Table 2. Open in new tab...

Country

Financial development index

Financial reform index

Financial liabilities to GDP

Capital account openness index (Chinn-Ito)

Global Value Chain Participation Index

Argentina

−0.662

0.749

0.915

0.413

0.359

Brazil

−0.242

0.515

0.546

−0.768

0.405

Chile

−0.040

0.835

0.975

0.485

0.488

Colombia

1.271

0.334

0.513

−1.195

0.390

China

−0.684

0.680

0.353

−0.922

0.332

Egypt, Arab Rep.

0.082

0.675

0.623

1.574

0.443

India

0.120

0.506

0.346

−1.195

0.399

Indonesia

−0.330

0.606

0.879

1.326

0.463

Korea, Rep.

1.032

0.719

0.520

−0.458

0.520

Malaysia

1.521

0.714

1.037

0.168

0.643

Mexico

−0.645

0.866

0.574

0.919

0.420

Nigeria

−0.842

0.729

0.981

−0.999

0.408

Pakistan

0.376

0.511

0.504

−1.249

0.316

Peru

−0.645

0.896

0.723

2.233

0.453

Philippines

−0.201

0.760

0.810

0.100

0.644

Russian Federation

−0.564

0.744

0.692

−0.544

0.574

Singapore

1.609

0.900

6.228

2.211

0.782

South Africa

0.955

0.847

0.676

−1.113

0.531

Sri Lanka

−0.582

0.629

0.663

0.100

0.380

Thailand

1.009

0.643

0.891

−0.212

0.514

Turkey

−0.096

0.703

0.552

−1.113

0.505

Median

−0.096

0.714

0.676

−0.212

0.453

Average

0.116

0.693

0.952

−0.011

0.475

Min

−0.842

0.334

0.346

−1.249

0.316

Max

1.609

0.900

6.228

2.233

0.782

Table 2.

Open in new tab

Country-specific variables, average 1995–2008^a

Country	Financial development index	Financial reform index	Financial liabilities to GDP	Capital account openness index (Chinn-Ito)	Global Value Chain Participation Index
Argentina	−0.662	0.749	0.915	0.413	0.359
Brazil	−0.242	0.515	0.546	−0.768	0.405
Chile	−0.040	0.835	0.975	0.485	0.488
Colombia	1.271	0.334	0.513	−1.195	0.390
China	−0.684	0.680	0.353	−0.922	0.332
Egypt, Arab Rep.	0.082	0.675	0.623	1.574	0.443
India	0.120	0.506	0.346	−1.195	0.399
Indonesia	−0.330	0.606	0.879	1.326	0.463
Korea, Rep.	1.032	0.719	0.520	−0.458	0.520
Malaysia	1.521	0.714	1.037	0.168	0.643
Mexico	−0.645	0.866	0.574	0.919	0.420
Nigeria	−0.842	0.729	0.981	−0.999	0.408
Pakistan	0.376	0.511	0.504	−1.249	0.316
Peru	−0.645	0.896	0.723	2.233	0.453
Philippines	−0.201	0.760	0.810	0.100	0.644
Russian Federation	−0.564	0.744	0.692	−0.544	0.574
Singapore	1.609	0.900	6.228	2.211	0.782
South Africa	0.955	0.847	0.676	−1.113	0.531
Sri Lanka	−0.582	0.629	0.663	0.100	0.380
Thailand	1.009	0.643	0.891	−0.212	0.514
Turkey	−0.096	0.703	0.552	−1.113	0.505
Median	−0.096	0.714	0.676	−0.212	0.453
Average	0.116	0.693	0.952	−0.011	0.475
Min	−0.842	0.334	0.346	−1.249	0.316
Max	1.609	0.900	6.228	2.233	0.782

Country	Financial development index	Financial reform index	Financial liabilities to GDP	Capital account openness index (Chinn-Ito)	Global Value Chain Participation Index
Argentina	−0.662	0.749	0.915	0.413	0.359
Brazil	−0.242	0.515	0.546	−0.768	0.405
Chile	−0.040	0.835	0.975	0.485	0.488
Colombia	1.271	0.334	0.513	−1.195	0.390
China	−0.684	0.680	0.353	−0.922	0.332
Egypt, Arab Rep.	0.082	0.675	0.623	1.574	0.443
India	0.120	0.506	0.346	−1.195	0.399
Indonesia	−0.330	0.606	0.879	1.326	0.463
Korea, Rep.	1.032	0.719	0.520	−0.458	0.520
Malaysia	1.521	0.714	1.037	0.168	0.643
Mexico	−0.645	0.866	0.574	0.919	0.420
Nigeria	−0.842	0.729	0.981	−0.999	0.408
Pakistan	0.376	0.511	0.504	−1.249	0.316
Peru	−0.645	0.896	0.723	2.233	0.453
Philippines	−0.201	0.760	0.810	0.100	0.644
Russian Federation	−0.564	0.744	0.692	−0.544	0.574
Singapore	1.609	0.900	6.228	2.211	0.782
South Africa	0.955	0.847	0.676	−1.113	0.531
Sri Lanka	−0.582	0.629	0.663	0.100	0.380
Thailand	1.009	0.643	0.891	−0.212	0.514
Turkey	−0.096	0.703	0.552	−1.113	0.505
Median	−0.096	0.714	0.676	−0.212	0.453
Average	0.116	0.693	0.952	−0.011	0.475
Min	−0.842	0.334	0.346	−1.249	0.316
Max	1.609	0.900	6.228	2.233	0.782

Notes:

The light grey colour indicates that the respective country is above the median for a particular indicator. All the institutional variables used in our estimations are averaged for the period 1995–2007, to avoid considering turbulent years around the great financial crisis.

Sources: Authors’ elaboration based on World Bank, IMF, Chinn and Ito (2008), Lane and Milesi-Ferretti (2007) and UNCTAD. See Supplementary Table 4A for more information.

This Feature Is Available To Subscribers Only