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Tab

le 3

a. D

eter

min

ants

of T

rans

pare

ncy:

Lin

ear

Reg

ress

ion

Mod

els

for

1998

-200

4 A

vera

ge

I

II

III

IV

Con

stan

t -6

.92*

-7

.43*

-5

.59*

-4

.81

(-

2.78

) (-

3.08

) (-

2.84

) (-

1.77

) Pa

st in

flatio

n 2.

20

1.44

2.

94

3.49

(1.0

3)

(0.7

1)

(1.5

7)

(1.5

7)

Ope

nnes

s -0

.01

-0.0

1 -0

.01

-0.0

1

(-1.

12)

(-1.

40)

(-1.

42)

(-1.

07)

Fina

ncia

l Dep

th

-0.0

0 0.

00

0.00

-0

.00

(-

0.23

) (0

.08)

(0

.50)

(-

0.42

) G

DP

per C

apita

1.

19*

1.31

* 0.

88*

0.80

*

(3.3

5)

(4.0

8)

(3.3

0)

(1.9

2)

Rul

e of

Law

0.

02

(1.5

7)

Po

litic

al S

tabi

lity

0.

02

(1.3

5)

Voi

ce a

nd A

ccou

ntab

ility

0.

05*

(4.4

4)

G

over

nmen

t Eff

icie

ncy

0.

05*

(2.3

5)

R

-Squ

ared

0.

43

0.43

0.

53

0.45

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 3

b. D

eter

min

ants

of T

rans

pare

ncy:

Lin

ear

Reg

ress

ion

Mod

els

for

1998

-200

4 A

vera

ge

I

II

III

IV

Con

stan

t -8

.69*

-9

.49*

-7

.29*

-7

.01*

(-3.

31)

(-3.

85)

(-3.

12)

(-2.

46)

Past

infla

tion

-1.1

7 -1

.90

-0.5

0 0.

02

(-

0.53

) (-

0.88

) (-

0.24

) (0

.01)

Ex

chan

ge R

ate

Reg

ime

0.29

* 0.

30*

0.24

* 0.

28*

(4

.66)

(4

.77)

(4

.09)

(4

.52)

Fi

nanc

ial D

epth

-0

.00

-0.0

0 0.

00

-0.0

1

(-0.

63)

(-0.

37)

(0.3

0)

(-0.

85)

GD

P pe

r Cap

ita

1.10

* 1.

25*

0.86

* 0.

80

(3

.07)

(3

.88)

(2

.81)

(1

.90)

R

ule

of L

aw

0.03

(1

.66)

Polit

ical

Sta

bilit

y

0.02

(1

.43)

V

oice

and

Acc

ount

abili

ty

0.04

*

(3

.41)

Gov

ernm

ent E

ffic

ienc

y

0.04

*

(2

.18)

R-S

quar

ed

0.55

0.

54

0.60

0.

56

* de

note

s sig

nific

ance

at 5

%

Tab

le 3

c. D

eter

min

ants

of T

rans

pare

ncy:

Lin

ear

Reg

ress

ion

Mod

els

for

1998

-200

4 A

vera

ge

I

II

III

IV

Con

stan

t -9

.41

-10.

07

-7.9

7*

-7.5

7

(-3.

50)

(-3.

80)

(-3.

16)

(-2.

61)

Past

infla

tion

-1.6

7 -2

.23

-0.8

3 -0

.36

(-

0.74

) (-

1.00

) (-

0.38

) (-

0.15

) O

penn

ess

0.00

0.

00

0.00

0.

00

(0

.78)

(0

.41)

(0

.28)

(0

.78)

Ex

chan

ge R

ate

Reg

ime

0.32

* 0.

32*

0.26

* 0.

30*

(4

.85)

(4

.83)

(3

.98)

(4

.73)

Fi

nanc

ial D

epth

-0

.01

-0.0

0 0.

00

-0.0

1

(-0.

74)

(-0.

33)

(0.2

2)

(-0.

94)

GD

P pe

r Cap

ita

1.13

* 1.

27*

0.94

* 0.

79

(3

.15)

(3

.85)

(2

.94)

(1

.91)

R

ule

of L

aw

0.03

(1

.74)

Polit

ical

Sta

bilit

y

0.02

(1

.40)

V

oice

and

Acc

ount

abili

ty

0.04

*

(3

.01)

Gov

ernm

ent E

ffic

ienc

y

0.04

*

(2

.34)

R-S

quar

ed

0.57

0.

56

0.61

0.

59

* de

note

s sig

nific

ance

at 5

%

Tab

le 3

d. D

eter

min

ants

of T

rans

pare

ncy:

Lin

ear

Reg

ress

ion

Mod

els

for

1998

-200

4 A

vera

ge

I

II

III

IV

Con

stan

t -7

.02*

-8

.04*

-5

.51*

-4

.87

(2

.46)

(2

.83)

(-

2.13

) (-

1.60

) Pa

st in

flatio

n -0

.65

-1.2

7 0.

35

0.83

(-0.

27)

(-0.

52)

(0.1

5)

(0.3

3)

Ope

nnes

s -0

.01*

-0

.01*

-0

.01*

-0

.01*

(-2.

17)

(-2.

28)

(-2.

12)

(-2.

13)

Ope

nnes

s*ER

Reg

ime

0.

00*

0.00

* 0.

00*

0.00

*

(3.1

8)

(3.0

6)

(2.3

0)

(3.1

4)

Fina

ncia

l Dep

th

-0.0

0 0.

00

0.00

-0

.00

(-

0.38

) (0

.01)

(0

.57)

(-

0.62

) G

DP

per C

apita

1.

14*

1.35

* 0.

87*

0.73

(2.9

3)

(3.7

4)

(2.5

3)

(1.6

2)

Rul

e of

Law

0.

03

(1.7

0)

Po

litic

al S

tabi

lity

0.

02

(1.1

3)

Voi

ce a

nd A

ccou

ntab

ility

0.

04*

(3.2

8)

G

over

nmen

t Eff

icie

ncy

0.

05*

(2.4

6)

R

-Squ

ared

0.

49

0.48

0.

55

0.52

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 4

a. F

urth

er D

eter

min

ants

of T

rans

pare

ncy:

Lin

ear

Reg

ress

ion

Mod

els

for

1998

-200

4 A

vera

ge

I

II

III

IV

V

VI

Con

stan

t -6

.64*

-6

.08*

-4

.73

-6.5

0*

-4.7

1 -4

.45

(2

.59)

(-

2.66

) (-

1.73

) (-

2.96

) (-

1.70

) (-

176)

Pa

st in

flatio

n 2.

09

2.72

3.

65

2.91

3.

43

3.57

*

(0.9

7)

(1.3

9)

(1.6

2)

(1.5

5)

(1.5

2)

(1.7

3)

Ope

nnes

s -0

.00

-0.0

1 -0

.01

-0.0

1 -0

.01

-0.0

1

(-1.

22)

(-1.

40)

(-1.

01)

(-1.

05)

(-1.

08)

(-1.

40)

Fina

ncia

l Dep

th

-0.0

0 0.

00

-0.0

0 0.

00

-0.0

0 0.

00

(-

0.14

) (0

.59)

(-

0.40

) (0

.53)

(-

0.38

) (0

.29)

G

DP

per C

apita

1.

16*

0.96

* 0.

77

1.01

* 0.

79

0.68

(3.1

8)

(2.9

2)

(1.8

4)

(3.3

6)

(1.8

7)

(1.7

5)

Rul

e of

Law

0.

02

-0.0

1 -0

.02

(0.9

2)

(-0.

43)

(-0.

60)

Po

litic

al S

tabi

lity

0.01

-0

.01

0.00

(0

.49)

(-

0.94

) (0

.22)

Voi

ce a

nd A

ccou

ntab

ility

0.05

*

0.05

*

0.04

*

(4

.09)

(4.2

8)

(3

.70)

G

over

nmen

t Eff

icie

ncy

0.06

*

0.04

0.

01

(1

.82)

(1.9

0)

(0.7

3)

R

-Squ

ared

0.

44

0.53

0.

46

0.54

0.

46

0.54

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 4

b. F

urth

er D

eter

min

ants

of T

rans

pare

ncy:

Lin

ear

Reg

ress

ion

Mod

els

for

1998

-200

4 A

vera

ge

I

II

III

IV

V

VI

Con

stan

t -8

.56*

-7

.51*

-6

.95*

-7

.52*

-6

.96

-6.4

6*

(-

3.23

) (-

2.98

) (-

2.41

) (-

3.12

) (-

2.42

) (-

2.35

) Pa

st in

flatio

n -1

.33

-0.5

7 0.

15

-0.4

1 -0

.15

-0.0

5

(-0.

59)

(-0.

27)

(0.0

6)

(-0.

20)

(0.0

6)

(-0.

02)

ER R

egim

e D

umm

y 0.

29*

0.24

* 0.

27*

0.24

* 0.

28*

0.24

*

(4.6

6)

(3.9

9)

(4.4

3)

(3.8

6)

(4.4

9)

(4.0

8)

Fina

ncia

l Dep

th

-0.0

0 0.

00

-0.0

1 0.

00

-0.0

1 0.

00

(-

0.59

) (0

.37)

(-

0.84

) (0

.38)

(-

0.81

) (0

.04)

G

DP

per C

apita

1.

08*

0.90

* 0.

79

0.90

* 0.

79

0.71

(2.9

7)

(2.5

9)

(1.8

5)

(2.8

0)

(1.8

7)

(1.7

7)

Rul

e of

Law

0.

02

-0.0

0 -0

.01

(0.9

6)

(-0.

25)

(-0.

25)

Po

litic

al S

tabi

lity

0.01

-0

.01

0.00

(0

.49)

(-

0.43

) (0

.36)

Voi

ce a

nd A

ccou

ntab

ility

0.04

*

0.04

*

0.04

*

(2

.91)

(3.0

6)

(2

.59)

G

over

nmen

t Eff

icie

ncy

0.05

*

0.04

* 0.

01

(1

.39)

(1.6

5)

(0.5

8)

R

-Squ

ared

0.

55

0.60

0.

56

0.60

0.

56

0.60

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 4

c. F

urth

er D

eter

min

ants

of T

rans

pare

ncy:

Lin

ear

Reg

ress

ion

Mod

els

for

1998

-200

4 A

vera

ge

I

II

III

IV

V

VI

Con

stan

t -9

.21*

-7

.96*

-7

.51*

-8

.14*

-7

.49*

-6

.80*

(-3.

33)

(-2.

99)

(-2.

56)

(-3.

08)

(-2.

54)

(-2.

38)

Past

infla

tion

-1.7

1 -0

.83

-0.2

0 -0

.81

-0.4

3 -0

.19

(-

0.75

) (-

0.38

) (-

0.08

) (-

0.37

) (-

0.18

) (-

0.08

) O

penn

ess

0.00

0.

00

0.00

0.

00

0.00

0.

00

(0

.59)

(0

.28)

(0

.79)

(0

.33)

(0

.65)

(0

.34)

ER

Reg

ime

Dum

my

0.32

* 0.

26*

0.30

* 0.

26*

0.30

* 0.

26*

(4

.81)

(3

.89)

(4

.65)

(3

.86)

(4

.69)

(4

.02)

Fi

nanc

ial D

epth

-0

.00

0.00

-0

.01

0.00

-0

.01

-0.0

0

(-0.

