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Tab
le 3
a. D
eter
min
ants
of T
rans
pare
ncy:
Lin
ear
Reg
ress
ion
Mod
els
for
1998
-200
4 A
vera
ge
I
II
III
IV
Con
stan
t -6
.92*
-7
.43*
-5
.59*
-4
.81
(-
2.78
) (-
3.08
) (-
2.84
) (-
1.77
) Pa
st in
flatio
n 2.
20
1.44
2.
94
3.49
(1.0
3)
(0.7
1)
(1.5
7)
(1.5
7)
Ope
nnes
s -0
.01
-0.0
1 -0
.01
-0.0
1
(-1.
12)
(-1.
40)
(-1.
42)
(-1.
07)
Fina
ncia
l Dep
th
-0.0
0 0.
00
0.00
-0
.00
(-
0.23
) (0
.08)
(0
.50)
(-
0.42
) G
DP
per C
apita
1.
19*
1.31
* 0.
88*
0.80
*
(3.3
5)
(4.0
8)
(3.3
0)
(1.9
2)
Rul
e of
Law
0.
02
(1.5
7)
Po
litic
al S
tabi
lity
0.
02
(1.3
5)
Voi
ce a
nd A
ccou
ntab
ility
0.
05*
(4.4
4)
G
over
nmen
t Eff
icie
ncy
0.
05*
(2.3
5)
R
-Squ
ared
0.
43
0.43
0.
53
0.45
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 3
b. D
eter
min
ants
of T
rans
pare
ncy:
Lin
ear
Reg
ress
ion
Mod
els
for
1998
-200
4 A
vera
ge
I
II
III
IV
Con
stan
t -8
.69*
-9
.49*
-7
.29*
-7
.01*
(-3.
31)
(-3.
85)
(-3.
12)
(-2.
46)
Past
infla
tion
-1.1
7 -1
.90
-0.5
0 0.
02
(-
0.53
) (-
0.88
) (-
0.24
) (0
.01)
Ex
chan
ge R
ate
Reg
ime
0.29
* 0.
30*
0.24
* 0.
28*
(4
.66)
(4
.77)
(4
.09)
(4
.52)
Fi
nanc
ial D
epth
-0
.00
-0.0
0 0.
00
-0.0
1
(-0.
63)
(-0.
37)
(0.3
0)
(-0.
85)
GD
P pe
r Cap
ita
1.10
* 1.
25*
0.86
* 0.
80
(3
.07)
(3
.88)
(2
.81)
(1
.90)
R
ule
of L
aw
0.03
(1
.66)
Polit
ical
Sta
bilit
y
0.02
(1
.43)
V
oice
and
Acc
ount
abili
ty
0.04
*
(3
.41)
Gov
ernm
ent E
ffic
ienc
y
0.04
*
(2
.18)
R-S
quar
ed
0.55
0.
54
0.60
0.
56
* de
note
s sig
nific
ance
at 5
%
Tab
le 3
c. D
eter
min
ants
of T
rans
pare
ncy:
Lin
ear
Reg
ress
ion
Mod
els
for
1998
-200
4 A
vera
ge
I
II
III
IV
Con
stan
t -9
.41
-10.
07
-7.9
7*
-7.5
7
(-3.
50)
(-3.
80)
(-3.
16)
(-2.
61)
Past
infla
tion
-1.6
7 -2
.23
-0.8
3 -0
.36
(-
0.74
) (-
1.00
) (-
0.38
) (-
0.15
) O
penn
ess
0.00
0.
00
0.00
0.
00
(0
.78)
(0
.41)
(0
.28)
(0
.78)
Ex
chan
ge R
ate
Reg
ime
0.32
* 0.
32*
0.26
* 0.
30*
(4
.85)
(4
.83)
(3
.98)
(4
.73)
Fi
nanc
ial D
epth
-0
.01
-0.0
0 0.
00
-0.0
1
(-0.
74)
(-0.
33)
(0.2
2)
(-0.
94)
GD
P pe
r Cap
ita
1.13
* 1.
27*
0.94
* 0.
79
(3
.15)
(3
.85)
(2
.94)
(1
.91)
R
ule
of L
aw
0.03
(1
.74)
Polit
ical
Sta
bilit
y
0.02
(1
.40)
V
oice
and
Acc
ount
abili
ty
0.04
*
(3
.01)
Gov
ernm
ent E
ffic
ienc
y
0.04
*
(2
.34)
R-S
quar
ed
0.57
0.
56
0.61
0.
59
* de
note
s sig
nific
ance
at 5
%
Tab
le 3
d. D
eter
min
ants
of T
rans
pare
ncy:
Lin
ear
Reg
ress
ion
Mod
els
for
1998
-200
4 A
vera
ge
I
II
III
IV
Con
stan
t -7
.02*
-8
.04*
-5
.51*
-4
.87
(2
.46)
(2
.83)
(-
2.13
) (-
1.60
) Pa
st in
flatio
n -0
.65
-1.2
7 0.
35
0.83
(-0.
27)
(-0.
52)
(0.1
5)
(0.3
3)
Ope
nnes
s -0
.01*
-0
.01*
-0
.01*
-0
.01*
(-2.
17)
(-2.
28)
(-2.
12)
(-2.
13)
Ope
nnes
s*ER
Reg
ime
0.
00*
0.00
* 0.
00*
0.00
*
(3.1
8)
(3.0
6)
(2.3
0)
(3.1
4)
Fina
ncia
l Dep
th
-0.0
0 0.
00
0.00
-0
.00
(-
0.38
) (0
.01)
(0
.57)
(-
0.62
) G
DP
per C
apita
1.
14*
1.35
* 0.
87*
0.73
(2.9
3)
(3.7
4)
(2.5
3)
(1.6
2)
Rul
e of
Law
0.
03
(1.7
0)
Po
litic
al S
tabi
lity
0.
02
(1.1
3)
Voi
ce a
nd A
ccou
ntab
ility
0.
04*
(3.2
8)
G
over
nmen
t Eff
icie
ncy
0.
05*
(2.4
6)
R
-Squ
ared
0.
49
0.48
0.
55
0.52
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 4
a. F
urth
er D
eter
min
ants
of T
rans
pare
ncy:
Lin
ear
Reg
ress
ion
Mod
els
for
1998
-200
4 A
vera
ge
I
II
III
IV
V
VI
Con
stan
t -6
.64*
-6
.08*
-4
.73
-6.5
0*
-4.7
1 -4
.45
(2
.59)
(-
2.66
) (-
1.73
) (-
2.96
) (-
1.70
) (-
176)
Pa
st in
flatio
n 2.
