Table 1 Variables, calculations and...

Table 1

Variables, calculations and description

Variable	Calculations	Obs	Mean	Std. Dev	Min	Max
FPIin	$= [\frac{Portfolio equity, net inflows (BoP, current US$)}{GDP (current US$)}] * 100$	336	3.019	11.709	−16.80	89.11
FPInet	$= [\frac{Portfolio investment, net (BoP, current US$)}{GDP (current US$)}] * 100$	332	−0.304	8.054	−53.77	52.23
GDPg	= GDP growth (annual %)	336	2.673	3.493	−9.132	25.557
Sreturn	= Stock market return (%, year-on-year)	335	4.940	22.84	−44.35	159.99
Scap	= Stock market capitalization to GDP (%)	326	77.06	44.40	11.28	260.41
REER	= ∆Log[Real effective exchange rate index (2010 = 100)]	315	0.003	0.060	−0.246	0.200
Inf	= ∆Log[GDP deflator (base year varies by country)]	315	0.029	0.034	−0.051	0.212
TB	$= \frac{Goods, Value of Exports, Free on board (FOB), US Dollars}{Goods, Value of Imports, Cost, Insurance, Freight (CIF), US Dollars}$	336	1.050	0.335	0.294	2.457
EPU	= ∆Log[Economic Policy Uncertainty – Yearly mean]	311	0.030	0.292	−0.832	1.047
EPUvo	= ∆Log[Economic Policy Uncertainty – Yearly Standard deviation]	311	0.025	0.593	−1.555	1.874
WUI	= ∆Log[World Uncertainty Index – Yearly mean]	315	0.044	0.114	−0.173	0.246
WUIvo	= ∆Log[World Uncertainty Index – Yearly Standard deviation]	315	0.072	0.739	−1.793	0.730

Variable	Calculations	Obs	Mean	Std. Dev	Min	Max
FPIin	$= [\frac{Portfolio equity, net inflows (BoP, current US$)}{GDP (current US$)}] * 100$	336	3.019	11.709	−16.80	89.11
FPInet	$= [\frac{Portfolio investment, net (BoP, current US$)}{GDP (current US$)}] * 100$	332	−0.304	8.054	−53.77	52.23
GDPg	= GDP growth (annual %)	336	2.673	3.493	−9.132	25.557
Sreturn	= Stock market return (%, year-on-year)	335	4.940	22.84	−44.35	159.99
Scap	= Stock market capitalization to GDP (%)	326	77.06	44.40	11.28	260.41
REER	= ∆Log[Real effective exchange rate index (2010 = 100)]	315	0.003	0.060	−0.246	0.200
Inf	= ∆Log[GDP deflator (base year varies by country)]	315	0.029	0.034	−0.051	0.212
TB	$= \frac{Goods, Value of Exports, Free on board (FOB), US Dollars}{Goods, Value of Imports, Cost, Insurance, Freight (CIF), US Dollars}$	336	1.050	0.335	0.294	2.457
EPU	= ∆Log[Economic Policy Uncertainty – Yearly mean]	311	0.030	0.292	−0.832	1.047
EPUvo	= ∆Log[Economic Policy Uncertainty – Yearly Standard deviation]	311	0.025	0.593	−1.555	1.874
WUI	= ∆Log[World Uncertainty Index – Yearly mean]	315	0.044	0.114	−0.173	0.246
WUIvo	= ∆Log[World Uncertainty Index – Yearly Standard deviation]	315	0.072	0.739	−1.793	0.730

Note(s): Portfolio equity includes net inflows from equity securities other than those recorded as direct investment and including shares, stocks, depository receipts (American or international) and direct purchases of shares in local stock markets by foreign investors. Portfolio investment covers transactions in equity securities and debt securities, where data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards. In BPM6, the headings of the financial account have been changed from credits and debits to net acquisition of financial assets and net incurrence of liabilities; i.e., all changes due to credit and debit entries are recorded on a net basis separately for financial assets and liabilities thus financial account balances are calculated as the change in assets minus the change in liabilities; signs are reversed from previous editions (Definitions from World Development Indicators, World Bank). That is, the positive value of net portfolio investment means the change in financial assets (domestic investors invest in foreign financial assets) is larger than the change in financial liability (the international investors invest in domestic financial assets) of a country, or the total net portfolio investment is flowed out that country

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