63)

(0.2

0)

(-0.

94)

(0.2

4)

(-0.

87)

(-0.

13)

GD

P pe

r Cap

ita

1.11

* 0.

94*

0.77

0.

96*

0.78

0.

71

(3

.02)

(2

.64)

(1

.84)

(2

.85)

(1

.86)

(1

.76)

R

ule

of L

aw

0.02

0.

00

-0.0

3

(1

.08)

(0

.02)

(-

0.33

)

Polit

ical

Sta

bilit

y 0.

01

-0.0

0 0.

00

(0.3

7)

(-0.

24)

(0.2

2)

V

oice

and

Acc

ount

abili

ty

0.

04*

0.

04*

-6

.80*

(2

.38)

(2.6

1)

(-

2.38

) G

over

nmen

t Eff

icie

ncy

0.06

0.04

-0

.19

(1

.56)

(1.8

5)

(-0.

08)

R

-Squ

ared

0.

57

0.61

0.

59

0.61

0.

59

0.61

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 4

d. F

urth

er D

eter

min

ants

of T

rans

pare

ncy:

Lin

ear

Reg

ress

ion

Mod

els

for

1998

-200

4 A

vera

ge

I

II

III

IV

V

VI

Con

stan

t -6

.99*

-5

.71*

-4

.78*

-6

.07*

-4

.94

-4.3

1

(-2.

37)

(-2.

07)

(-1.

56)

(-2.

22)

(-1.

59)

(-1.

45)

Past

infla

tion

-0.6

5 0.

30

1.10

0.

37

0.87

0.

98

(-

0.26

) (0

.13)

(0

.43)

(0

.16)

(0

.34)

(0

.40)

O

penn

ess

-0.0

1*

-0.0

1*

-0.0

1*

-0.0

1 -0

.01

-0.0

1*

(-

2.06

) (-

2.08

) (-

2.06

) (-

1.79

) (-

1.97

) (-

2.13

) O

penn

ess*

ER R

egim

e

0.00

* 0.

00*

0.00

* 0.

00*

0.00

* 0.

00*

(3

.13)

(2

.21)

(3

.09)

(2

.24)

(3

.11)

(2

.38)

Fi

nanc

ial D

epth

-0

.00

0.00

-0

.00

0.00

-0

.01

0.00

(-0.

36)

(0.6

0)

(-0.

62)

(0.5

9)

(-0.

63)

(0.2

1)

GD

P pe

r Cap

ita

1.14

* 0.

90*

0.00

* 0.

94*

0.73

0.

64

(2

.86)

(2

.37)

(1

.54)

(2

.59)

(1

.62)

(1

.47)

R

ule

of L

aw

0.03

-0

.00

-0.0

2

(1

.25)

(-

0.21

) (-

0.55

)

Polit

ical

Sta

bilit

y 0.

00

-0.0

1 -0

.00

(0.0

5)

(-0.

65)

(-0.

16)

V

oice

and

Acc

ount

abili

ty

0.

04*

0.

05*

0.

03

(2.7

3)

(3

.10)

(2.2

3)

Gov

ernm

ent E

ffic

ienc

y

0.

07

0.

05*

0.02

(1.8

1)

(2

.415

) (0

.83)

R-S

quar

ed

0.49

0.

55

0.52

0.

55

0.52

0.

55

* de

note

s sig

nific

ance

at 5

%

Tab

le 5

a. D

eter

min

ants

of T

rans

pare

ncy,

Fix

ed E

ffec

ts M

odel

s

I

II

III

IV

Con

stan

t -2

7.23

-3

2.82

-3

3.63

-3

3.48

(-0.

08)

(-0.

10)

(-0.

10)

(-0.

10)

Past

infla

tion

-0.1

0 0.

10

0.08

-0

.03

(-

0.30

) (0

.27)

(0

.21)

(-

0.09

) O

penn

ess

0.00

0.

01

0.00

0.

00

(0

.48)

(1

.18)

(0

.82)

(0

.77)

Fi

nanc

ial D

epth

-0

.00

-0.0

0 -0

.00

-0.0

0

(-0.

35)

(-0.

49)

(-0.

28)

(-0.

37)

GD

P pe

r Cap

ita

3.87

* 4.

31*

4.38

* 4.

40*

(8

.82)

(9

.75)

(1

0.11

) (1

0.16

) R

ule

of L

aw

-0.0

4*

(-4.

37)

Po

litic

al S

tabi

lity

-0

.01

(-1.

47)

Voi

ce a

nd A

ccou

ntab

ility

-0

.01

(-0.

56)

G

over

nmen

t Eff

icie

ncy

-0

.01

(-1.

24)

H

ausm

ann

test

14

.61*

20

.48*

28

.11*

23

.10*

R

-Squ

ared

0.

97

0.97

0.

97

0.97

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 5

b. D

eter

min

ants

of T

rans

pare

ncy,

Fix

ed E

ffec

ts M

odel

s

I

II

III

IV

Con

stan

t -3

4.52

-4

0.65

-4

1.50

-4

0.87

(-0.

09)

(-0.

11)

(-0.

11)

(-0.

11)

Past

infla

tion

-0.0

3 0.

10

0.10

-0

.04

(-

0.09

) (0

.25)

(0

.27)

(-

0.11

) ER

Reg

ime

Dum

my

0.09

* 0.

12*

0.12

* 0.

11*

(2

.52)

(3

.41)

(3

.39)

(3

.19)

Fi

nanc

ial D

epth

-0

.00

-0.0

0 -0

.00

-0.0

0

(-0.

16)

(-0.

10)

(-0.

13)

(-0.

19)

GD

P pe

r Cap

ita

4.61

* 5.

05*

5.11

* 5.

15*

(9

.35)

(1

0.41

) (1

0.70

) (1

0.79

) R

ule

of L

aw

-0.0

4*

(-3.

22)

Po

litic

al S

tabi

lity

-0

.00

(-0.

47)

Voi

ce a

nd A

ccou

ntab

ility

0.

00

(0.3

3)

G

over

nmen

t Eff

icie

ncy

-0

.01

(-1.

27)

H

auss

man

n te

st

15.9

6*

22.6

1*

25.5

8*

23.7

0*

R-S

quar

ed

0.97

0.

97

0.97

0.

97

* de

note

s sig

nific

ance

at 5

%

Tab

le 5

c. D

eter

min

ants

of T

rans

pare

ncy,

Fix

ed E

ffec

ts M

odel

s

I

II

III

IV

Con

stan

t -3

4.37

-4

0.44

-4

1.16

-4

0.26

(-0.

09)

(-0.

11)

(-0.

11)

(-0.

11)

Past

infla

tion

-0.0

8 0.

05

0.06

-0

.08

(-

0.22

) (0

.14)

(0

.16)

(-

0.19

) O

penn

ess

-0.0

0 0.

00

0.00

0.

00

(-

0.01

) (0

.34)

(0

.34)

(0

.39)

ER

Reg

ime

Dum

my

0.10

* 0.

13*

0.12

* 0.

12*

(2

.76)

(3

.63)

(3

.56)

(3

.39)

Fi

nanc

ial D

epth

-0

.01

-0.0

1 -0

.01

-0.0

1

(-0.

83)

(-0.

88)

(-0.

92)

(-0.

96)

GD

P pe

r Cap

ita

4.63

* 5.

04*

5.07

* 5.

10*

(9

.00)

(9

.90)

(1

0.09

) (1

0.14

) R

ule

of L

aw

-0.0

4*

(-3.

08)

Po

litic

al S

tabi

lity

-0

.00

(-0.

14)

Voi

ce a

nd A

ccou

ntab

ility

0.

01

(0.7

0)

G

over

nmen

t Eff

icie

ncy

-0

.01

(-1.

19)

H

auss

man

n te

st

15.2

9*

20.5

2*

22.7

4*

21.1

7*

R-S

quar

ed

0.97

0.

97

0.97

0.

97

* de

note

s sig

nific

ance

at 5

%

Tab

le 5

d. D

eter

min

ants

of T

rans

pare

ncy,

Fix

ed E

ffec

ts M

odel

s

I

II

III

IV

Con

stan

t -3

1.95

-3

8.33

-3

9.40

-3

8.37

(-0.

08)

(-0.

10)

(-0.

10)

(-0.

10)

Past

infla

tion

-0.0

9 0.

07

0.09

-0

.12

(-

0.24

) (0

.19)

(0

.22)

(-

0.29

) O

penn

ess

-0.0

0 -0

.00

-0.0

0 -0

.00

(-

0.70

) (-

0.43

) (-

0.40

) (-

0.37

) O

penn

ess*

ER D

umm

y 0.

00

0.00

* 0.

00*

0.00

*

(1.9

7)

(2.3

3)

(2.2

6)

(2.2

9)

Fina

ncia

l Dep

th

-0.0

1 -0

.01

-0.0

1 -0

.01

(-

0.55

) (-

0.54

) (-

0.61

) (-

0.69

) G

DP

per C

apita

4.

46*

4.89

* 4.

94*

4.99

*

(8.7

1)

(9.5

4)

(9.7

6)

(9.8

7)

Rul

e of

Law

-0

.04*

(-

3.68

)

Polit

ical

Sta

bilit

y

-0.0

0

(-

0.31

)

V

oice

and

Acc

ount

abili

ty

0.01

(0

.83)

Gov

ernm

ent E

ffic

ienc

y

-0.0

2*

(-1.

72)

H

auss

man

n te

st

13.3

6*

19.1

0*

21.9

2*

19.4

7*

R-S

quar

ed

0.97

0.

97

0.97

0.

97

* de

note

s sig

nific

ance

at 5

%

Tab

le 6

a. D

eter

min

ants

of T

rans

pare

ncy

Inde

x, F

ixed

Eff

ects

Mod

els,

Mul

tiple

Pol

itica

l Var

iabl

es

I

II

III

IV

V

VI

Con

stan

t -2

7.50

-2

7.32

-2

6.98

-3

2.90

-3

2.79

-3

3.21

(-0.

08)

(-0.

08)

(-0.

09)

(-0.

10)

(-0.

10)

(-0.

10)

Past

infla

tion

-0.0

9 -0

.11

-0.0

6 0.

10

0.02

-0

.04

(-

0.26

) (-

0.30

) (-

0.17

) (0

.28)

(0

.06)

(-

0.10

) O

penn

ess

0.00

0.

00

0.00

0.

01

0.01

0.

00

(0

.64)

(0

.41)

(0

.47)

(1

.15)

(1

.18)

(0

.81)

Fi

nanc

ial D

epth

-0

.00

-0.0

0 -0

.00

-0.0

0 -0

.01

-0.0

0

(-0.

44)

(-0.

35)

(-0.

32)

(-0.

50)

(-0.

55)

(-0.

37)

GD

P pe

r Cap

ita

3.90

* 3.

86*

3.84

* 4.

30*

4.34

* 4.

39*

(8

.70)

(8

.77)

(8

.61)

(9

.73)

(9

.78)

(1

0.13

) R

ule

of L

aw

-0.0

4*

-0.0

4*

-0.0

4*

(-3.

77)

(-4.

38)

(-4.