09
2.72
3.
65
2.91
3.
43
3.57
*
(0.9
7)
(1.3
9)
(1.6
2)
(1.5
5)
(1.5
2)
(1.7
3)
Ope
nnes
s -0
.00
-0.0
1 -0
.01
-0.0
1 -0
.01
-0.0
1
(-1.
22)
(-1.
40)
(-1.
01)
(-1.
05)
(-1.
08)
(-1.
40)
Fina
ncia
l Dep
th
-0.0
0 0.
00
-0.0
0 0.
00
-0.0
0 0.
00
(-
0.14
) (0
.59)
(-
0.40
) (0
.53)
(-
0.38
) (0
.29)
G
DP
per C
apita
1.
16*
0.96
* 0.
77
1.01
* 0.
79
0.68
(3.1
8)
(2.9
2)
(1.8
4)
(3.3
6)
(1.8
7)
(1.7
5)
Rul
e of
Law
0.
02
-0.0
1 -0
.02
(0.9
2)
(-0.
43)
(-0.
60)
Po
litic
al S
tabi
lity
0.01
-0
.01
0.00
(0
.49)
(-
0.94
) (0
.22)
Voi
ce a
nd A
ccou
ntab
ility
0.05
*
0.05
*
0.04
*
(4
.09)
(4.2
8)
(3
.70)
G
over
nmen
t Eff
icie
ncy
0.06
*
0.04
0.
01
(1
.82)
(1.9
0)
(0.7
3)
R
-Squ
ared
0.
44
0.53
0.
46
0.54
0.
46
0.54
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 4
b. F
urth
er D
eter
min
ants
of T
rans
pare
ncy:
Lin
ear
Reg
ress
ion
Mod
els
for
1998
-200
4 A
vera
ge
I
II
III
IV
V
VI
Con
stan
t -8
.56*
-7
.51*
-6
.95*
-7
.52*
-6
.96
-6.4
6*
(-
3.23
) (-
2.98
) (-
2.41
) (-
3.12
) (-
2.42
) (-
2.35
) Pa
st in
flatio
n -1
.33
-0.5
7 0.
15
-0.4
1 -0
.15
-0.0
5
(-0.
59)
(-0.
27)
(0.0
6)
(-0.
20)
(0.0
6)
(-0.
02)
ER R
egim
e D
umm
y 0.
29*
0.24
* 0.
27*
0.24
* 0.
28*
0.24
*
(4.6
6)
(3.9
9)
(4.4
3)
(3.8
6)
(4.4
9)
(4.0
8)
Fina
ncia
l Dep
th
-0.0
0 0.
00
-0.0
1 0.
00
-0.0
1 0.
00
(-
0.59
) (0
.37)
(-
0.84
) (0
.38)
(-
0.81
) (0
.04)
G
DP
per C
apita
1.
08*
0.90
* 0.
79
0.90
* 0.
79
0.71
(2.9
7)
(2.5
9)
(1.8
5)
(2.8
0)
(1.8
7)
(1.7
7)
Rul
e of
Law
0.
02
-0.0
0 -0
.01
(0.9
6)
(-0.
25)
(-0.
25)
Po
litic
al S
tabi
lity
0.01
-0
.01
0.00
(0
.49)
(-
0.43
) (0
.36)
Voi
ce a
nd A
ccou
ntab
ility
0.04
*
0.04
*
0.04
*
(2
.91)
(3.0
6)
(2
.59)
G
over
nmen
t Eff
icie
ncy
0.05
*
0.04
* 0.
01
(1
.39)
(1.6
5)
(0.5
8)
R
-Squ
ared
0.
55
0.60
0.
56
0.60
0.
56
0.60
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 4
c. F
urth
er D
eter
min
ants
of T
rans
pare
ncy:
Lin
ear
Reg
ress
ion
Mod
els
for
1998
-200
4 A
vera
ge
I
II
III
IV
V
VI
Con
stan
t -9
.21*
-7
.96*
-7
.51*
-8
.14*
-7
.49*
-6
.80*
(-3.
33)
(-2.
99)
(-2.
56)
(-3.
08)
(-2.
54)
(-2.
38)
Past
infla
tion
-1.7
1 -0
.83
-0.2
0 -0
.81
-0.4
3 -0
.19
(-
0.75
) (-
0.38
) (-
0.08
) (-
0.37
) (-
0.18
) (-
0.08
) O
penn
ess
0.00
0.
00
0.00
0.
00
0.00
0.
00
(0
.59)
(0
.28)
(0
.79)
(0
.33)
(0
.65)
(0
.34)
ER
Reg
ime
Dum
my
0.32
* 0.
26*
0.30
* 0.
26*
0.30
* 0.
26*
(4
.81)
(3
.89)
(4
.65)
(3
.86)
(4
.69)
(4
.02)
Fi
nanc
ial D
epth
-0
.00
0.00
-0
.01
0.00
-0
.01
-0.0
0
(-0.
63)
(0.2
0)
(-0.
94)
(0.2
4)
(-0.
87)
(-0.
13)
GD
P pe
r Cap
ita
1.11
* 0.
94*
0.77
0.
96*
0.78
0.
71
(3
.02)
(2
.64)
(1
.84)
(2
.85)
(1
.86)
(1
.76)
R
ule
of L
aw
0.02
0.
00
-0.0
3
(1
.08)
(0
.02)
(-
0.33
)
Polit
ical
Sta
bilit
y 0.
01
-0.0
0 0.
00
(0.3
7)
(-0.
24)
(0.2
2)
V
oice
and
Acc
ount
abili
ty
0.
04*
0.
04*
-6
.80*
(2
.38)
(2.6
1)
(-
2.38
) G
over
nmen
t Eff
icie
ncy
0.06
0.04
-0
.19
(1
.56)
(1.8
5)
(-0.
08)
R
-Squ
ared
0.
57
0.61
0.
59
0.61
0.
59
0.61
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 4
d. F
urth
er D
eter
min
ants
of T
rans
pare
ncy:
Lin
ear
Reg
ress
ion
Mod
els
for
1998
-200
4 A
vera
ge
I
II
III
IV
V
VI
Con
stan
t -6
.99*
-5
.71*
-4
.78*
-6
.07*
-4
.94
-4.3
1
(-2.
37)
(-2.
07)
(-1.
56)
(-2.
22)
(-1.
59)
(-1.
45)
Past
infla
tion
-0.6
5 0.
30
1.10
0.
37
0.87
0.
