Supplementary Table: GDP_lib

Summary Statistics for GDP Growth Rates for Emerging Markets

GDP growth rate is growth rate measured using constant 1990 dollar GDP series

A. Liberalization:

Official

Simple Before and After Analysis

Mean GDP growth

STD of GDP growth

Before

After

Before

After

arg

-1.25%

6.85%

6.14%

4.88%

bz

0.60%

3.49%

3.34%

3.05%

chi

7.23%

8.59%

2.48%

2.74%

col

3.83%

4.59%

1.24%

1.59%

gre

1.48%

2.26%

1.52%

2.19%

indi

5.60%

6.95%

3.41%

1.44%

indo

5.30%

6.94%

1.83%

0.47%

jor

7.72%

5.23%

5.24%

.

kor

9.56%

7.09%

2.06%

1.70%

mal

4.40%

8.73%

4.25%

0.75%

mex

1.26%

3.87%

2.69%

1.19%

nig

2.83%

.

1.43%

.

pak

5.79%

4.79%

1.26%

2.23%

phi

3.95%

3.46%

2.91%

2.18%

por

1.44%

4.07%

2.42%

1.18%

tai

7.64%

5.51%

13.49%

0.49%

tha

6.21%

10.66%

1.90%

2.27%

tur

1.31%

3.84%

1.44%

5.86%

ven

2.12%

4.12%

5.90%

4.99%

zim

2.01%

4.75%

6.51%

4.03%

Average

3.95%

5.57%

3.57%

2.40%

P-value*

0.055

0.127

Pooled GLS Regression

GDP Growth Rate

coefficient

t-stat

Constant

0.0401

17.19

Official Lib

0.0126

3.20

Supplementary Table (continued)

Summary Statistics for GDP Growth Rate Series for Emerging Markets

B. Liberalization:

Capital Flow Break Point

Simple Before and After Analysis

Mean GDPGrowth

STD of GDP Growth

Before

After

Before

After

arg

3.74%

2.73%

7.69%

6.68%

bz

4.84%

0.67%

3.18%

3.70%

chi

5.67%

8.30%

1.89%

3.31%

col

3.82%

4.51%

1.24%

2.14%

gre

1.66%

2.08%

1.27%

2.40%

indi

4.58%

7.66%

2.41%

0.36%

indo

6.92%

7.91%

.

0.35%

jor

NA

NA

NA

NA

kor

7.17%

8.21%

2.02%

0.97%

mal

8.34%

8.68%

1.70%

0.67%

mex

1.26%

3.87%

2.69%

1.19%

nig

NA

NA

NA

NA

pak

4.92%

4.73%

2.12%

1.08%

phi

2.68%

1.86%

5.74%

1.98%

por

4.03%

2.51%

2.35%

0.72%

tai

6.90%

5.32%

13.43%

0.26%

tha

7.75%

9.68%

3.62%

1.87%

tur

1.31%

3.84%

1.44%

5.86%

ven

4.12%

1.61%

4.99%

2.89%

zim

NA

NA

NA

NA

Average

4.69%

4.95%

3.61%

2.14%

P-value*

0.769

0.121

Pooled GLS Regression

GDP Growth Rate

coefficient

t-stat

Constant

0.0437

19.84

Cap Flow

0.0061

1.34

GDP growth rate is growth rate measured using constant 1990 dollar GDP series

Before period includes data from year of observed break or declared break. Simple

analysis are just unconditional five year means before and after. If there are fewer than

five years in the after period, we use as many years as is available. In the GLS

regression, regress annual GDP growth rates on the liberalization indicators. We allow

panel-specific heteroskedasticity and serial correlation, as well as fixed effects.

* Indicates the p-value from two sided t-test with heteroskedastic variance across two samples