22)

Po

litic

al S

tabi

lity

0.00

-0

.01

-0.0

1

(0

.33)

(-

1.47

) (-

1.18

)

Voi

ce a

nd A

ccou

ntab

ility

0.01

0.00

-0.0

0

(0

.62)

(0.2

8)

(-

0.49

) G

over

nmen

t Eff

icie

ncy

0.00

-0.0

1 -0

.01

(0

.51)

(-0.

80)

(-1.

21)

H

auss

man

Tes

t 13

.67*

18

.38*

14

.79*

24

.42*

19

.86*

25

.74*

R

-Squ

ared

0.

97

0.97

0.

97

0.97

0.

97

0.97

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 6

b. D

eter

min

ants

of T

rans

pare

ncy

Inde

x, F

ixed

Eff

ects

Mod

els,

Mul

tiple

Pol

itica

l Var

iabl

es

I

II

III

IV

V

VI

Con

stan

t -3

4.84

-3

4.76

-3

4.62

-4

0.85

-4

0.78

-4

1.19

(-0.

09)

(-0.

09)

(-0.

09)

(-0.

11)

(-0.

11)

(-0.

11)

Past

infla

tion

-0.0

5 -0

.03

-0.0

6 0.

10

-0.0

4 -0

.04

(-

0.13

) (-

0.09

) (-

0.14

) (0

.27)

(-

0.10

) (-

0.10

) ER

Reg

ime

Dum

my

0.08

* 0.

08*

0.09

* 0.

11*

0.11

* 0.

11*

(2

.44)

(2

.24)

(2

.49)

(3

.30)

(3

.18)

(3

.11)

Fi

nanc

ial D

epth

-0

.00

-0.0

0 -0

.00

-0.0

0 -0

.00

-0.0

0

(-0.

18)

(-0.

24)

(-0.

17)

(-0.

13)

(-0.

19)

(-0.

21)

GD

P pe

r Cap

ita

4.64

* 4.

59*

4.64

* 5.

05*

5.14

* 5.

16*

(9

.40)

(9

.31)

(9

.22)

(1

0.40

) (1

0.48

) (1

0.78

) R

ule

of L

aw

-0.0

4*

-0.0

4*

-0.0

4*

(-3.

41)

(-3.

45)

(-2.

96)

Po

litic

al S

tabi

lity

0.01

-0

.00

-0.0

0

(1

.21)

(-

0.60

) (-

0.07

)

Voi

ce a

nd A

ccou

ntab

ility

0.01

0.01

0.00

(1

.26)

(0.5

0)

(0

.43)

G

over

nmen

t Eff

icie

ncy

-0.0

0

-0.0

1 -0

.01

(-

0.24

)

(-1.

18)

(-1.

30)

H

auss

man

Tes

t 16

.02*

17

.35*

16

.29*

23

.47*

21

.87*

23

.91*

R

-Squ

ared

0.

97

0.97

0.

97

0.97

0.

97

0.97

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 6

c. D

eter

min

ants

of T

rans

pare

ncy

Inde

x, F

ixed

Eff

ects

Mod

els,

Mul

tiple

Pol

itica

l Var

iabl

es

I

II

III

IV

V

VI

Con

stan

t -3

4.73

-3

4.73

-3

4.44

-4

0.79

-4

0.56

-4

0.86

(-0.

09)

(-0.

09)

(-0.

09)

(-0.

11)

(-0.

11)

(-0.

11)

Past

infla

tion

-0.1

1 -0

.09

-0.1

0 0.

06

-0.0

8 -0

.07

(-

0.28

) (-

0.23

) (-

0.25

) (0

.16)

(-

0.21

) (-

0.19

) O

penn

ess

0.00

-0

.00

0.00

0.

00

0.00

0.

00

(0

.03)

(-

0.11

) (0

.01)

(0

.31)

(0

.41)

(0

.37)

ER

Reg

ime

Dum

my

0.09

* 0.

09*

0.10

* 0.

12*

0.12

* 0.

12*

(2

.66)

(2

.43)

(2

.73)

(3

.50)

(3

.38)

(3

.28)

Fi

nanc

ial D

epth

-0

.01

-0.0

1 -0

.01

-0.0

1 -0

.01

-0.0

1

(-0.

90)

(-0.

91)

(-0.

84)

(-0.

90)

(-0.

98)

(-1.

00)

GD

P pe

r Cap

ita

4.66

* 4.

61*

4.64

* 5.

04*

5.12

* 5.

12*

(9

.06)

(8

.98)

(8

.89)

(9

.90)

(9

.98)

(1

0.17

) R

ule

of L

aw

-0.0

4*

-0.0

4*

-0.0

4*

(-3.

44)

(-3.

43)

(-2.

83)

Po

litic

al S

tabi

lity

0.01

-0

.00

0.00

(1

.53)

(-

0.37

) (0

.26)

Voi

ce a

nd A

ccou

ntab

ility

0.02

0.01

0.01

(1

.66)

(0.7

8)

(0

.78)

G

over

nmen

t Eff

icie

ncy

-0.0

0

-0.0

1 -0

.01

(-

0.18

)

(-1.

21)

(-1.

24)

H

auss

man

Tes

t 15

.46*

16

.07*

15

.65*

21

.29*

20

.04*

21

.41*

R

-Squ

ared

0.

97

0.97

0.

97

0.97

0.

97

0.97

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 6

d. D

eter

min

ants

of T

rans

pare

ncy

Inde

x, F

ixed

Eff

ects

Mod

els,

Mul

tiple

Pol

itica

l Var

iabl

es

I

II

III

IV

V

VI

Con

stan

t -3

2.45

-3

2.65

-3

2.18

-3

8.84

-3

8.68

-3

9.14

(-0.

09)

(-0.

09)

(-0.

08)

(-0.

10)

(-0.

10)

(-0.

10)

Past

infla

tion

-0.1

2 -0

.10

-0.1

4 0.

08

-0.1

2 -0

.11

(-

0.31

) (-

0.25

) (-

0.34

) (0

.21)

(-

0.31

) (-

0.38

) O

penn

ess

-0.0

0 -0

.00

-0.0

0 -0

.00

-0.0

0 -0

.00

(-

0.65

) (-

0.72

) (-

0.67

) (-

0.43

) (-

0.35

) (-

0.36

) O

penn

ess*

ER D

umm

y 0.

00

0.00

0.

00*

0.00

* 0.

00*

0.00

*

(1.9

3)

(1.7

2)

(1.9

7)

(2.2

1)

(2.2

9)

(2.1

9)

Fina

ncia

l Dep

th

-0.0

1 -0

.01

-0.0

1 -0

.01

-0.0

1 -0

.01

(-

0.64

) (-

0.68

) (-

0.59

) (-

0.59

) (-

0.70

) (-

0.75

) G

DP

per C

apita

4.

50*

4.45

* 4.

50*

4.89

* 5.

02*

5.02

*

(8.8

0)

(8.7

4)

(8.6

3)

(9.5

6)

(9.7

2)

(9.9

1)

Rul

e of

Law

-0

.05*

-0

.05*

-0

.04*

(-

4.03

) (-

4.05

) (-

3.26

)

Polit

ical

Sta

bilit

y 0.

01

-0.0

0 0.

00

(1.6

6)

(-0.

59)

(0.2

7)

V

oice

and

Acc

ount

abili

ty

0.

02

0.

01

0.

01

(1.8

8)

(0

.96)

(0.9

2)

Gov

ernm

ent E

ffic

ienc

y

-0

.00

-0

.02

-0.0

2

(-0.

44)

(-

1.71

) (-

1.77

)

Hau

ssm

an T

est

13.5

8*

14.6

1*

13.8

0*

20.3

3*

18.4

4*

20.2

2*

R-S

quar

ed

0.97

0.

97

0.97

0.

97

0.97

0.

97

* de

note

s sig

nific

ance

at 5

%

Tab

le 7

aa. L

inea

r R

egre

ssio

n M

odel

s for

200

4: D

eter

min

ants

of P

oliti

cal T

rans

pare

ncy

Inde

x

I

II

III

IV

Con

stan

t -1

.47

-1.0

8 -0

.22

-1.5

4

(-1.

68)

(-1.

18)

(-0.

25)

(-1.

44)

Past

infla

tion

0.10

0.

30

0.24

0.

17

(0

.06)

(0

.18)

(0

.14)

(0

.10)

O

penn

ess

0.00

0.

00

0.00

0.

00

(1

.07)

(1

.04)

(0

.53)

(0

.87)

Fi

nanc

ial D

epth

-0

.01*

-0

.01*

-0

.01*

-0

.01*

(-2.

86)

(-3.

08)

(-2.

81)

(-2.

72)

GD

P pe

r Cap

ita

0.46

* 0.

39*

0.24

* 0.

47*

(3

.91)

(3

.34)

(2

.21)

(3

.04)

R

ule

of L

aw

-0.0

1

(-

1.19

)

Polit

ical

Sta

bilit

y

-0.0

0

(-

0.35

)

V

oice

and

Acc

ount

abili

ty

0.01

*

(2

.32)

Gov

ernm

ent E

ffic

ienc

y

-0.0

1

(-

0.89

)

R-S

quar

e 0.

29

0.27

0.

33

0.28

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 7

ab. L

inea

r R

egre

ssio

n M

odel

s for

200

4: D

eter

min

ants

of P

oliti

cal T

rans

pare

ncy

Inde

x

I

II

III

IV

Con

stan

t -1

.23

-0.4

2 0.

01

-1.2

8

(-1.

18)

(-0.

34)

(0.0

1)

(-1.

09)

Past

infla

tion

-1.1

3 -1

.06

-0.6

6 -1

.11

(-

0.66

) (-

0.59

) (-

0.34

) (-

0.64

) ER

Reg

ime

Dum

my

0.04

0.

04*

0.03

0.

04

(1

.91)

(1

.94)

(1

.42)

(1

.92)

Fi

nanc

ial D

epth

-0

.01*

-0

.01*

-0

.01*

-0

.01*

(-2.

32)

(-2.

76)

(-2.

36)

(-2.

35)

GD

P pe

r Cap

ita

0.41

* 0.

28

0.21

0.

41*

(2

.99)

(1

.77)

(1

.54)

(2

.56)

R

ule

of L

aw

-0.0

0

(0

.40)

Polit

ical

Sta

bilit

y

0.00

(0

.71)

V

oice

and

Acc

ount

abili

ty

0.01

(1

.81)

Gov

ernm

ent E

ffic

ienc

y

-0.0

0

(-

0.68

)

R-S

quar

e 0.

26

0.26

0.

29

0.25

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 7

ac. L

inea

r R

egre

ssio

n M

odel

s for

200

4: D

eter

min

ants

of P

oliti

cal T

rans

pare

ncy

Inde

x

I

II

III

IV

Con

stan

t -1

.87

-1.5

4 -0

.90

-1.9

7

(-1.

95)

(-1.

45)

(-0.

87)

(-1.

82)

Past

infla

tion

-1.8

2 -1

.66

-1.3

7 -1

.80

(-

0.99

) (-

0.92

) (-

0.70

) (-

0.97

) O

penn

ess

0.00

0.

00

0.00

0.

00

(1

.99)

(1

.96)

(1

.45)

(1

.84)

ER

Reg

ime

Dum

my

0.06

* 0.

06*

0.05

* 0.

06*

(2

.59)

(2

.53)

(2

.23)

(2

.64)

Fi

nanc

ial D

epth

-0

.01*

-0

.01*

-0

.01*

-0

.01*

(-4.