98
(-
0.26
) (0
.13)
(0
.43)
(0
.16)
(0
.34)
(0
.40)
O
penn
ess
-0.0
1*
-0.0
1*
-0.0
1*
-0.0
1 -0
.01
-0.0
1*
(-
2.06
) (-
2.08
) (-
2.06
) (-
1.79
) (-
1.97
) (-
2.13
) O
penn
ess*
ER R
egim
e
0.00
* 0.
00*
0.00
* 0.
00*
0.00
* 0.
00*
(3
.13)
(2
.21)
(3
.09)
(2
.24)
(3
.11)
(2
.38)
Fi
nanc
ial D
epth
-0
.00
0.00
-0
.00
0.00
-0
.01
0.00
(-0.
36)
(0.6
0)
(-0.
62)
(0.5
9)
(-0.
63)
(0.2
1)
GD
P pe
r Cap
ita
1.14
* 0.
90*
0.00
* 0.
94*
0.73
0.
64
(2
.86)
(2
.37)
(1
.54)
(2
.59)
(1
.62)
(1
.47)
R
ule
of L
aw
0.03
-0
.00
-0.0
2
(1
.25)
(-
0.21
) (-
0.55
)
Polit
ical
Sta
bilit
y 0.
00
-0.0
1 -0
.00
(0.0
5)
(-0.
65)
(-0.
16)
V
oice
and
Acc
ount
abili
ty
0.
04*
0.
05*
0.
03
(2.7
3)
(3
.10)
(2.2
3)
Gov
ernm
ent E
ffic
ienc
y
0.
07
0.
05*
0.02
(1.8
1)
(2
.415
) (0
.83)
R-S
quar
ed
0.49
0.
55
0.52
0.
55
0.52
0.
55
* de
note
s sig
nific
ance
at 5
%
Tab
le 5
a. D
eter
min
ants
of T
rans
pare
ncy,
Fix
ed E
ffec
ts M
odel
s
I
II
III
IV
Con
stan
t -2
7.23
-3
2.82
-3
3.63
-3
3.48
(-0.
08)
(-0.
10)
(-0.
10)
(-0.
10)
Past
infla
tion
-0.1
0 0.
10
0.08
-0
.03
(-
0.30
) (0
.27)
(0
.21)
(-
0.09
) O
penn
ess
0.00
0.
01
0.00
0.
00
(0
.48)
(1
.18)
(0
.82)
(0
.77)
Fi
nanc
ial D
epth
-0
.00
-0.0
0 -0
.00
-0.0
0
(-0.
35)
(-0.
49)
(-0.
28)
(-0.
37)
GD
P pe
r Cap
ita
3.87
* 4.
31*
4.38
* 4.
40*
(8
.82)
(9
.75)
(1
0.11
) (1
0.16
) R
ule
of L
aw
-0.0
4*
(-4.
37)
Po
litic
al S
tabi
lity
-0
.01
(-1.
47)
Voi
ce a
nd A
ccou
ntab
ility
-0
.01
(-0.
56)
G
over
nmen
t Eff
icie
ncy
-0
.01
(-1.
24)
H
ausm
ann
test
14
.61*
20
.48*
28
.11*
23
.10*
R
-Squ
ared
0.
97
0.97
0.
97
0.97
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 5
b. D
eter
min
ants
of T
rans
pare
ncy,
Fix
ed E
ffec
ts M
odel
s
I
II
III
IV
Con
stan
t -3
4.52
-4
0.65
-4
1.50
-4
0.87
(-0.
09)
(-0.
11)
(-0.
11)
(-0.
11)
Past
infla
tion
-0.0
3 0.
10
0.10
-0
.04
(-
0.09
) (0
.25)
(0
.27)
(-
0.11
) ER
Reg
ime
Dum
my
0.09
* 0.
12*
0.12
* 0.
11*
(2
.52)
(3
.41)
(3
.39)
(3
.19)
Fi
nanc
ial D
epth
-0
.00
-0.0
0 -0
.00
-0.0
0
(-0.
16)
(-0.
10)
(-0.
13)
(-0.
19)
GD
P pe
r Cap
ita
4.61
* 5.
05*
5.11
* 5.
15*
(9
.35)
(1
0.41
) (1
0.70
) (1
0.79
) R
ule
of L
aw
-0.0
4*
(-3.
22)
Po
litic
al S
tabi
lity
-0
.00
(-0.
47)
Voi
ce a
nd A
ccou
ntab
ility
0.
00
(0.3
3)
G
over
nmen
t Eff
icie
ncy
-0
.01
(-1.
27)
H
auss
man
n te
st
15.9
6*
22.6
1*
25.5
8*
23.7
0*
R-S
quar
ed
0.97
0.
97
0.97
0.
97
* de
note
s sig
nific
ance
at 5
%
Tab
le 5
c. D
eter
min
ants
of T
rans
pare
ncy,
Fix
ed E
ffec
ts M
odel
s
I
II
III
IV
Con
stan
t -3
4.37
-4
0.44
-4
1.16
-4
0.26
(-0.
09)
(-0.
11)
(-0.
11)
(-0.
11)
Past
infla
tion
-0.0
8 0.
05
0.06
-0
.08
(-
0.22
) (0
.14)
(0
.16)
(-
0.19
) O
penn
ess
-0.0
0 0.
00
0.00
0.
00
(-
0.01
) (0
.34)
(0
.34)
(0
.39)
ER
Reg
ime
Dum
my
0.10
* 0.
13*
0.12
* 0.
12*
(2
.76)
(3
.63)
(3
.56)
(3
.39)
Fi
nanc
ial D
epth
-0
.01
-0.0
1 -0
.01
-0.0
1
(-0.
83)
(-0.
88)
(-0.
92)
(-0.
96)
GD
P pe
r Cap
ita
4.63
* 5.
04*
5.07
* 5.
10*
(9
.00)
(9
.90)
(1
0.09
) (1
0.14
) R
ule
of L
aw
-0.0
4*
(-3.
08)
Po
litic
al S
tabi
lity
-0
.00
(-0.
14)
Voi
ce a
nd A
ccou
ntab
ility
0.
01
(0.7
0)
G
over
nmen
t Eff
icie
ncy
-0
.01
(-1.
19)
H
auss
man
n te
st
15.2
9*
20.5
2*
22.7
4*
21.1
7*
R-S
quar
ed
0.97
0.
97
0.97
0.
97
* de
note
s sig
nific
ance
at 5
%
Tab
le 5
d. D
eter
min
ants
of T
rans
pare
ncy,
Fix
ed E
ffec
ts M
odel
s
I
II
III
IV
Con
stan
t -3
1.95
-3
8.33
-3
9.40
-3
8.37
(-0.
08)
(-0.
10)
(-0.
10)
(-0.
