Table III Correlation matrix results...

Table III

Correlation matrix results

Variables	FD	EXD	FDI	GDPPC	MS	TO	RQ	RL	GE
FD	1.000
EXD	−0.119	1.000
FDI	−0.090	0.383	1.000
GDPPC	0.452	−0.151	−0.136	1.000
MS	0.673	−0.145	−0.054	0.244	1.000
TO	−0.003	0.394	0.321	0.067	0.114	1.000
RQ	0.584	−0.341	−0.147	0.340	0.505	−0.075	1.000
RL	0.488	−0.244	−0.082	0.300	0.591	0.085	0.858	1.000
GE	0.618	−0.244	−0.128	0.391	0.614	0.024	0.888	0.895	1.000

Variables	FD	EXD	FDI	GDPPC	MS	TO	RQ	RL	GE
FD	1.000
EXD	−0.119	1.000
FDI	−0.090	0.383	1.000
GDPPC	0.452	−0.151	−0.136	1.000
MS	0.673	−0.145	−0.054	0.244	1.000
TO	−0.003	0.394	0.321	0.067	0.114	1.000
RQ	0.584	−0.341	−0.147	0.340	0.505	−0.075	1.000
RL	0.488	−0.244	−0.082	0.300	0.591	0.085	0.858	1.000
GE	0.618	−0.244	−0.128	0.391	0.614	0.024	0.888	0.895	1.000

Notes: The table presents the correlation matrix. FD denotes financial development; GE represents governments effectiveness; RL means rule of law; RQ represents regulatory quality; FDI means FDI; GDPPC represents gross domestic product per capita; TO denote trade openness

Source: Authors computation (2017)

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