04)

(-4.

23)

(-3.

45)

(-3.

84)

GD

P pe

r Cap

ita

0.45

* 0.

39*

0.29

* 0.

46*

(3

.48)

(2

.81)

(2

.23)

(2

.93)

R

ule

of L

aw

-0.0

0

(-

0.99

)

Polit

ical

Sta

bilit

y

-0.0

0

(-

0.18

)

V

oice

and

Acc

ount

abili

ty

0.01

(1

.16)

Gov

ernm

ent E

ffic

ienc

y

-0.0

0

(-

0.78

)

R-S

quar

e 0.

36

0.35

0.

37

0.35

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 7

ad. L

inea

r R

egre

ssio

n M

odel

s for

200

4: D

eter

min

ants

of P

oliti

cal T

rans

pare

ncy

Inde

x

I

II

III

IV

Con

stan

t -1

.38

-1.1

3 -0

.32

-1.3

5

(-1.

37)

(-1.

02)

(-0.

30)

(-1.

14)

Past

infla

tion

-0.7

9 -0

.63

-0.3

9 -0

.72

(-

0.43

) (-

0.35

) (-

0.20

) (-

0.39

) O

penn

ess

0.00

0.

00

0.00

0.

00

(0

.50)

(0

.53)

(0

.28)

(0

.36)

O

penn

ess*

ER D

umm

y 0.

00

0.00

0.

00

0.00

(1.4

2)

(1.4

1)

(1.0

0)

(1.4

5)

Fina

ncia

l Dep

th

-0.0

1*

-0.0

1*

-0.0

1*

-0.0

1*

(-

3.25

) (-

3.47

) (-

2.92

) (-

3.20

) G

DP

per C

apita

0.

45

0.40

* 0.

26

0.44

*

(3.3

7)

(2.8

3)

(1.9

2)

(2.5

8)

Rul

e of

Law

-0

.00

(-0.

96)

Po

litic

al S

tabi

lity

-0

.00

(-0.

35)

Voi

ce a

nd A

ccou

ntab

ility

0.

01

(1.4

6)

G

over

nmen

t Eff

icie

ncy

-0

.00

(-0.

58)

R

-Squ

are

0.30

0.

29

0.32

0.

29

* de

note

s sig

nific

ance

at 5

%

Tab

le 7

ba: L

inea

r R

egre

ssio

n M

odel

s for

199

8-20

04 A

vera

ge: D

eter

min

ants

of P

oliti

cal T

rans

pare

ncy

Inde

x

I

II

III

IV

Con

stan

t -1

.04

-0.8

7 -0

.35

-0.4

5

(-1.

32)

(-1.

14)

(-0.

51)

(-0.

51)

Past

infla

tion

0.18

0.

326

0.52

0.

48

(0

.26)

(0

.41)

(0

.81)

(0

.67)

O

penn

ess

0.00

0.

00

0.00

0.

00

(0

.80)

(0

.75)

(0

.68)

(0

.78)

Fi

nanc

ial D

epth

-0

.01*

-0

.01*

-0

.00*

-0

.01*

(-2.

08)

(-2.

18)

(-2.

04)

(-2.

28)

GD

P pe

r Cap

ita

0.37

* 0.

34*

0.23

0.

26

(3

.24)

(3

.30)

(2

.55)

(1

.94)

R

ule

of L

aw

-0.0

0

(-

0.36

)

Polit

ical

Sta

bilit

y

0.00

(-

0.02

)

V

oice

and

Acc

ount

abili

ty

0.01

*

(1

.79)

Gov

ernm

ent E

ffic

ienc

y

0.00

(0

.67)

R-S

quar

e 0.

21

0.21

0.

24

0.22

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 7

bb: L

inea

r R

egre

ssio

n M

odel

s for

199

8-20

04 A

vera

ge: D

eter

min

ants

of P

oliti

cal T

rans

pare

ncy

Inde

x

I

II

III

IV

Con

stan

t -0

.74

-0.2

9 0.

36

-0.0

8

(-0.

83)

(-0.

35)

(0.4

5)

(-0.

08)

Past

infla

tion

-0.3

1 -0

.19

0.10

-0

.03

(-

0.42

) (-

0.26

) (0

.14)

(-

0.04

) ER

Reg

ime

Dum

my

0.02

0.

02

0.01

0.

01

(0

.75)

(0

.75)

(0

.28)

(0

.67)

Fi

nanc

ial D

epth

-0

.01*

-0

.01*

-0

.00*

-0

.01*

(-2.

23)

(-2.

48)

(-2.

19)

(-2.

51)

GD

P pe

r Cap

ita

0.36

* 0.

28*

0.16

0.

24

(2

.91)

(2

.54)

(1

.50)

(1

.65)

R

ule

of L

aw

-0.0

0

(-

0.65

)

Polit

ical

Sta

bilit

y

0.00

(0

.32)

V

oice

and

Acc

ount

abili

ty

0.01

(1

.97)

Gov

ernm

ent E

ffic

ienc

y

0.00

(0

.52)

R-S

quar

e 0.

19

0.19

0.

23

0.19

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 7

bc: L

inea

r R

egre

ssio

n M

odel

s for

199

8-20

04 A

vera

ge: D

eter

min

ants

of P

oliti

cal T

rans

pare

ncy

Inde

x

I

II

III

IV

Con

stan

t -1

.21

-0.9

4 -0

.07

-0.5

3

(-1.

33)

(-1.

05)

(-0.

08)

(-0.

53)

Past

infla

tion

-0.7

0 -0

.58

-0.2

3 -0

.41

(-

0.91

) (-

0.77

) (-

0.30

) (-

0.50

) O

penn

ess

0.00

0.

00

0.00

0.

00

(1

.91)

(1

.83)

(1

.49)

(1

.81)

ER

Reg

ime

Dum

my

0.03

0.

03

0.02

0.

03

(1

.38)

(1

.35)

(0

.81)

(1

.29)

Fi

nanc

ial D

epth

-0

.01*

-0

.01*

-0

.01*

-0

.01*

(-2.

82)

(-3.

02)

(-2.

64)

(-3.

03)

GD

P pe

r Cap

ita

0.38

* 0.

33*

0.19

0.

26

(3

.14)

(2

.96)

(1

.58)

(1

.82)

R

ule

of L

aw

-0.0

0

(-

0.79

)

Polit

ical

Sta

bilit

y

-0.0

0

(-

0.26

)

V

oice

and

Acc

ount

abili

ty

0.01

(1

.58)

Gov

ernm

ent E

ffic

ienc

y

0.00

(0

.43)

R-S

quar

e 0.

24

0.23

0.

26

0.23

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 7

bd: L

inea

r R

egre

ssio

n M

odel

s for

199

8-20

04 A

vera

ge: D

eter

min

ants

of P

oliti

cal T

rans

pare

ncy

Inde

x

I

II

III

IV

Con

stan

t -0

.99

-0.7

6 0.

10

-0.2

8

(-1.

10)

(-0.

86)

(0.1

2)

(-0.

29)

Past

infla

tion

-0.6

1 -0

.51

-0.1

5 -0

.31

(-

0.80

) (-

0.68

) (-

0.19

) (-

0.39

) O

penn

ess

0.00

0.

00

0.00

0.

00

(0

.90)

(0

.91)

(0

.92)

(0

.86)

O

penn

ess*

ER D

umm

y 0.

00

0.00

0.

00

0.00

(1.0

7)

(1.0

7)

(0.5

2)

(1.0

1)

Fina

ncia

l Dep

th

-0.0

1*

-0.0

1*

-0.0

1 -0

.01*

(-2.

70)

(-2.

90)

(-2.

56)

(-2.

93)

GD

P pe

r Cap

ita

0.38

* 0.

34*

0.19

0.

26

(3

.13)

(3

.01)

(1

.69)

(1

.77)

R

ule

of L

aw

-0.0

0

(-

0.76

)

Polit

ical

Sta

bilit

y

-0.0

0

(-

0.32

)

V

oice

and

Acc

ount

abili

ty

0.01

*

(1

.68)

Gov

ernm

ent E

ffic

ienc

y

0.00

(0

.51)

R-S

quar

e 0.

23

0.22

0.

25

0.22

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 8

aa. L

inea

r R

egre

ssio

n M

odel

s for

200

4: D

eter

min

ants

of E

cono

mic

Tra

nspa

renc

y In

dex

I II

II

I IV

C

onst

ant

-2.1

7*

-2.7

4*

-1.6

0*

-1.1

8

(-3.

04)

(-3.

30)

(-2.

45)

(-1.

25)

Past

infla

tion

0.60

0.

44

0.36

0.

70

(0

.54)

(0

.41)

(0

.28)

(0

.58)

O

penn

ess

-0.0

0 -0

.00

-0.0

0*

-0.0

0

(-1.

91)

(-1.

58)

(-2.

27)

(-1.

71)

Fina

ncia

l Dep

th

0.00

0.

00*

0.01

* 0.

00

(1

.75)

(2

.02)

(2

.48)

(1

.26)

G

DP

per C

apita

0.

31*

0.40

* 0.

20*

0.15

(3.1

0)

(3.5

3)

(2.2

8)

(1.0

6)

Rul

e of

Law

0.

01

(1.1

4)

Po

litic

al S

tabi

lity

-0

.00

(-0.

10)

Voi

ce a

nd A

ccou

ntab

ility

0.

01*

(3.8

6)

G

over

nmen

t Eff

icie

ncy

0.

01*

(2.1

9)

R

-Squ

are

0.28

0.

27

0.39

0.

31

* de

note

s sig

nific

ance

at 5

%

Tab

le 8

ab. L

inea

r R

egre

ssio

n M

odel

s for

200

4: D

eter

min

ants

of E

cono

mic

Tra

nspa

renc

y In

dex

I II

II

I IV

C

onst

ant

-3.4

2*

-4.0

8*

-3.3

4*

-2.6

6*

(-

4.65

) (-

5.50

) (-

4.60

) (-

2.80

) Pa

st in

flatio

n -2

.78*

-3

.06*

-2

.69*

-2

.63*

(-2.

31)

(-2.

73)

(-2.

11)

(-2.

03)

ER R

egim

e D

umm

y 0.

12*

0.12

* 0.

11*

0.12

(5.4

0)

(5.4

6)

(4.9

7)

(5.3

4)

Fina

ncia

l Dep

th

0.00

0.

00

0.00

0.

00

(1

.12)

(1

.60)

(1

.82)

(0

.85)

G

DP

per C

apita

0.

33*

0.44

* 0.

32*

0.21

(3.4

6)

(4.4

4)

(3.4

4)

(1.5

6)

Rul

e of

Law

0.

01

(1.8

0)

Po

litic

al S

tabi

lity

0.

00

(0.2

4)

Voi

ce a

nd A

ccou

ntab

ility

0.

01*

(2.4

0)

G

over

nmen

t Eff

icie

ncy

0.

01*

(2.3

1)

R

-Squ

are

0.58

0.

57

0.59

0.

