Impact of Investment Openness on National External Wealth: Based on Valuation Effects Perspective
Table 4
Regression results of the instrumental variables.
Stage 1
Stage 2
Stage 1
Stage 2
FO
nfa
FO
nfa
KOFecgldj
0.2966∗ (1.82)
FO
−0.3542 (−1.78)
KOFingldj
0.9376 (2.77)
FO
−0.1938 (−1.68)
L-FO
0.8604 (21.61)
L-FO
0.3041∗ (1.75)
L-FO
0.8034 (17.77)
L-FO
0.1652 (1.64)
z
−0.0592 (−1.43)
z
−0.0010 (−0.05)
z
0.0099 (0.21)
z
0.0076 (0.53)
gdp
0.0372 (0.85)
gdp
0.0207 (0.98)
gdp
−0.0515 (−0.85)
gdp
0.0072 (0.49)
TR
−0.4068 (−1.97)
TR
0.0500 (0.50)
TR
−0.1972 (−0.96)
TR
0.1034 (1.39)
L2-TR
0.4335 (2.19)
L-TR
−0.0014 (−0.01)
L-TR
0.3492 (1.79)
L-TR
−0.0663 (−0.85)
_cons
−1.2167 (−1.77)
_cons
0.0287∗ (1.70)
_cons
−3.9318 (-2.75)
_cons
0.0241 (1.70)
Obs
180
Obs
180
Obs
180
Obs
180
Sections
10
Sections
10
Sections
10
Sections
10
Control period
YES
Control period
YES
Control period
YES
Control period
YES
Control area
YES
Control area
YES
Control area
YES
Control area
YES
Note. T-values are in parentheses. denotes statistical significance at 1%, denotes statistical significance at 5%, and denotes statistical significance at 10%. In addition, the newest data of variable KOFecgldj and KOFingldj indicator published by Gygli et al. [33] is disclosed only until the end of 2017. So the time period of all variables used for the robustness tests (4) and (5) is 2000–2017.
