This table shows regressions estimated through random effects models with robust standard errors for a panel of 77 countries between 1975 and 2000. A constant is estimated but is not reported in the table. the sources are Stand
(former IFC) Emerging Markets Database for data on market capitalization and value traded domestically; World Development Indicators, World Bank, for GDP, GDP per capita, and inflation; La Porta ct al. (1998) and Pistor et
shareholders rights; Elkins/McSherry Co., Inc. for trading costs; Annual Report on Exchange Arrangements and Exchange Restrictions, IMF for dummy on capital account liberalization; Kaminsky and Schmukler (2001)
liberalization dummy. Values of t-statistics are in parentheses.