Table 2.

Variables

VariableSub-determinantAcronymMeanSDSource
Dependent variables
Total FDI - capital expenditure Total Capex5961.67212545.02FDI Markets
Capital expenditure – energy Energy Capex1747.053963.306FDI Markets
Capital expenditure – financial services Financial Capex362.4981970.1598FDI Markets
Capital expenditure – ICT ICT Capex868.66962047.652FDI Markets
Foreign direct investment: inward flows, percentage of gross domestic product FDI_inw_GDP_perc6.79842523.033UNCTAD
Independent variables
Control of corruption: rankInstitutional frameworkControl_corruption_rank50.04729.061World bank
Political stability and absence of violence/terrorismPolit_stable_percentile50.02729.043World bank
Rule of Law: percentileRule_law_rank50.02329.032World bank
Index product diversification: index of importsMarket conditionsImp_Diversification_index0.4410.123UNCTAD
Index product diversification index of exportsExp_Diversification_index0.6680.146UNCTAD
GDP growth (annual %)GDP_growth_WBDB3.3945.292World bank
GDP per capita growth (annual %)GDP_pc_growth_WBDB1.9735.132World bank
Exports of goods and services (% of GDP)Exp_perc_GDP44.12533.525World bank
Imports of goods and services (% of GDP)Imp_perc_GDP50.66431.356World bank
Trade (% of GDP)Entry conditionsTrade_open94.78961.681World bank
Agricultural raw materials exports (% of merchandise exports)Resources offerAgric_exp_perc3.3717.498World bank
Ores and metals exports (% of merchandise exports)Metal_exp_perc8.23213.91World bank
Total natural resources rents (% of GDP)nat_res_pc_gdp6.67611.059World bank
Commodity Export Price Index, Individual Commodities Weighted by Ratio of Exports to GDPExp_prices98.2514.726IMF
Commodity Import Price Index, Individual Commodities Weighted by Ratio of Imports to GDPImp_prices98.2522.541IMF
Inflation, GDP deflator (annual %)Structure for FDIInflation_WBDB5.3268.983World bank
Tariff rate, most favored nation, simple mean, all products (%)Tariff_MFN8.8894.675World bank

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