59

* de

note

s sig

nific

ance

at 5

%

Tab

le 8

ac. L

inea

r R

egre

ssio

n M

odel

s for

200

4: D

eter

min

ants

of E

cono

mic

Tra

nspa

renc

y In

dex

I II

II

I IV

C

onst

ant

-3.3

4*

-3.9

2*

-3.1

9*

-2.5

2*

(-

4.05

) (-

4.63

) (-

3.83

) (-

2.48

) Pa

st in

flatio

n -2

.60

-2.7

9*

-2.3

7 -2

.46

(-

1.98

) (-

2.22

) (-

1.69

) (-

1.76

) O

penn

ess

0.00

0.

00

-0.0

0 0.

00

(0

.03)

(0

.12)

(-

0.36

) (0

.29)

ER

Dum

my

0.11

* 0.

11*

0.10

* 0.

11*

(4

.00)

(4

.01)

(3

.52)

(3

.99)

Fi

nanc

ial D

epth

0.

00

0.00

0.

00

0.00

(0.9

7)

(1.2

6)

(1.5

9)

(0.5

5)

GD

P pe

r Cap

ita

0.33

* 0.

43*

0.31

0.

19

(3

.33)

(3

.99)

(3

.16)

(1

.41)

R

ule

of L

aw

0.01

(1

.53)

Polit

ical

Sta

bilit

y

0.00

(0

.02)

V

oice

and

Acc

ount

abili

ty

0.01

*

(1

.90)

Gov

ernm

ent E

ffic

ienc

y

0.01

*

(2

.27)

R-S

quar

e 0.

48

0.46

0.

49

0.49

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 8

ad. L

inea

r R

egre

ssio

n M

odel

s for

200

4: D

eter

min

ants

of E

cono

mic

Tra

nspa

renc

y In

dex

I II

II

I IV

C

onst

ant

-2.5

0 -3

.23*

-2

.30*

-1

.51

(-

3.45

) (-

3.75

) (-

3.12

) (-

1.69

) Pa

st in

flatio

n -1

.21

-1.3

9 -1

.07

-1.1

1

(-0.

96)

(-1.

09)

(-0.

80)

(-0.

82)

Ope

nnes

s -0

.01*

-0

.00*

-0

.01*

-0

.00*

(-2.

72)

(-2.

24)

(-2.

66)

(-2.

57)

Ope

nnes

s*ER

Dum

my

0.00

* 0.

00*

0.00

* 0.

00*

(2

.71)

(2

.77)

(2

.24)

(2

.77)

Fi

nanc

ial D

epth

0.

00

0.00

0.

01

0.00

(1.3

5)

(1.5

6)

(1.8

7)

(0.8

6)

GD

P pe

r Cap

ita

0.32

* 0.

44*

0.28

0.

15

(3

.39)

(3

.79)

(2

.26)

(1

.20)

R

ule

of L

aw

0.01

(1

.59)

Polit

ical

Sta

bilit

y

-0.0

0

(-

0.23

)

V

oice

and

Acc

ount

abili

ty

0.01

*

(2

.26)

Gov

ernm

ent E

ffic

ienc

y

0.02

*

(2

.66)

R-S

quar

e 0.

41

0.40

0.

44

0.44

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 8

ba. L

inea

r R

egre

ssio

n M

odel

s for

199

8-20

04 A

vera

ge: D

eter

min

ants

of E

cono

mic

Tra

nspa

renc

y In

dex

I

II

III

IV

Con

stan

t -1

.69*

-2

.13*

-1

.48*

-1

.26

(-

2.37

) (-

3.04

) (-

2.59

) (-

1.60

) Pa

st in

flatio

n 0.

59

0.28

0.

72

0.88

(0.9

7)

(0.4

7)

(1.3

2)

(1.3

7)

Ope

nnes

s -0

.00*

-0

.00*

-0

.00*

-0

.00

(-

2.12

) (-

2.18

) (-

2.44

) (-

2.05

) Fi

nanc

ial D

epth

0.

00

0.00

0.

00*

0.00

(1.1

5)

(1.5

2)

(2.0

6)

(1.0

5)

GD

P pe

r Cap

ita

0.23

* 0.

31*

0.17

* 0.

15

(2

.22)

(3

.33)

(2

.18)

(1

.21)

R

ule

of L

aw

0.01

(1

.89)

Polit

ical

Sta

bilit

y

0.00

(0

.96)

V

oice

and

Acc

ount

abili

ty

0.01

*

(4

.23)

Gov

ernm

ent E

ffic

ienc

y

0.01

*

(2

.26)

R-S

quar

e 0.

41

0.39

0.

49

0.42

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 8

bb. L

inea

r R

egre

ssio

n M

odel

s for

199

8-20

04 A

vera

ge: D

eter

min

ants

of E

cono

mic

Tra

nspa

renc

y In

dex

I

II

III

IV

Con

stan

t -2

.76*

-3

.32*

-2

.72*

-2

.48*

(-3.

81)

(-4.

78)

(-4.

05)

(-3.

10)

Past

infla

tion

-0.3

4 -0

.59

-0.2

9 -0

.08

(-

0.55

) (-

0.97

) (-

0.48

) (-

0.12

) ER

Reg

ime

Dum

my

0.10

* 0.

10*

0.09

* 0.

09*

(5

.57)

(5

.52)

(5

.00)

(5

.39)

Fi

nanc

ial D

epth

0.

00

0.00

0.

00

0.00

(1.0

1)

(1.4

2)

(1.9

4)

(0.9

0)

GD

P pe

r Cap

ita

0.24

* 0.

34*

0.23

* 0.

18

(2

.38)

(3

.71)

(2

.62)

(1

.57)

R

ule

of L

aw

0.01

(1

.93)

Polit

ical

Sta

bilit

y

0.00

(0

.69)

V

oice

and

Acc

ount

abili

ty

0.01

*

(2

.52)

Gov

ernm

ent E

ffic

ienc

y

0.01

*

(2

.01)

R-S

quar

e 0.

58

0.56

0.

60

0.59

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 8

bc. L

inea

r R

egre

ssio

n M

odel

s for

199

8-20

04 A

vera

ge: D

eter

min

ants

of E

cono

mic

Tra

nspa

renc

y In

dex

I

II

III

IV

Con

stan

t -2

.70*

-3

.18*

-2

.58*

-2

.39*

(-3.

57)

(-4.

20)

(-3.

53)

(-2.

89)

Past

infla

tion

-0.2

7 -0

.51

-0.1

5 0.

00

(-

0.43

) (-

0.80

) (-

0.24

) (0

.01)

O

penn

ess

-0.0

0 -0

.00

-0.0

0 -0

.00

(-

0.42

) (-

0.54

) (-

0.80

) (-

0.41

) ER

Reg

ime

Dum

my

0.09

* 0.

10*

0.08

* 0.

09*

(5

.13)

(5

.06)

(4

.29)

(4

.98)

Fi

nanc

ial D

epth

0.

00

0.00

0.

00*

0.00

(1.1

8)

(1.6

0)

(2.1

1)

(1.0

7)

GD

P pe

r Cap

ita

0.23

* 0.

32*

0.22

* 0.

17

(2

.30)

(3

.39)

(2

.43)

(1

.46)

R

ule

of L

aw

0.01

(2

.01)

Polit

ical

Sta

bilit

y

0.00

(0

.91)

V

oice

and

Acc

ount

abili

ty

0.01

*

(2

.49)

Gov

ernm

ent E

ffic

ienc

y

0.01

*

(2

.13)

R-S

quar

e 0.

59

0.57

0.

60

0.59

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 8

bd. L

inea

r R

egre

ssio

n M

odel

s for

199

8-20

04 A

vera

ge: D

eter

min

ants

of E

cono

mic

Tra

nspa

renc

y In

dex

I

II

III

IV

Con

stan

t -1

.99*

-2

.59*

-1

.84*

-1

.59

(-

2.47

) (-

3.19

) (-

2.46

) (-

1.82

) Pa

st in

flatio

n 0.

01

-0.2

5 0.

17

0.34

(0.0

1)

(-0.

36)

(0.2

6)

(0.4

7)

Ope

nnes

s -0

.01

-0.0

1 -0

.01

-0.0

1*

(-

3.45

) (-

3.33

) (-

3.38

) (-

3.39

) O

penn

ess*

ER D

umm

y 0.

00*

0.00

* 0.

00*

0.00

*

(3.5

1)

(3.8

8)

(2.6

9)

(3.4

4)

Fina

ncia

l Dep

th

0.00

0.

00

0.01

* 0.

00

(1

.41)

(1

.79)

(2

.35)

(1

.26)

G

DP

per C

apita

0.

23*

0.34

* 0.

21*

0.15

(2.1

4)

(3.3

4)

(2.0

7)

(1.2

1)

Rul

e of

Law

0.

01

(1.9

6)

Po

litic

al S

tabi

lity

0.

00

(0.6

6)

Voi

ce a

nd A

ccou

ntab

ility

0.

01*

(2.7

6)

G

over

nmen

t Eff

icie

ncy

0.

01*

(2.2

7)

R

-Squ

are

0.51

0.

49

0.54

0.

52

* de

note

s sig

nific

ance

at 5

%

Tab

le 9

aa. L

inea

r R

egre

ssio

n M

odel

s for

200

4: D

eter

min

ants

of P

roce

dura

l Tra

nspa

renc

y In

dex

I

II

III

IV

Con

stan

t -1

.35

-1.6

3*

-0.8

5 -0

.88

(-

1.66

) (-

2.09

) (-

1.11

) (-

0.93

) Pa

st in

flatio

n 0.

76

0.68

0.

63

0.81

(0.6

0)

(0.5

5)

(0.5

0)

(0.6

4)

Ope

nnes

s 0.

00

0.00

0.

00

0.00

(0.6

3)

(0.6

5)

(0.3

7)

(0.7

2)

Fina

ncia

l Dep

th

-0.0

0 -0

.00

-0.0

0 -0

.00

(-

0.56

) (-

0.52

) (-

0.06

) (-

0.74

) G

DP

per C

apita

0.

22*

0.27

* 0.

13

0.14

(2.0

1)

(2.6

9)

(1.3

4)

(1.0

7)

Rul

e of

Law

0.

00

(0.4

5)

Po

litic

al S

tabi

lity

-0

.00

(-0.

08)

Voi

ce a

nd A

ccou

ntab

ility

0.

01*

(2.7

0)

G

over

nmen

t Eff

icie

ncy

0.

01

(0.9

9)

R

-Squ

are

0.14

0.

14

0.21

0.

15

* de

note

s sig

nific

ance

at 5

%

Tab

le 9

ab. L

inea

r R

egre

ssio

n M

odel

s for

200

4: D

eter

min

ants

of P

roce

dura

l Tra

nspa

renc

y In

dex

I

II

III

IV

Con

stan

t -1

.19

-1.0

6 -0

.91

-1.0

8

(-1.

44)

(-1.

45)

(-1.

09)

(-1.

07)

Past

infla

tion

-1.5

2 -1

.76

-1.3

8 -1

.52

(-

1.10

) (-

1.30

) (-

0.97

) (-

1.11

) ER

Reg

ime

Dum

my

0.07

* 0.

08*

0.06

* 0.

07*

(3

.57)

(3

.67)

(3

.40)

(3

.61)

Fi

nanc

ial D

epth

0.

00

0.00

0.

00

0.00

(0.0

6)

(0.1

0)

(0.3

9)

(0.0

5)

GD

P pe

r Cap

ita

0.15

0.

13

0.10

0.