10)
Past
infla
tion
-0.0
9 0.
07
0.09
-0
.12
(-
0.24
) (0
.19)
(0
.22)
(-
0.29
) O
penn
ess
-0.0
0 -0
.00
-0.0
0 -0
.00
(-
0.70
) (-
0.43
) (-
0.40
) (-
0.37
) O
penn
ess*
ER D
umm
y 0.
00
0.00
* 0.
00*
0.00
*
(1.9
7)
(2.3
3)
(2.2
6)
(2.2
9)
Fina
ncia
l Dep
th
-0.0
1 -0
.01
-0.0
1 -0
.01
(-
0.55
) (-
0.54
) (-
0.61
) (-
0.69
) G
DP
per C
apita
4.
46*
4.89
* 4.
94*
4.99
*
(8.7
1)
(9.5
4)
(9.7
6)
(9.8
7)
Rul
e of
Law
-0
.04*
(-
3.68
)
Polit
ical
Sta
bilit
y
-0.0
0
(-
0.31
)
V
oice
and
Acc
ount
abili
ty
0.01
(0
.83)
Gov
ernm
ent E
ffic
ienc
y
-0.0
2*
(-1.
72)
H
auss
man
n te
st
13.3
6*
19.1
0*
21.9
2*
19.4
7*
R-S
quar
ed
0.97
0.
97
0.97
0.
97
* de
note
s sig
nific
ance
at 5
%
Tab
le 6
a. D
eter
min
ants
of T
rans
pare
ncy
Inde
x, F
ixed
Eff
ects
Mod
els,
Mul
tiple
Pol
itica
l Var
iabl
es
I
II
III
IV
V
VI
Con
stan
t -2
7.50
-2
7.32
-2
6.98
-3
2.90
-3
2.79
-3
3.21
(-0.
08)
(-0.
08)
(-0.
09)
(-0.
10)
(-0.
10)
(-0.
10)
Past
infla
tion
-0.0
9 -0
.11
-0.0
6 0.
10
0.02
-0
.04
(-
0.26
) (-
0.30
) (-
0.17
) (0
.28)
(0
.06)
(-
0.10
) O
penn
ess
0.00
0.
00
0.00
0.
01
0.01
0.
00
(0
.64)
(0
.41)
(0
.47)
(1
.15)
(1
.18)
(0
.81)
Fi
nanc
ial D
epth
-0
.00
-0.0
0 -0
.00
-0.0
0 -0
.01
-0.0
0
(-0.
44)
(-0.
35)
(-0.
32)
(-0.
50)
(-0.
55)
(-0.
37)
GD
P pe
r Cap
ita
3.90
* 3.
86*
3.84
* 4.
30*
4.34
* 4.
39*
(8
.70)
(8
.77)
(8
.61)
(9
.73)
(9
.78)
(1
0.13
) R
ule
of L
aw
-0.0
4*
-0.0
4*
-0.0
4*
(-3.
77)
(-4.
38)
(-4.
22)
Po
litic
al S
tabi
lity
0.00
-0
.01
-0.0
1
(0
.33)
(-
1.47
) (-
1.18
)
Voi
ce a
nd A
ccou
ntab
ility
0.01
0.00
-0.0
0
(0
.62)
(0.2
8)
(-
0.49
) G
over
nmen
t Eff
icie
ncy
0.00
-0.0
1 -0
.01
(0
.51)
(-0.
80)
(-1.
21)
H
auss
man
Tes
t 13
.67*
18
.38*
14
.79*
24
.42*
19
.86*
25
.74*
R
-Squ
ared
0.
97
0.97
0.
97
0.97
0.
97
0.97
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 6
b. D
eter
min
ants
of T
rans
pare
ncy
Inde
x, F
ixed
Eff
ects
Mod
els,
Mul
tiple
Pol
itica
l Var
iabl
es
I
II
III
IV
V
VI
Con
stan
t -3
4.84
-3
4.76
-3
4.62
-4
0.85
-4
0.78
-4
1.19
(-0.
09)
(-0.
09)
(-0.
09)
(-0.
11)
(-0.
11)
(-0.
11)
Past
infla
tion
-0.0
5 -0
.03
-0.0
6 0.
10
-0.0
4 -0
.04
(-
0.13
) (-
0.09
) (-
0.14
) (0
.27)
(-
0.10
) (-
0.10
) ER
Reg
ime
Dum
my
0.08
* 0.
08*
0.09
* 0.
11*
0.11
* 0.
11*
(2
.44)
(2
.24)
(2
.49)
(3
.30)
(3
.18)
(3
.11)
Fi
nanc
ial D
epth
-0
.00
-0.0
0 -0
.00
-0.0
0 -0
.00
-0.0
0
(-0.
18)
(-0.
24)
(-0.
17)
(-0.
13)
(-0.
19)
(-0.
21)
GD
P pe
r Cap
ita
4.64
* 4.
59*
4.64
* 5.
05*
5.14
* 5.
16*
(9
.40)
(9
.31)
(9
.22)
(1
0.40
) (1
0.48
) (1
0.78
) R
ule
of L
aw
-0.0
4*
-0.0
4*
-0.0
4*
(-3.
41)
(-3.
45)
(-2.
96)
Po
litic
al S
tabi
lity
0.01
-0
.00
-0.0
0
(1
.21)
(-
0.60
) (-
0.07
)
Voi
ce a
nd A
ccou
ntab
ility
0.01
0.01
0.00
(1
.26)
(0.5
0)
(0
.43)
G
over
nmen
t Eff
icie
ncy
-0.0
0
-0.0
1 -0
.01
(-
0.24
)
(-1.
18)
(-1.
30)
H
auss
man
Tes
t 16
.02*
17
.35*
16
.29*
23
.47*
21
.87*
23
.91*
R
-Squ
ared
0.
97
0.97
0.
97
0.97
0.
97
0.97
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 6
c. D
eter
min
ants
of T
rans
pare
ncy
Inde
x, F
ixed
Eff
ects
Mod
els,
Mul
tiple
Pol
itica
l Var
iabl
es
I
II
III
IV
V
VI
Con
stan
t -3
4.73
-3
4.73
-3
4.44
-4
0.79
-4
0.56
-4
0.86
(-0.
09)
(-0.
09)
(-0.
09)
(-0.
11)
(-0.
11)
(-0.
11)
Past
infla
tion
-0.1
1 -0
.09
-0.1
0 0.
06
-0.0
8 -0
.07
(-
0.28
) (-
0.23
) (-
0.25
) (0
.16)
(-
0.21
) (-
0.19
) O
penn
ess
0.00
-0
.00
0.00
0.
