)	(−3.035)	(−2.828)	[−9.46]	(−2.523)	(−3.318)	(−2.597)	[−3.70]
Rule of law	0.117*	0.141**	0.163***	0.136^a	−0.061	0.003	0.011	−0.001
Rule of law	(1.947)	(2.233)	(2.863)	[3.33]	(−1.666)	(0.061)	(0.185)	[−0.11]
Creditor protection	−0.012	0.019	0.024	0.001	−0.032	−0.024	−0.024	0.001
Creditor protection	(−0.343)	(0.425)	(0.548)	[0.08]	(−0.835)	(−0.435)	(−0.337)	[0.08]
Democracy	−0.074**	−0.063	−0.065	−0.071^a	−0.027	−0.110*	−0.083	−0.016
Democracy	(−2.295)	(−1.656)	(−1.551)	[−4.70]	(−0.975)	(−2.039)	(−1.272)	[−0.46]
Governance	−0.022	−0.004	0.017	−0.001	−0.063	−0.074	−0.061	−0.005
Governance	(−0.543)	(−0.079)	(0.333)	[−0.10]	(−1.532)	(−1.606)	(−0.915)	[−0.26]
Economic freedom	0.019	0.029	0.081	0.013	0.058	0.048	0.040	0.023
Economic freedom	(0.259)	(0.448)	(1.627)	[0.37]	(1.514)	(0.744)	(0.511)	[0.45]
Legal formalism	−0.001	0.015	−0.036	−0.003	0.078	0.023	0.013	0.005
Legal formalism	(−0.011)	(0.236)	(−0.564)	[−0.15]	(0.929)	(0.217)	(0.135)	[0.19]
Creditor information	−0.003	0.033	0.057	0.004	−0.040	−0.029	−0.021	0.001
Creditor information	(−0.062)	(0.682)	(1.189)	[0.26]	(−1.439)	(−0.462)	(−0.285)	[0.01]
Income		−0.012	−0.020	−0.001		−0.022	0.022	−0.001
Income		(−0.511)	(−0.931)	[−0.11]		(−0.533)	(0.420)	[−0.14]
Remittances/ trust		−0.062	−0.098**	−0.059^a		0.019	0.069	0.004
Remittances/ trust		(−1.649)	(−2.336)	[−2.13]		(0.227)	(1.242)	[0.18]
Trade openness		0.043	0.037	0.039^a		0.076	0.052	0.009
Trade openness		(1.520)	(1.169)	[2.15]		(1.553)	(1.273)	[0.38]
Financial openness		0.007	0.043	0.006		−0.072	−0.111	−0.013
Financial openness		(0.225)	(1.177)	[0.40]		(−1.489)	(−1.571)	[−0.50]
Inflation		0.018	0.040	0.011		−0.039	−0.017	−0.024
Inflation		(0.777)	(1.510)	[0.62]		(−1.046)	(−0.471)	[−0.71]
Developing			−0.049*	−0.005			0.083*	0.082^a
Developing			(−1.766)	[−0.39]			(1.705)	[1.85]
Non-OLS			0.011	0.001			0.024	0.001
Non-OLS			(0.783)	[0.22]			(0.530)	[0.02]
Focus of study			−0.015	−0.001			−0.069	−0.007
Focus of study			(−0.677)	[−0.09]			(−1.291)	[−0.35]
Focus of study* SESQR			10.150***	8.831^a			7.535**	0.689
Focus of study* SESQR			(3.340)	[5.01]			(2.448)	[0.31]
Panel			−0.095*	−0.061^a			−0.015	−0.001
Panel			(−1.867)	[−1.79]			(−0.181)	[−0.01]
Average year 1992			−0.000	−0.001			−0.003	−0.001
Average year 1992			(−0.194)	[−0.16]			(−0.950)	[−0.41]
Endogenous			−0.026	−0.003			0.095**	0.088^a
Endogenous			(−1.089)	[−0.28]			(2.506)	[2.70]
Constant	0.100***	0.062	0.175**	0.133^a	0.104***	0.116**	0.151	0.071^a
Constant	(3.350)	(1.199)	(2.244)	[3.68]	(3.720)	(2.263)	(1.190)	[2.66]
Observations	503	503	503	503	195	195	195	195
Number of studies	62	62	62	62	28	28	28	28
Joint bias test			0.004				0.014
Adjusted R²	0.344	0.367	0.424	–	0.236	0.281	0.352	–

Source: Authors’ calculations.

Notes: The dependent variable is the partial correlation between FD and a measure of institutions. SESQR is the standard error squared. PC and SMC denote private credit and stock market capitalization, respectively. Estimation using unrestricted weighted least squares, using inverse variance weights. t-statistics reported in parentheses using standard errors corrected for within-study clustering. *, **, *** denote statistical significance at the 10, 5, and 1%, levels, respectively. Columns (4) and (8) report the estimated coefficients and the posterior Mean/SD ratio in brackets from Bayesian model averaging. Joint bias test reports the p-value of the statistical significance of both SESQR and Focus of study* SESQR.

Standard error band does not include zero.

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