13

(1

.40)

(1

.40)

(1

.02)

(0

.93)

R

ule

of L

aw

0.00

(0

.73)

Polit

ical

Sta

bilit

y

0.00

(1

.10)

V

oice

and

Acc

ount

abili

ty

0.01

*

(1

.83)

Gov

ernm

ent E

ffic

ienc

y

0.00

(0

.65)

R-S

quar

e 0.

25

0.25

0.

27

0.25

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 9

ac. L

inea

r R

egre

ssio

n M

odel

s for

200

4: D

eter

min

ants

of P

roce

dura

l Tra

nspa

renc

y In

dex

I

II

III

IV

Con

stan

t -1

.65

-1.7

8*

-1.4

3 -1

.38

(-

1.81

) (-

2.02

) (-

1.50

) (-

1.35

) Pa

st in

flatio

n -1

.84

-1.9

6 -1

.64

-1.8

0

(-1.

37)

(-1.

50)

(-1.

24)

(-1.

35)

Ope

nnes

s 0.

00

0.00

0.

00

0.00

(1.4

8)

(1.2

9)

(1.2

1)

(1.5

7)

ER R

egim

e D

umm

y 0.

09*

0.09

* 0.

08*

0.09

*

(3.5

4)

(3.5

6)

(3.3

2)

(3.5

3)

Fina

ncia

l Dep

th

-0.0

0 -0

.00

-0.0

0 -0

.00

(-

1.11

) (-

1.00

) (-

0.64

) (-

1.18

) G

DP

per C

apita

0.

18

0.20

* 0.

15

0.13

(1.7

3)

(2.1

0)

(1.4

0)

(1.0

2)

Rul

e of

Law

0.

00

(0.6

4)

Po

litic

al S

tabi

lity

0.

00

(0.3

1)

Voi

ce a

nd A

ccou

ntab

ility

0.

00

(1.3

3)

G

over

nmen

t Eff

icie

ncy

0.

01

(0.8

2)

R

-Squ

are

0.25

0.

25

0.26

0.

25

* de

note

s sig

nific

ance

at 5

%

Tab

le 9

ad. L

inea

r R

egre

ssio

n M

odel

s for

200

4: D

eter

min

ants

of P

roce

dura

l Tra

nspa

renc

y In

dex

I

II

III

IV

Con

stan

t -0

.96

-1.2

0 -0

.60

-0.5

5

(-1.

09)

(-1.

33)

(-0.

65)

(-0.

55)

Past

infla

tion

-0.4

1 -0

.51

-0.2

3 -0

.37

(-

0.28

) (-

0.35

) (-

0.16

) (-

0.26

) O

penn

ess

-0.0

0 -0

.00

-0.0

0 -0

.00

(-

0.17

) (-

0.14

) (-

0.22

) (-

0.07

) ER

Reg

ime

Dum

my

0.00

0.

00

0.00

0.

00

(1

.54)

(1

.56)

(1

.16)

(1

.53)

Fi

nanc

ial D

epth

-0

.00

-0.0

0 -0

.00

-0.0

0

(-0.

54)

(-0.

46)

(-0.

08)

(-0.

69)

GD

P pe

r Cap

ita

0.17

0.

21

0.11

0.

10

(1

.58)

(1

.99)

(0

.98)

(0

.76)

R

ule

of L

aw

0.00

(0

.59)

Polit

ical

Sta

bilit

y

0.00

(0

.07)

V

oice

and

Acc

ount

abili

ty

0.01

(1

.88)

Gov

ernm

ent E

ffic

ienc

y

0.01

(0

.98)

R-S

quar

e 0.

14

0.13

0.

17

0.14

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 9

ba. L

inea

r R

egre

ssio

n M

odel

s for

199

8-20

04 A

vera

ge: D

eter

min

ants

of P

roce

dura

l Tra

nspa

renc

y In

dex

I II

II

I IV

C

onst

ant

-1.6

1*

-1.7

0*

-1.3

4 -1

.05

(-

2.33

) (-

2.54

) (-

2.30

) (-

1.38

) Pa

st in

flatio

n 0.

56

0.44

0.

71

0.89

(0.9

4)

(0.7

8)

(1.2

8)

(1.4

2)

Ope

nnes

s 0.

00

0.00

0.

00

0.00

(0.3

0)

(0.1

1)

(0.1

9)

(0.3

4)

Fina

ncia

l Dep

th

-0.0

0 0.

00

0.00

-0

.00

(-

0.08

) (0

.10)

(0

.34)

(-

0.27

) G

DP

per C

apita

0.

24*

0.26

* 0.

18*

0.13

(2.3

9)

(2.8

7)

(2.2

1)

(1.1

4)

Rul

e of

Law

0.

00

(0.8

6)

Po

litic

al S

tabi

lity

0.

00

(0.7

2)

Voi

ce a

nd A

ccou

ntab

ility

0.

01*

(2.5

9)

G

over

nmen

t Eff

icie

ncy

0.

01*

(11.

73)

R

-Squ

are

0.27

0.

26

0.32

0.

29

• de

note

s sig

nific

ance

at 5

%

Tab

le 9

bb. L

inea

r R

egre

ssio

n M

odel

s for

199

8-20

04 A

vera

ge: D

eter

min

ants

of P

roce

dura

l Tra

nspa

renc

y In

dex

I II

II

I IV

C

onst

ant

-1.4

9 -1

.49*

-1

.03

-1.0

8

(-1.

86)

(-2.

00)

(-1.

42)

(-1.

23)

Past

infla

tion

0.02

-0

.09

0.22

0.

28

(0

.03)

(-

0.14

) (0

.34)

(0

.40)

ER

Reg

ime

Dum

my

0.06

* 0.

06*

0.05

* 0.

05

(3

.00)

(3

.11)

(2

.50)

(2

.89)

Fi

nanc

ial D

epth

0.

00

0.00

0.

00

0.00

(0.1

8)

(0.3

1)

(0.8

2)

(0.0

0)

GD

P pe

r Cap

ita

0.17

0.

17

0.09

0.

10

(1

.57)

(1

.79)

(0

.98)

(0

.77)

R

ule

of L

aw

0.00

(0

.92)

Polit

ical

Sta

bilit

y

0.00

(1

.17)

V

oice

and

Acc

ount

abili

ty

0.09

*

(2

.47)

Gov

ernm

ent E

ffic

ienc

y

0.01

*

(1

.41)

R-S

quar

e 0.

29

0.29

0.

34

0.30

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 9

bc. L

inea

r R

egre

ssio

n M

odel

s for

199

8-20

04 A

vera

ge: D

eter

min

ants

of P

roce

dura

l Tra

nspa

renc

y In

dex

I II

II

I IV

C

onst

ant

-1.8

5*

-1.8

8 -1

.50

-1.3

9

(-2.

29)

(-2.

39)

(-1.

94)

(-1.

59)

Past

infla

tion

-0.2

4 -0

.32

-0.0

6 0.

06

(-

0.35

) (-

0.48

) (-

0.08

) (0

.08)

O

penn

ess

0.00

0.

00

0.00

0.

00

(1

.42)

(1

.10)

(1

.08)

(1

.40)

ER

Reg

ime

Dum

my

0.07

* 0.

07*

0.06

* 0.

07*

(3

.57)

(3

.57)

(2

.93)

(3

.46)

Fi

nanc

ial D

epth

-0

.00

0.00

0.

00

-0.0

0

(-0.

23)

(0.0

1)

(0.3

6)

(-0.

40)

GD

P pe

r Cap

ita

0.19

0.

20

0.14

0.

10

(1

.74)

(2

.03)

(1

.42)

(0

.82)

R

ule

of L

aw

0.00

(0

.97)

Polit

ical

Sta

bilit

y

0.00

(0

.97)

V

oice

and

Acc

ount

abili

ty

0.01

*

(1

.90)

Gov

ernm

ent E

ffic

ienc

y

0.01

(1

.57)

R-S

quar

e 0.

34

0.34

0.

37

0.36

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 9

bd. L

inea

r R

egre

ssio

n M

odel

s for

199

8-20

04 A

vera

ge: D

eter

min

ants

of P

roce

dura

l Tra

nspa

renc

y In

dex

I II

II

I IV

C

onst

ant

-1.3

0 -1

.40

-0.8

8 -0

.76

(-

1.55

) (-

1.70

) (-

1.13

) (-

0.84

) Pa

st in

flatio

n 0.

06

0.03

0.

31

0.40

(0.0

9)

(-0.

04)

(0.4

4)

(0.5

4)

Ope

nnes

s -0

.00

-0.0

0 -0

.00

-0.0

0

(-0.

66)

(-0.

81)

(-0.

57)

(-0.

62)

Ope

nnes

s*ER

Dum

my

0.00

0.

00

0.00

0.

00

(1

.90)

(1

.83)

(1

.22)

(1

.84)

Fi

nanc

ial D

epth

-0

.00

0.00

0.

00

-0.0

0

(-0.

03)

(0.2

2)

(0.6

1)

(-0.

23)

GD

P pe

r Cap

ita

0.19

0.

22*

0.11

0.

09

(1

.66)

(2

.04)

(1

.11)

(0

.66)

R

ule

of L

aw

0.00

(1

.01)

Polit

ical

Sta

bilit

y

0.00

(0

.85)

V

oice

and

Acc

ount

abili

ty

0.09

*

(2

.31)

Gov

ernm

ent E

ffic

ienc

y

0.01

(1

.73)

R-S

quar

e 0.

25

0.25

0.

30

0.27

•

* de

note

s sig

nific

ance

at 5

%

T

able

10a

a. L

inea

r R

egre

ssio

n M

odel

s for

200

4: D

eter

min

ants

of P

olic

y T

rans

pare

ncy

Inde

x

I II

II

I IV

C

onst

ant

-1.1

1 -1

.38

-1.4

5 -0

.22

(-

1.31

) (-

1.51

) (-

1.97

) (-

0.21

) Pa

st in

flatio

n 2.

53

2.03

2.

06

2.50

(1.4

6)

(1.0

5)

(1.1

6)

(1.5

1)

Ope

nnes

s -0

.00

-0.0

0 -0

.00

-0.0

0

(-1.

35)

(-1.

83)

(-1.

46)

(-0.

99)

Fina

ncia

l Dep

th

0.00

0.

00

0.00

-0

.00

(0

.19)

(0

.79)

(0

.97)

(-

0.22

) G

DP

per C

apita

0.

14

0.20

0.

18

-0.0

1

(1.1

6)

(1.6

8)

(1.8

8)

(-0.

07)

Rul

e of

Law

0.

01*

(2.3

4)

Po

litic

al S

tabi

lity

0.

01

(1.7

6)

Voi

ce a

nd A

ccou

ntab

ility

0.

01*

(3.0

6)

G

over

nmen

t Eff

icie

ncy

0.

02*

(2.7

3)

R

-Squ

are

0.25

0.

23

0.29

0.

27

* de

note

s sig

nific

ance

at 5

%

Tab

le 1

0ab.

Lin

ear

Reg

ress

ion

Mod

els f

or 2

004:

Det

erm

inan

ts o

f Pol

icy

Tra

nspa

renc

y In

dex

I

II

III

IV

Con

stan

t -1

.88*

-2

.49*

-2

.68*

-1

.14*

(-2.

29)

(-2.

68)

(-3.

16)

(-1.

07)

Past

infla

tion

0.58

-0

.18

0.39

0.

