One class of models is the probit regression approach of Frankel and Rose (1996). They use probit analysis on a panel of annual data for 105 developing countries from 1971-92. The hypothesis tested is that currency crashes are positively linked to certain characteristics of capital inflows, such as low shares of foreign direct investments (FDI); low shares of concessional debt or debt from multilateral development banks; and high shares of public-sector, variable short-term,