00
0.00
0.
00
(0
.03)
(-
0.11
) (0
.01)
(0
.31)
(0
.41)
(0
.37)
ER
Reg
ime
Dum
my
0.09
* 0.
09*
0.10
* 0.
12*
0.12
* 0.
12*
(2
.66)
(2
.43)
(2
.73)
(3
.50)
(3
.38)
(3
.28)
Fi
nanc
ial D
epth
-0
.01
-0.0
1 -0
.01
-0.0
1 -0
.01
-0.0
1
(-0.
90)
(-0.
91)
(-0.
84)
(-0.
90)
(-0.
98)
(-1.
00)
GD
P pe
r Cap
ita
4.66
* 4.
61*
4.64
* 5.
04*
5.12
* 5.
12*
(9
.06)
(8
.98)
(8
.89)
(9
.90)
(9
.98)
(1
0.17
) R
ule
of L
aw
-0.0
4*
-0.0
4*
-0.0
4*
(-3.
44)
(-3.
43)
(-2.
83)
Po
litic
al S
tabi
lity
0.01
-0
.00
0.00
(1
.53)
(-
0.37
) (0
.26)
Voi
ce a
nd A
ccou
ntab
ility
0.02
0.01
0.01
(1
.66)
(0.7
8)
(0
.78)
G
over
nmen
t Eff
icie
ncy
-0.0
0
-0.0
1 -0
.01
(-
0.18
)
(-1.
21)
(-1.
24)
H
auss
man
Tes
t 15
.46*
16
.07*
15
.65*
21
.29*
20
.04*
21
.41*
R
-Squ
ared
0.
97
0.97
0.
97
0.97
0.
97
0.97
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 6
d. D
eter
min
ants
of T
rans
pare
ncy
Inde
x, F
ixed
Eff
ects
Mod
els,
Mul
tiple
Pol
itica
l Var
iabl
es
I
II
III
IV
V
VI
Con
stan
t -3
2.45
-3
2.65
-3
2.18
-3
8.84
-3
8.68
-3
9.14
(-0.
09)
(-0.
09)
(-0.
08)
(-0.
10)
(-0.
10)
(-0.
10)
Past
infla
tion
-0.1
2 -0
.10
-0.1
4 0.
08
-0.1
2 -0
.11
(-
0.31
) (-
0.25
) (-
0.34
) (0
.21)
(-
0.31
) (-
0.38
) O
penn
ess
-0.0
0 -0
.00
-0.0
0 -0
.00
-0.0
0 -0
.00
(-
0.65
) (-
0.72
) (-
0.67
) (-
0.43
) (-
0.35
) (-
0.36
) O
penn
ess*
ER D
umm
y 0.
00
0.00
0.
00*
0.00
* 0.
00*
0.00
*
(1.9
3)
(1.7
2)
(1.9
7)
(2.2
1)
(2.2
9)
(2.1
9)
Fina
ncia
l Dep
th
-0.0
1 -0
.01
-0.0
1 -0
.01
-0.0
1 -0
.01
(-
0.64
) (-
0.68
) (-
0.59
) (-
0.59
) (-
0.70
) (-
0.75
) G
DP
per C
apita
4.
50*
4.45
* 4.
50*
4.89
* 5.
02*
5.02
*
(8.8
0)
(8.7
4)
(8.6
3)
(9.5
6)
(9.7
2)
(9.9
1)
Rul
e of
Law
-0
.05*
-0
.05*
-0
.04*
(-
4.03
) (-
4.05
) (-
3.26
)
Polit
ical
Sta
bilit
y 0.
01
-0.0
0 0.
00
(1.6
6)
(-0.
59)
(0.2
7)
V
oice
and
Acc
ount
abili
ty
0.
02
0.
01
0.
01
(1.8
8)
(0
.96)
(0.9
2)
Gov
ernm
ent E
ffic
ienc
y
-0
.00
-0
.02
-0.0
2
(-0.
44)
(-
1.71
) (-
1.77
)
Hau
ssm
an T
est
13.5
8*
14.6
1*
13.8
0*
20.3
3*
18.4
4*
20.2
2*
R-S
quar
ed
0.97
0.
97
0.97
0.
97
0.97
0.
97
* de
note
s sig
nific
ance
at 5
%
Tab
le 7
aa. L
inea
r R
egre
ssio
n M
odel
s for
200
4: D
eter
min
ants
of P
oliti
cal T
rans
pare
ncy
Inde
x
I
II
III
IV
Con
stan
t -1
.47
-1.0
8 -0
.22
-1.5
4
(-1.
68)
(-1.
18)
(-0.
25)
(-1.
44)
Past
infla
tion
0.10
0.
30
0.24
0.
17
(0
.06)
(0
.18)
(0
.14)
(0
.10)
O
penn
ess
0.00
0.
00
0.00
0.
00
(1
.07)
(1
.04)
(0
.53)
(0
.87)
Fi
nanc
ial D
epth
-0
.01*
-0
.01*
-0
.01*
-0
.01*
(-2.
86)
(-3.
08)
(-2.
81)
(-2.
72)
GD
P pe
r Cap
ita
0.46
* 0.
39*
0.24
* 0.
47*
(3
.91)
(3
.34)
(2
.21)
(3
.04)
R
ule
of L
aw
-0.0
1
(-
1.19
)
Polit
ical
Sta
bilit
y
-0.0
0
(-
0.35
)
V
oice
and
Acc
ount
abili
ty
0.01
*
(2
.32)
Gov
ernm
ent E
ffic
ienc
y
-0.0
1
(-
0.89
)
R-S
quar
e 0.
29
0.27
0.
33
0.28
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 7
ab. L
inea
r R
egre
ssio
n M
odel
s for
200
4: D
eter
min
ants
of P
oliti
cal T
rans
pare
ncy
Inde
x
I
II
III
IV
Con
stan
t -1
.23
-0.4
2 0.
01
-1.2
8
(-1.
18)
(-0.
34)
(0.0
1)
(-1.
09)
Past
infla
tion
-1.1
3 -1
.06
-0.6
6 -1
.11
(-
0.66
) (-
0.59
) (-
0.34
) (-
0.64
) ER
Reg
ime
Dum
my
0.04
0.
04*
0.03
0.
04
(1
.91)
(1
.94)
(1
.42)
(1
.92)
Fi
nanc
ial D
epth
-0
.01*
-0
.01*
-0
.01*
-0
.01*
(-2.
32)
(-2.
76)
(-2.
36)
(-2.
35)
GD
P pe
r Cap
ita
0.41
* 0.
28
0.21
0.
