Supplementary Table: GDP_lib |
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Summary Statistics for GDP Growth Rates for Emerging Markets |
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GDP growth rate is growth rate measured using constant 1990 dollar GDP series |
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A. Liberalization: |
Official |
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Simple Before and After Analysis |
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Mean GDP growth |
STD of GDP growth |
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Before |
After |
Before |
After |
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arg |
-1.25% |
6.85% |
6.14% |
4.88% |
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bz |
0.60% |
3.49% |
3.34% |
3.05% |
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chi |
7.23% |
8.59% |
2.48% |
2.74% |
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col |
3.83% |
4.59% |
1.24% |
1.59% |
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gre |
1.48% |
2.26% |
1.52% |
2.19% |
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indi |
5.60% |
6.95% |
3.41% |
1.44% |
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indo |
5.30% |
6.94% |
1.83% |
0.47% |
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jor |
7.72% |
5.23% |
5.24% |
. |
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kor |
9.56% |
7.09% |
2.06% |
1.70% |
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mal |
4.40% |
8.73% |
4.25% |
0.75% |
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mex |
1.26% |
3.87% |
2.69% |
1.19% |
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nig |
2.83% |
. |
1.43% |
. |
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pak |
5.79% |
4.79% |
1.26% |
2.23% |
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phi |
3.95% |
3.46% |
2.91% |
2.18% |
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por |
1.44% |
4.07% |
2.42% |
1.18% |
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tai |
7.64% |
5.51% |
13.49% |
0.49% |
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tha |
6.21% |
10.66% |
1.90% |
2.27% |
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tur |
1.31% |
3.84% |
1.44% |
5.86% |
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ven |
2.12% |
4.12% |
5.90% |
4.99% |
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zim |
2.01% |
4.75% |
6.51% |
4.03% |
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Average |
3.95% |
5.57% |
3.57% |
2.40% |
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P-value* |
0.055 |
0.127 |
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Pooled GLS Regression |
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GDP Growth Rate |
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coefficient |
t-stat |
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Constant |
0.0401 |
17.19 |
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Official Lib |
0.0126 |
3.20 |
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Supplementary Table (continued) |
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Summary Statistics for GDP Growth Rate Series for Emerging Markets |
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B. Liberalization: |
Capital Flow Break Point |
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Simple Before and After Analysis |
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Mean GDPGrowth |
STD of GDP Growth |
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Before |
After |
Before |
After |
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arg |
3.74% |
2.73% |
7.69% |
6.68% |
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bz |
4.84% |
0.67% |
3.18% |
3.70% |
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chi |
5.67% |
8.30% |
1.89% |
3.31% |
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col |
3.82% |
4.51% |
1.24% |
2.14% |
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gre |
1.66% |
2.08% |
1.27% |
2.40% |
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indi |
4.58% |
7.66% |
2.41% |
0.36% |
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indo |
6.92% |
7.91% |
. |
0.35% |
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jor |
NA |
NA |
NA |
NA |
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kor |
7.17% |
8.21% |
2.02% |
0.97% |
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mal |
8.34% |
8.68% |
1.70% |
0.67% |
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mex |
1.26% |
3.87% |
2.69% |
1.19% |
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nig |
NA |
NA |
NA |
NA |
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pak |
4.92% |
4.73% |
2.12% |
1.08% |
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phi |
2.68% |
1.86% |
5.74% |
1.98% |
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por |
4.03% |
2.51% |
2.35% |
0.72% |
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tai |
6.90% |
5.32% |
13.43% |
0.26% |
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tha |
7.75% |
9.68% |
3.62% |
1.87% |
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tur |
1.31% |
3.84% |
1.44% |
5.86% |
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ven |
4.12% |
1.61% |
4.99% |
2.89% |
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zim |
NA |
NA |
NA |
NA |
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Average |
4.69% |
4.95% |
3.61% |
2.14% |
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P-value* |
0.769 |
0.121 |
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Pooled GLS Regression |
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GDP Growth Rate |
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coefficient |
t-stat |
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Constant |
0.0437 |
19.84 |
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Cap Flow |
0.0061 |
1.34 |
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GDP growth rate is growth rate measured using constant 1990 dollar GDP series |
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Before period includes data from year of observed break or declared break. Simple |
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analysis are just unconditional five year means before and after. If there are fewer than |
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five years in the after period, we use as many years as is available. In the GLS |
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regression, regress annual GDP growth rates on the liberalization indicators. We allow |
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panel-specific heteroskedasticity and serial correlation, as well as fixed effects. |
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* Indicates the p-value from two sided t-test with heteroskedastic variance across two samples |
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