3-year Correlations

5-year Correlations

10-year Correlations

Corr_t−1

1.466

1.467

1.552

1.442

1.423

1.457

1.714

1.777

1.708

[0.061]^***

[0.062]^***

[0.087]^***

[0.156]^***

[0.101]^***

[0.108]^***

[0.033]^***

[0.077]^***

[0.116]^***

Corr_t−2

−0.596

−0.597

−0.721

−0.510

−0.497

−0.530

−0.711

−0.793

−0.713

[0.057]^***

[0.057]^***

[0.113]^***

[0.150]^***

[0.086]^***

[0.099]^***

[0.026]^***

[0.098]^***

[0.129]^***

GDP gr_t

−0.776

−0.728

−0.787

0.550

0.525

0.502

0.425

0.366

0.362

[0.709]

[0.736]

[0.664]

[0.290]^*

[0.355]

[0.510]

[0.182]^**

[0.169]^**

[0.190]^*

GDP gr_t−1

−0.421

−0.405

−0.062

0.360

0.304

0.199

0.005

−0.004

−0.068

[0.509]

[0.515]

[0.644]

[0.425]

[0.309]

[0.420]

[0.098]

[0.093]

[0.128]

TOT_t

0.003

0.003

0.005

0.014

0.014

0.014

0.000

0.000

0.000

[0.004]

[0.005]

[0.005]

[0.003]^***

[0.001]^***

[0.003]^***

[0.001]

[0.001]

[0.001]

TOT_t−1

−0.008

−0.009

−0.009

−0.009

−0.009

−0.009

−0.000

−0.000

−0.000

[0.005]^*

[0.005]^*

[0.006]

[0.004]^*

[0.002]^***

[0.003]^***

[0.001]

[0.001]

[0.001]

D_t−1

−0.030

−0.030

−0.022

−0.047

−0.028

−0.032

−0.010

−0.012

−0.013

[0.018]

[0.021]

[0.028]

[0.005]*^**

[0.005]^***

[0.010]^***

[0.004]^***

[0.004]^***

[0.005]^**

D_t−2

−0.002

−0.033

−0.028

−0.029

0.005

0.002

[0.012]

[0.022]

[0.006]^***

[0.010]^***

[0.006]

[0.007]

Net Flows_t

0.000

−0.000

0.000

[0.000]

[0.000]

[0.000]

Net Flows_t−1

−0.000

−0.000

−0.000

[0.000]

[0.000]^**

[0.000]

Constant

0.600

0.599

0.502

−0.543

−0.494

−0.470

0.006

0.006

−0.010

[0.221]^***

[0.233]^**

[0.278]^*

[0.176]^***

[0.174]^***

[0.139]^***

[0.020]

[0.021]

[0.023]

Observations

1344

1344

1344

1344

1344

1344

1241

1241

1241

Countries

40

40

40

40

40

40

40

40

40