Regression results are presented in Tables 4, 5, and 6. The Tables provide the
results for the basic regression with GDP per capita, inflation, and law and order as the
only three explanatory variables. The Tables also report regression results with some
other variables added. Specifically, we added shareholder rights, capital account
liberalization dummy, financial liberalization dummy, and trading costs. It should be
noted that there is significant correlation between the various institutional variables. We
discuss the results in turn.