41*
(2
.99)
(1
.77)
(1
.54)
(2
.56)
R
ule
of L
aw
-0.0
0
(0
.40)
Polit
ical
Sta
bilit
y
0.00
(0
.71)
V
oice
and
Acc
ount
abili
ty
0.01
(1
.81)
Gov
ernm
ent E
ffic
ienc
y
-0.0
0
(-
0.68
)
R-S
quar
e 0.
26
0.26
0.
29
0.25
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 7
ac. L
inea
r R
egre
ssio
n M
odel
s for
200
4: D
eter
min
ants
of P
oliti
cal T
rans
pare
ncy
Inde
x
I
II
III
IV
Con
stan
t -1
.87
-1.5
4 -0
.90
-1.9
7
(-1.
95)
(-1.
45)
(-0.
87)
(-1.
82)
Past
infla
tion
-1.8
2 -1
.66
-1.3
7 -1
.80
(-
0.99
) (-
0.92
) (-
0.70
) (-
0.97
) O
penn
ess
0.00
0.
00
0.00
0.
00
(1
.99)
(1
.96)
(1
.45)
(1
.84)
ER
Reg
ime
Dum
my
0.06
* 0.
06*
0.05
* 0.
06*
(2
.59)
(2
.53)
(2
.23)
(2
.64)
Fi
nanc
ial D
epth
-0
.01*
-0
.01*
-0
.01*
-0
.01*
(-4.
04)
(-4.
23)
(-3.
45)
(-3.
84)
GD
P pe
r Cap
ita
0.45
* 0.
39*
0.29
* 0.
46*
(3
.48)
(2
.81)
(2
.23)
(2
.93)
R
ule
of L
aw
-0.0
0
(-
0.99
)
Polit
ical
Sta
bilit
y
-0.0
0
(-
0.18
)
V
oice
and
Acc
ount
abili
ty
0.01
(1
.16)
Gov
ernm
ent E
ffic
ienc
y
-0.0
0
(-
0.78
)
R-S
quar
e 0.
36
0.35
0.
37
0.35
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 7
ad. L
inea
r R
egre
ssio
n M
odel
s for
200
4: D
eter
min
ants
of P
oliti
cal T
rans
pare
ncy
Inde
x
I
II
III
IV
Con
stan
t -1
.38
-1.1
3 -0
.32
-1.3
5
(-1.
37)
(-1.
02)
(-0.
30)
(-1.
14)
Past
infla
tion
-0.7
9 -0
.63
-0.3
9 -0
.72
(-
0.43
) (-
0.35
) (-
0.20
) (-
0.39
) O
penn
ess
0.00
0.
00
0.00
0.
00
(0
.50)
(0
.53)
(0
.28)
(0
.36)
O
penn
ess*
ER D
umm
y 0.
00
0.00
0.
00
0.00
(1.4
2)
(1.4
1)
(1.0
0)
(1.4
5)
Fina
ncia
l Dep
th
-0.0
1*
-0.0
1*
-0.0
1*
-0.0
1*
(-
3.25
) (-
3.47
) (-
2.92
) (-
3.20
) G
DP
per C
apita
0.
45
0.40
* 0.
26
0.44
*
(3.3
7)
(2.8
3)
(1.9
2)
(2.5
8)
Rul
e of
Law
-0
.00
(-0.
96)
Po
litic
al S
tabi
lity
-0
.00
(-0.
35)
Voi
ce a
nd A
ccou
ntab
ility
0.
01
(1.4
6)
G
over
nmen
t Eff
icie
ncy
-0
.00
(-0.
58)
R
-Squ
are
0.30
0.
29
0.32
0.
29
* de
note
s sig
nific
ance
at 5
%
Tab
le 7
ba: L
inea
r R
egre
ssio
n M
odel
s for
199
8-20
04 A
vera
ge: D
eter
min
ants
of P
oliti
cal T
rans
pare
ncy
Inde
x
I
II
III
IV
Con
stan
t -1
.04
-0.8
7 -0
.35
-0.4
5
(-1.
32)
(-1.
14)
(-0.
51)
(-0.
51)
Past
infla
tion
0.18
0.
326
0.52
0.
48
(0
.26)
(0
.41)
(0
.81)
(0
.67)
O
penn
ess
0.00
0.
00
0.00
0.
00
(0
.80)
(0
.75)
(0
.68)
(0
.78)
Fi
nanc
ial D
epth
-0
.01*
-0
.01*
-0
.00*
-0
.01*
(-2.
08)
(-2.
18)
(-2.
04)
(-2.
28)
GD
P pe
r Cap
ita
0.37
* 0.
34*
0.23
0.
26
(3
.24)
(3
.30)
(2
.55)
(1
.94)
R
ule
of L
aw
-0.0
0
(-
0.36
)
Polit
ical
Sta
bilit
y
0.00
(-
0.02
)
V
oice
and
Acc
ount
abili
ty
0.01
*
(1
.79)
Gov
ernm
ent E
ffic
ienc
y
0.00
(0
.67)
R-S
quar
e 0.
21
0.21
0.
24
0.22
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 7
bb: L
inea
r R
egre
ssio
n M
odel
s for
199
8-20
04 A
vera
ge: D
eter
min
ants
of P
oliti
cal T
rans
pare
ncy
Inde
x
I
II
III
IV
Con
stan
t -0
.74
-0.2
9 0.
36
-0.0
8
(-0.
83)
(-0.
35)
(0.4
5)
(-0.
08)
Past
infla
tion
-0.3
1 -0
.19
0.10
-0
.03
(-
0.42
) (-
0.26
) (0
.14)
(-
0.04
) ER
Reg
ime
Dum
my
0.02
0.
02
0.01
0.
01
(0
.75)
(0
.75)
(0
.28)
(0
.67)
Fi
nanc
ial D
epth
-0
.01*
-0
.01*
-0
.00*
-0
.01*
(-2.
23)
(-2.
48)
(-2.
19)
(-2.
51)
GD
P pe
r Cap
ita
0.36
* 0.
28*
0.16
0.
24
(2
.91)
(2
.54)
(1
.50)
(1
.65)
R
ule
of L
aw
-0.0
0
(-
0.65
)
Polit
ical
Sta
bilit
y
0.00
(0
.32)
V
oice
and
Acc
ount
abili
ty
0.01
(1
.97)
Gov
ernm
ent E
ffic
ienc
y
0.00
(0
.52)
R-S
quar
e 0.
19
0.19
0.
