For shares traded abroad. The ratio of value traded abroad to the value traded
domestically appears also to increase with the level of economic development (Table 5).
Inflation appears to be less of a factor in influencing migration of trading: although still
negative, it is not statistically significant in the basic regression. The degree to which
laws are being enforced appears to be less of a determining factor for this variable. None
of the other institutional variables except for the degree of financial liberalization are
actually significant.