68

(0

.33)

(-

0.08

) (0

.19)

(0

.38)

ER

Reg

ime

Dum

my

0.07

* 0.

08*

0.07

* 0.

07*

(3

.73)

(4

.20)

(3

.23)

(3

.58)

Fi

nanc

ial D

epth

-0

.00

0.00

0.

00

-0.0

0

(-0.

21)

(0.1

9)

(0.6

3)

(-0.

39)

GD

P pe

r Cap

ita

0.13

0.

24

0.26

* 0.

02

(1

.17)

(1

.98)

(2

.43)

(0

.10)

R

ule

of L

aw

0.02

*

(2

.88)

Polit

ical

Sta

bilit

y

0.01

(2

.07)

V

oice

and

Acc

ount

abili

ty

0.01

*

(1

.92)

Gov

ernm

ent E

ffic

ienc

y

0.02

*

(2

.85)

R-S

quar

e 0.

46

0.42

0.

41

0.46

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 1

0ac.

Lin

ear

Reg

ress

ion

Mod

els f

or 2

004:

Det

erm

inan

ts o

f Pol

icy

Tra

nspa

renc

y In

dex

I

II

III

IV

Con

stan

t -1

.53

-1.6

2 -1

.99*

-0

.76

(-

1.73

) (-

1.59

) (-

2.13

) (-

0.69

) Pa

st in

flatio

n 0.

61

-0.0

2 0.

66

0.68

(0.3

2)

(-0.

01)

(0.3

1)

(0.3

7)

Ope

nnes

s -0

.00

-0.0

0 -0

.00

-0.0

0

(-0.

42)

(-1.

03)

(-0.

66)

(-0.

11)

ER R

egim

e D

umm

y 0.

07*

0.07

* 0.

05

0.06

*

(2.8

2)

(3.2

7)

(2.1

4)

(2.7

6)

Fina

ncia

l Dep

th

-0.0

0 0.

00

0.00

-0

.00

(-

0.08

) (0

.53)

(0

.67)

(-

0.41

) G

DP

per C

apita

0.

11

0.15

0.

21

-0.0

1

(0.9

6)

(1.2

2)

(1.7

9)

(-0.

06)

Rul

e of

Law

0.

01*

(2.4

9)

Po

litic

al S

tabi

lity

0.

01

(1.9

6)

Voi

ce a

nd A

ccou

ntab

ility

0.

01

(1.6

8)

G

over

nmen

t Eff

icie

ncy

0.

02*

(2.5

3)

R

-Squ

are

0.34

0.

31

0.29

0.

33

* de

note

s sig

nific

ance

at 5

%

Tab

le 1

0ad.

Lin

ear

Reg

ress

ion

Mod

els f

or 2

004:

Det

erm

inan

ts o

f Pol

icy

Tra

nspa

renc

y In

dex

I

II

III

IV

Con

stan

t -1

.11

-1.2

5 -1

.76*

-0

.27

(-

1.38

) (-

1.32

) (-

2.01

) (-

0.27

) Pa

st in

flatio

n 0.

86

0.33

0.

72

0.85

(0.5

0)

(0.1

6)

(0.3

6)

(0.5

1)

Ope

nnes

s -0

.01*

-0

.01

-0.0

0*

-0.0

0*

(-

2.78

) (-

3.28

) (-

2.70

) (-

2.52

) O

penn

ess*

ER D

umm

y 0.

00*

0.00

* 0.

00*

0.00

*

(5.2

1)

(5.1

9)

(4.2

1)

(5.5

0)

Fina

ncia

l Dep

th

0.00

0.

00

0.00

-0

.00

(0

.23)

(0

.99)

(1

.01)

(-

0.19

) G

DP

per C

apita

0.

10

0.16

0.

21

-0.0

4

(0.9

4)

(1.3

1)

(1.8

8)

(-0.

24)

Rul

e of

Law

0.

01*

(2.6

2)

Po

litic

al S

tabi

lity

0.

01

(1.9

2)

Voi

ce a

nd A

ccou

ntab

ility

0.

01

(1.5

4)

G

over

nmen

t Eff

icie

ncy

0.

02*

(2.7

5)

R

-Squ

are

0.41

0.

37

0.35

0.

42

* de

note

s sig

nific

ance

at 5

%

Tab

le 1

0ba.

Lin

ear

Reg

ress

ion

Mod

els f

or 1

998-

2004

Ave

rage

: Det

erm

inan

ts o

f Pol

icy

Tra

nspa

renc

y In

dex

I

II

III

IV

Con

stan

t -1

.31

-1.3

0 -1

.43

-1.0

0

(-2.

11)

(-2.

18)

(-2.

78)

(-1.

44)

Past

infla

tion

0.03

-0

.24

0.00

0.

27

(0

.06)

(-

0.48

) (0

.01)

(0

.48)

O

penn

ess

-0.0

0 -0

.00*

-0

.00*

-0

.00*

(-2.

42)

(-3.

09)

(-2.

64)

(-2.

30)

Fina

ncia

l Dep

th

-0.0

0 0.

00

0.00

-0

.00

(-

0.32

) (0

.22)

(0

.56)

(-

0.39

) G

DP

per C

apita

0.

18*

0.19

* 0.

18*

0.12

(2.0

1)

(2.4

3)

(2.6

1)

(1.1

0)

Rul

e of

Law

0.

01

(2.6

0)

Po

litic

al S

tabi

lity

0.

01*

(2.9

3)

Voi

ce a

nd A

ccou

ntab

ility

0.

01*

(3.9

7)

G

over

nmen

t Eff

icie

ncy

0.

01

(2.6

9)

R

-Squ

are

0.43

0.

44

0.48

0.

43

* de

note

s sig

nific

ance

at 5

%

Tab

le 1

0bb.

Lin

ear

Reg

ress

ion

Mod

els f

or 1

998-

2004

Ave

rage

: Det

erm

inan

ts o

f Pol

icy

Tra

nspa

renc

y In

dex

I

II

III

IV

Con

stan

t -2

.00*

-2

.46*

-2

.38*

-1

.76*

(-3.

10)

(-3.

96)

(-3.

80)

(-2.

43)

Past

infla

tion

-0.7

4 -1

.11*

-0

.83

-0.4

4

(-1.

37)

(-2.

03)

(-1.

49)

(-0.

75)

ER R

egim

e D

umm

y 0.

07*

0.07

* 0.

06*

0.06

*

(4.3

6)

(4.4

9)

(3.5

9)

(4.0

5)

Fina

ncia

l Dep

th

-0.0

0 -0

.00

-0.0

0 -0

.00

(-

1.55

) (-

0.97

) (-

0.26

) (-

1.57

) G

DP

per C

apita

0.

16

0.25

* 0.

23*

0.12

(1.8

5)

(3.0

3)

(2.8

1)

(3.0

1)

Rul

e of

Law

0.

01*

(3.3

8)

Po

litic

al S

tabi

lity

0.

01

(2.6

4)

Voi

ce a

nd A

ccou

ntab

ility

0.

01*

(2.8

0)

G

over

nmen

t Eff

icie

ncy

0.

02*

(3.0

5)

R

-Squ

are

0.58

0.

55

0.56

0.

57

* de

note

s sig

nific

ance

at 5

%

Tab

le 1

0bc.

Lin

ear

Reg

ress

ion

Mod

els f

or 1

998-

2004

Ave

rage

: Det

erm

inan

ts o

f Pol

icy

Tra

nspa

renc

y In

dex

I

II

III

IV

Con

stan

t -1

.85*

-2

.05*

-2

.11*

-1

.60*

(-2.

76)

(-3.

08)

(-3.

12)

(-2.

13)

Past

infla

tion

-0.6

0 -0

.87

-0.6

2 -0

.29

(-

1.07

) (-

1.55

) (-

1.06

) (-

0.47

) O

penn

ess

-0.0

0 -0

.00

-0.0

0 -0

.00

(-

0.96

) (-

1.66

) (-

1.28

) (-

0.89

) ER

Reg

ime

Dum

my

0.06

* 0.

00*

0.05

* 0.

06*

(3

.85)

(3

.83)

(2

.82)

(3

.58)

Fi

nanc

ial D

epth

-0

.00

-0.0

0 0.

00

-0.0

0

(-0.

90)

(-0.

03)

(0.4

0)

(-0.

96)

GD

P pe

r Cap

ita

0.15

* 0.

21*

0.21

* 0.

10

(1

.72)

(2

.50)

(2

.51)

(0

.96)

R

ule

of L

aw

0.01

*

(3

.51)

Polit

ical

Sta

bilit

y

0.01

(3

.16)

V

oice

and

Acc

ount

abili

ty

0.01

*

(2

.92)

Gov

ernm

ent E

ffic

ienc

y

0.02

*

(3

.21)

R-S

quar

e 0.

59

0.58

0.

57

0.58

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 1

0bd.

Lin

ear

Reg

ress

ion

Mod

els f

or 1

998-

2004

Ave

rage

: Det

erm

inan

ts o

f Pol

icy

Tra

nspa

renc

y In

dex

I

II

III

IV

Con

stan

t -1

.40*

-1

.68*

-1

.71

-1.1

0

(-2.

08)

(-2.

47)

(-2.

61)

(-1.

49)

Past

infla

tion

-0.4

8 -0

.73

-0.4

9 -0

.14

(-

0.84

) (-

1.27

) (-

0.82

) (-

0.23

) O

penn

ess

-0.0

1*

-0.0

0*

-0.0

0*

-0.0

0*

(-

3.56

) (-

3.94

) (-

3.24

) (-

3.37

) O

penn

ess*

ER D

umm

y 0.

00*

0.00

* 0.

00*

0.00

*

(3.2

8)

(2.9

9)

(2.2

8)

(3.1

4)

Fina

ncia

l Dep

th

-0.0

0 0.

00

0.00

-0

.00

(-

0.58

) (0

.25)

(0

.66)

(-

0.69

) G

DP

per C

apita

0.

16

0.22

* 0.

21*

0.09

*

(1.7

0)

(2.6

0)

(2.3

9)

(0.8

5)

Rul

e of

Law

0.

01*

(3.4

9)

Po

litic

al S

tabi

lity

0.

01*

(2.8

7)

Voi

ce a

nd A

ccou

ntab

ility

0.

01

(3.0

6)

G

over

nmen

t Eff

icie

ncy

0.

02*

(3.3

5)

R

-Squ

are

0.57

0.

54

0.55

0.

56

* de

note

s sig

nific

ance

at 5

%

Tab

le 1

1aa.

Lin

ear

Reg

ress

ion

Mod

els f

or 2

004:

Det

erm

inan

ts o

f Ope

ratio

nal T

rans

pare

ncy

Inde

x

I II

II

I IV

C

onst

ant

-1.5

0*

-1.4

7*

-0.4

3 -1

.39

(-

2.23

) (-

2.10

) (-

0.56

) (-

1.59

) Pa

st in

flatio

n 2.

19

2.41

2.

33

2.29

(1.4

4)

(1.7

5)

(1.4

3)

(1.5

1)

Ope

nnes

s -0

.00

-0.0

0 -0

.00

-0.0

0

(-0.

95)

(-0.

50)

(-1.

25)

(-1.

14)

Fina

ncia

l Dep

th

0.00

0.

00

0.00

0.

00

(1

.89)

(1

.54)

(1

.92)

(1

.79)

G

DP

per C

apita

0.