23
0.19
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 7
bc: L
inea
r R
egre
ssio
n M
odel
s for
199
8-20
04 A
vera
ge: D
eter
min
ants
of P
oliti
cal T
rans
pare
ncy
Inde
x
I
II
III
IV
Con
stan
t -1
.21
-0.9
4 -0
.07
-0.5
3
(-1.
33)
(-1.
05)
(-0.
08)
(-0.
53)
Past
infla
tion
-0.7
0 -0
.58
-0.2
3 -0
.41
(-
0.91
) (-
0.77
) (-
0.30
) (-
0.50
) O
penn
ess
0.00
0.
00
0.00
0.
00
(1
.91)
(1
.83)
(1
.49)
(1
.81)
ER
Reg
ime
Dum
my
0.03
0.
03
0.02
0.
03
(1
.38)
(1
.35)
(0
.81)
(1
.29)
Fi
nanc
ial D
epth
-0
.01*
-0
.01*
-0
.01*
-0
.01*
(-2.
82)
(-3.
02)
(-2.
64)
(-3.
03)
GD
P pe
r Cap
ita
0.38
* 0.
33*
0.19
0.
26
(3
.14)
(2
.96)
(1
.58)
(1
.82)
R
ule
of L
aw
-0.0
0
(-
0.79
)
Polit
ical
Sta
bilit
y
-0.0
0
(-
0.26
)
V
oice
and
Acc
ount
abili
ty
0.01
(1
.58)
Gov
ernm
ent E
ffic
ienc
y
0.00
(0
.43)
R-S
quar
e 0.
24
0.23
0.
26
0.23
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 7
bd: L
inea
r R
egre
ssio
n M
odel
s for
199
8-20
04 A
vera
ge: D
eter
min
ants
of P
oliti
cal T
rans
pare
ncy
Inde
x
I
II
III
IV
Con
stan
t -0
.99
-0.7
6 0.
10
-0.2
8
(-1.
10)
(-0.
86)
(0.1
2)
(-0.
29)
Past
infla
tion
-0.6
1 -0
.51
-0.1
5 -0
.31
(-
0.80
) (-
0.68
) (-
0.19
) (-
0.39
) O
penn
ess
0.00
0.
00
0.00
0.
00
(0
.90)
(0
.91)
(0
.92)
(0
.86)
O
penn
ess*
ER D
umm
y 0.
00
0.00
0.
00
0.00
(1.0
7)
(1.0
7)
(0.5
2)
(1.0
1)
Fina
ncia
l Dep
th
-0.0
1*
-0.0
1*
-0.0
1 -0
.01*
(-2.
70)
(-2.
90)
(-2.
56)
(-2.
93)
GD
P pe
r Cap
ita
0.38
* 0.
34*
0.19
0.
26
(3
.13)
(3
.01)
(1
.69)
(1
.77)
R
ule
of L
aw
-0.0
0
(-
0.76
)
Polit
ical
Sta
bilit
y
-0.0
0
(-
0.32
)
V
oice
and
Acc
ount
abili
ty
0.01
*
(1
.68)
Gov
ernm
ent E
ffic
ienc
y
0.00
(0
.51)
R-S
quar
e 0.
23
0.22
0.
25
0.22
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 8
aa. L
inea
r R
egre
ssio
n M
odel
s for
200
4: D
eter
min
ants
of E
cono
mic
Tra
nspa
renc
y In
dex
I II
II
I IV
C
onst
ant
-2.1
7*
-2.7
4*
-1.6
0*
-1.1
8
(-3.
04)
(-3.
30)
(-2.
45)
(-1.
25)
Past
infla
tion
0.60
0.
44
0.36
0.
70
(0
.54)
(0
.41)
(0
.28)
(0
.58)
O
penn
ess
-0.0
0 -0
.00
-0.0
0*
-0.0
0
(-1.
91)
(-1.
58)
(-2.
27)
(-1.
71)
Fina
ncia
l Dep
th
0.00
0.
00*
0.01
* 0.
00
(1
.75)
(2
.02)
(2
.48)
(1
.26)
G
DP
per C
apita
0.
31*
0.40
* 0.
20*
0.15
(3.1
0)
(3.5
3)
(2.2
8)
(1.0
6)
Rul
e of
Law
0.
01
(1.1
4)
Po
litic
al S
tabi
lity
-0
.00
(-0.
10)
Voi
ce a
nd A
ccou
ntab
ility
0.
01*
(3.8
6)
G
over
nmen
t Eff
icie
ncy
0.
01*
(2.1
9)
R
-Squ
are
0.28
0.
27
0.39
0.
31
* de
note
s sig
nific
ance
at 5
%
Tab
le 8
ab. L
inea
r R
egre
ssio
n M
odel
s for
200
4: D
eter
min
ants
of E
cono
mic
Tra
nspa
renc
y In
dex
I II
II
I IV
C
onst
ant
-3.4
2*
-4.0
8*
-3.3
4*
-2.6
6*
(-
4.65
) (-
5.50
) (-
4.60
) (-
2.80
) Pa
st in
flatio
n -2
.78*
-3
.06*
-2
.69*
-2
.63*
(-2.
31)
(-2.
73)
(-2.
11)
(-2.
03)
ER R
egim
e D
umm
y 0.
12*
0.12
* 0.
11*
0.12
(5.4
0)
(5.4
6)
(4.9
7)
(5.3
4)
Fina
ncia
l Dep
th
0.00
0.
00
0.00
0.
00
(1
.12)
(1
.60)
(1
.82)
(0
.85)
G
DP
per C
apita
0.
33*
0.44
* 0.
32*
0.21
(3.4
6)
(4.4
4)
(3.4
4)
(1.5
6)
Rul
e of
Law
0.
01
(1.8
0)
Po
litic
al S
tabi
lity
0.
00
(0.2
4)
Voi
ce a
nd A
ccou
ntab
ility
0.
01*
(2.4
0)
G
over
nmen
t Eff
icie
ncy
0.
01*
(2.3
1)
R
-Squ
are
0.58
0.
57
0.59
0.
59
* de
note
s sig
nific
ance
at 5
%
Tab
le 8
ac. L
inea
r R
egre
ssio
n M
odel
s for
200
4: D
eter
min
ants
of E
cono
mic
Tra
nspa
renc
y In
dex
I II
II
I IV
C
onst
ant
-3.3
4*
-3.9
2*
-3.1
9*
-2.5
2*
(-
4.05
) (-
4.63
) (-
3.83
) (-
2.48
) Pa
st in
flatio
n -2
.60
-2.7
9*
-2.3
7 -2
.46
(-
1.98
) (-
2.22
) (-
1.69
) (-
1.76
) O
penn
ess
0.00
0.
00
-0.0
0 0.