26*

0.25

0.

08

0.24

(3.0

0)

(2.9

3)

(0.8

5)

(1.8

7)

Rul

e of

Law

-0

.01

(-1.

11)

Po

litic

al S

tabi

lity

-0

.00

(-1.

11)

Voi

ce a

nd A

ccou

ntab

ility

0.

01*

(2.0

2)

G

over

nmen

t Eff

icie

ncy

-0

.00

(-0.

57)

R

-Squ

are

0.12

0.

12

0.15

0.

11

* de

note

s sig

nific

ance

at 5

%

Tab

le 1

1ab.

Lin

ear

Reg

ress

ion

Mod

els f

or 2

004:

Det

erm

inan

ts o

f Ope

ratio

nal T

rans

pare

ncy

Inde

x

I II

II

I IV

C

onst

ant

-2.0

8 -2

.01*

-1

.14

-2.1

8*

(-

2.83

) (-

2.65

) (-

1.38

) (-

2.47

) Pa

st in

flatio

n 0.

69

0.89

1.

04

0.69

(0.4

5)

(0.6

2)

(0.6

3)

(0.4

4)

ER R

egim

e D

umm

y 0.

06*

0.06

* 0.

06*

0.06

*

(3.5

5)

(3.4

5)

(2.9

7)

(3.5

9)

Fina

ncia

l Dep

th

0.00

0.

00

0.00

0.

00

(1

.71)

(1

.59)

(1

.65)

(1

.73)

G

DP

per C

apita

0.

26*

0.25

* 0.

11

0.28

(2.8

4)

(2.7

2)

(1.1

0)

(2.1

7)

Rul

e of

Law

-0

.00

(-0.

81)

Po

litic

al S

tabi

lity

-0

.00

(-0.

74)

Voi

ce a

nd A

ccou

ntab

ility

0.

01

(1.3

8)

G

over

nmen

t Eff

icie

ncy

-0

.00

(-0.

65)

R

-Squ

are

0.26

0.

25

0.27

0.

25

* de

note

s sig

nific

ance

at 5

%

Tab

le 1

1ac.

Lin

ear

Reg

ress

ion

Mod

els f

or 2

004:

Det

erm

inan

ts o

f Ope

ratio

nal T

rans

pare

ncy

Inde

x

I II

II

I IV

C

onst

ant

-1.7

5*

-1.7

6*

-0.9

4 -1

.79

(-

2.32

) (-

2.17

) (-

1.10

) (-

1.94

) Pa

st in

flatio

n 0.

95

1.21

1.

28

0.98

(0.5

9)

(0.8

2)

(0.7

4)

(0.6

0)

Ope

nnes

s 0.

00

0.00

-0

.00

-0.0

0

(0.0

3)

(0.3

4)

(-0.

26)

(-0.

12)

ER R

egim

e D

umm

y 0.

05*

0.05

* 0.

04*

0.05

*

(2.7

5)

(2.6

1)

(2.1

6)

(2.7

5)

Fina

ncia

l Dep

th

0.00

0.

00

0.00

0.

00

(1

.38)

(1

.01)

(1

.28)

(1

.34)

G

DP

per C

apita

0.

25*

0.24

* 0.

11

0.25

(2.6

0)

(2.4

4)

(1.1

0)

(1.8

4)

Rul

e of

Law

-0

.01

(-1.

08)

Po

litic

al S

tabi

lity

-0

.00

(-1.

04)

Voi

ce a

nd A

ccou

ntab

ility

0.

00

(0.7

2)

G

over

nmen

t Eff

icie

ncy

-0

.01

(-0.

72)

R

-Squ

are

0.18

0.

18

0.17

0.

17

* de

note

s sig

nific

ance

at 5

%

Tab

le 1

1ad.

Lin

ear

Reg

ress

ion

Mod

els f

or 2

004:

Det

erm

inan

ts o

f Ope

ratio

nal T

rans

pare

ncy

Inde

x

I II

II

I IV

C

onst

ant

-1.3

6 -1

.45

-0.4

8 -1

.30

(-

1.80

) (-

1.80

) (-

0.55

) (-

1.37

) Pa

st in

flatio

n 1.

74

1.97

2.

06

1.81

(1.0

7)

(1.3

3)

(1.1

9)

(1.1

2)

Ope

nnes

s -0

.00

-0.0

0 -0

.00

-0.0

0

(-1.

16)

(-0.

67)

(-1.

30)

(-1.

33)

Ope

nnes

s*ER

Dum

my

0.00

0.

00

0.00

0.

00

(1

.69)

(1

.67)

(1

.18)

(1

.49)

Fi

nanc

ial D

epth

0.

00

0.00

0.

00

0.00

(1.5

6)

(1.2

3)

(1.5

2)

(1.4

9)

GD

P pe

r Cap

ita

0.24

* 0.

24*

0.09

0.

23

(2

.51)

(2

.51)

(0

.86)

(1

.66)

R

ule

of L

aw

-0.0

1

(-

1.06

)

Polit

ical

Sta

bilit

y

-0.0

1

(-

1.17

)

V

oice

and

Acc

ount

abili

ty

0.00

(1

.03)

Gov

ernm

ent E

ffic

ienc

y

-0.0

0

(-

0.59

)

R-S

quar

e 0.

13

0.13

0.

13

0.12

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 1

1ba.

Lin

ear

Reg

ress

ion

Mod

els f

or 1

998-

2004

Ave

rage

: Det

erm

inan

ts o

f Ope

ratio

nal T

rans

pare

ncy

Inde

x

I

II

III

IV

Con

stan

t -1

.26*

-1

.43*

-0

.99*

-1

.06

(-

2.14

) (-

2.50

) (-

2.03

) (1

.61)

Pa

st in

flatio

n 0.

84

0.70

0.

99*

0.98

(1.6

6)

(1.4

5)

(2.1

3)

(1.8

2)

Ope

nnes

s -0

.00

-0.0

0 -0

.00

-0.0

0

(-1.

05)

(-1.

14)

(-1.

24)

(-1.

00)

Fina

ncia

l Dep

th

0.00

0.

00

0.00

0.

00

(0

.86)

(1

.07)

(1

.43)

(0

.79)

G

DP

per C

apita

0.

18*

0.21

* 0.

12

0.14

(2.1

5)

(2.8

0)

(1.8

1)

(1.4

2)

Rul

e of

Law

0.

00

(1.0

5)

Po

litic

al S

tabi

lity

0.

00

(0.6

6)

Voi

ce a

nd A

ccou

ntab

ility

0.

01*

(3.1

6)

G

over

nmen

t Eff

icie

ncy

0.

01

(1.2

7)

R

-Squ

are

0.28

0.

27

0.35

0.

29

* de

note

s sig

nific

ance

at 5

%

Tab

le 1

1bb.

Lin

ear

Reg

ress

ion

Mod

els f

or 1

998-

2004

Ave

rage

: Det

erm

inan

ts o

f Ope

ratio

nal T

rans

pare

ncy

Inde

x

I

II

III

IV

Con

stan

t -1

.71*

-1

.93*

-1

.52*

-1

.62*

(-2.

50)

(-3.

02)

(-2.

40)

(-2.

15)

Past

infla

tion

0.20

0.

09

0.29

0.

29

(0

.34)

(0

.15)

(0

.51)

(0

.48)

ER

Reg

ime

Dum

my

0.05

* 0.

05*

0.05

* 0.

05*

(3

.37)

(3

.40)

(2

.96)

(3

.29)

Fi

nanc

ial D

epth

0.

00

0.00

0.

00

0.00

(0.6

6)

(0.8

6)

(1.1

9)

(0.6

3)

GD

P pe

r Cap

ita

0.18

0.

22*

0.14

0.

16

(1

.88)

(2

.57)

(1

.72)

(1

.44)

R

ule

of L

aw

0.00

(0

.91)

Polit

ical

Sta

bilit

y

0.00

(0

.41)

V

oice

and

Acc

ount

abili

ty

0.01

(1

.74)

Gov

ernm

ent E

ffic

ienc

y

0.00

(0

.87)

R-S

quar

e 0.

35

0.34

0.

37

0.35

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 1

1bc.

Lin

ear

Reg

ress

ion

Mod

els f

or 1

998-

2004

Ave

rage

: Det

erm

inan

ts o

f Ope

ratio

nal T

rans

pare

ncy

Inde

x

I

II

III

IV

Con

stan

t -1

.80*

-2

.01*

-1

.71*

-1

.67*

(-2.

59)

(-2.

94)

(-2.

52)

(-2.

18)

Past

infla

tion

0.15

0.

04

0.22

0.

28

(0

.26)

(0

.07)

(0

.38)

(0

.44)

O

penn

ess

0.00

0.

00

0.00

0.

00

(0

.25)

(0

.14)

(0

.03)

(0

.26)

ER

Reg

ime

Dum

my

0.06

* 0.

06*

0.05

* 0.

06*

(3

.49)

(3

.49)

(2

.96)

(3

.40)

Fi

nanc

ial D

epth

0.

00

0.00

0.

00

0.00

(0.7

0)

(0.9

3)

(1.1

9)

(0.6

4)

GD

P pe

r Cap

ita

0.18

0.

22*

0.17

* 0.

15*

(1

.90)

(2

.52)

(1

.95)

(1

.38)

R

ule

of L

aw

0.00

(1

.05)

Polit

ical

Sta

bilit

y

0.00

(0

.54)

V

oice

and

Acc

ount

abili

ty

0.00

(1

.38)

Gov

ernm

ent E

ffic

ienc

y

0.01

(1

.08)

R-S

quar

e 0.

38

0.38

0.

39

0.39

*

deno

tes s

igni

fican

ce a

t 5%

Tab

le 1

1bd.

Lin

ear

Reg

ress

ion

Mod

els f

or 1

998-

2004

Ave

rage

: Det

erm

inan

ts o

f Ope

ratio

nal T

rans

pare

ncy

Inde

x

I

II

III

IV

Con

stan

t -1

.34

-1.6

2*

-1.1

9 0.

06

(-

1.87

) (-

2.28

) (-

1.75

) (0

.25)

Pa

st in

flatio

n 0.

38

0.25

0.

50

0.48

(0.6

1)

(0.4

2)

(0.8

2)

(0.8

0)

Ope

nnes

s -0

.00

-0.0

0 -0

.00

-0.0

0

(-1.

76)

(-1.

75)

(-1.

69)

(-1.

28)

Ope

nnes

s*ER

Dum

my

0.00

* 0.

00

0.00

0.

00

(2

.08)

(2

.04)

(1

.53)

(1

.86)

Fi

nanc

ial D

epth

0.

00

0.00

0.

00

0.00

(0.8

6)

(1.1

0)

(1.4

1)

(0.5

1)

GD

P pe

r Cap

ita

0.18

0.

23*

0.15

0.

00*

(1

.82)

(2

.54)

(1

.66)

(3

.00)

R

ule

of L

aw

0.00

(1

.08)

Polit

ical

Sta

bilit

y

0.00

(0

.42)

V

oice

and

Acc

ount

abili

ty

0.01

(1

.75)

Gov

ernm

ent E

ffic

ienc

y

0.00

(0

.32)

R-S

quar

e 0.

31

0.30

0.

33

0.39

*

deno

tes s

igni

fican

ce a

t 5%

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