00
(0
.03)
(0
.12)
(-
0.36
) (0
.29)
ER
Dum
my
0.11
* 0.
11*
0.10
* 0.
11*
(4
.00)
(4
.01)
(3
.52)
(3
.99)
Fi
nanc
ial D
epth
0.
00
0.00
0.
00
0.00
(0.9
7)
(1.2
6)
(1.5
9)
(0.5
5)
GD
P pe
r Cap
ita
0.33
* 0.
43*
0.31
0.
19
(3
.33)
(3
.99)
(3
.16)
(1
.41)
R
ule
of L
aw
0.01
(1
.53)
Polit
ical
Sta
bilit
y
0.00
(0
.02)
V
oice
and
Acc
ount
abili
ty
0.01
*
(1
.90)
Gov
ernm
ent E
ffic
ienc
y
0.01
*
(2
.27)
R-S
quar
e 0.
48
0.46
0.
49
0.49
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 8
ad. L
inea
r R
egre
ssio
n M
odel
s for
200
4: D
eter
min
ants
of E
cono
mic
Tra
nspa
renc
y In
dex
I II
II
I IV
C
onst
ant
-2.5
0 -3
.23*
-2
.30*
-1
.51
(-
3.45
) (-
3.75
) (-
3.12
) (-
1.69
) Pa
st in
flatio
n -1
.21
-1.3
9 -1
.07
-1.1
1
(-0.
96)
(-1.
09)
(-0.
80)
(-0.
82)
Ope
nnes
s -0
.01*
-0
.00*
-0
.01*
-0
.00*
(-2.
72)
(-2.
24)
(-2.
66)
(-2.
57)
Ope
nnes
s*ER
Dum
my
0.00
* 0.
00*
0.00
* 0.
00*
(2
.71)
(2
.77)
(2
.24)
(2
.77)
Fi
nanc
ial D
epth
0.
00
0.00
0.
01
0.00
(1.3
5)
(1.5
6)
(1.8
7)
(0.8
6)
GD
P pe
r Cap
ita
0.32
* 0.
44*
0.28
0.
15
(3
.39)
(3
.79)
(2
.26)
(1
.20)
R
ule
of L
aw
0.01
(1
.59)
Polit
ical
Sta
bilit
y
-0.0
0
(-
0.23
)
V
oice
and
Acc
ount
abili
ty
0.01
*
(2
.26)
Gov
ernm
ent E
ffic
ienc
y
0.02
*
(2
.66)
R-S
quar
e 0.
41
0.40
0.
44
0.44
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 8
ba. L
inea
r R
egre
ssio
n M
odel
s for
199
8-20
04 A
vera
ge: D
eter
min
ants
of E
cono
mic
Tra
nspa
renc
y In
dex
I
II
III
IV
Con
stan
t -1
.69*
-2
.13*
-1
.48*
-1
.26
(-
2.37
) (-
3.04
) (-
2.59
) (-
1.60
) Pa
st in
flatio
n 0.
59
0.28
0.
72
0.88
(0.9
7)
(0.4
7)
(1.3
2)
(1.3
7)
Ope
nnes
s -0
.00*
-0
.00*
-0
.00*
-0
.00
(-
2.12
) (-
2.18
) (-
2.44
) (-
2.05
) Fi
nanc
ial D
epth
0.
00
0.00
0.
00*
0.00
(1.1
5)
(1.5
2)
(2.0
6)
(1.0
5)
GD
P pe
r Cap
ita
0.23
* 0.
31*
0.17
* 0.
15
(2
.22)
(3
.33)
(2
.18)
(1
.21)
R
ule
of L
aw
0.01
(1
.89)
Polit
ical
Sta
bilit
y
0.00
(0
.96)
V
oice
and
Acc
ount
abili
ty
0.01
*
(4
.23)
Gov
ernm
ent E
ffic
ienc
y
0.01
*
(2
.26)
R-S
quar
e 0.
41
0.39
0.
49
0.42
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 8
bb. L
inea
r R
egre
ssio
n M
odel
s for
199
8-20
04 A
vera
ge: D
eter
min
ants
of E
cono
mic
Tra
nspa
renc
y In
dex
I
II
III
IV
Con
stan
t -2
.76*
-3
.32*
-2
.72*
-2
.48*
(-3.
81)
(-4.
78)
(-4.
05)
(-3.
10)
Past
infla
tion
-0.3
4 -0
.59
-0.2
9 -0
.08
(-
0.55
) (-
0.97
) (-
0.48
) (-
0.12
) ER
Reg
ime
Dum
my
0.10
* 0.
10*
0.09
* 0.
09*
(5
.57)
(5
.52)
(5
.00)
(5
.39)
Fi
nanc
ial D
epth
0.
00
0.00
0.
00
0.00
(1.0
1)
(1.4
2)
(1.9
4)
(0.9
0)
GD
P pe
r Cap
ita
0.24
* 0.
34*
0.23
* 0.
18
(2
.38)
(3
.71)
(2
.62)
(1
.57)
R
ule
of L
aw
0.01
(1
.93)
Polit
ical
Sta
bilit
y
0.00
(0
.69)
V
oice
and
Acc
ount
abili
ty
0.01
*
(2
.52)
Gov
ernm
ent E
ffic
ienc
y
0.01
*
(2
.01)
R-S
quar
e 0.
58
0.56
0.
60
0.59
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 8
bc. L
inea
r R
egre
ssio
n M
odel
s for
199
8-20
04 A
vera
ge: D
eter
min
ants
of E
cono
mic
Tra
nspa
renc
y In
dex
I
II
III
IV
Con
stan
t -2
.70*
-3
.18*
-2
.58*
-2
.39*
(-3.
57)
(-4.
20)
(-3.
53)
(-2.
89)
Past
infla
tion
-0.2
7 -0
.51
-0.1
5 0.
00
(-
0.43
) (-
0.80
) (-
0.24
) (0
.01)
O
penn
ess
-0.0
0 -0
.00
-0.0
0 -0
.00
(-
0.42
) (-
0.54
) (-
0.80
) (-
0.41
) ER
Reg
ime
Dum
my
0.09
* 0.
10*
0.08
* 0.
09*
(5
.13)
(5
.06)
(4
.29)
(4
.98)
Fi
nanc
ial D
epth
0.
00
0.00
0.
00*
0.00
(1.1
8)
(1.6
0)
(2.1
1)
(1.0
7)
GD
P pe
r Cap
ita
0.23
* 0.
32*
0.22
* 0.
17
(2
.30)
(3
.39)
(2
.43)
(1
.46)
R
ule
of L
aw
0.01
(2
.01)
Polit
ical
Sta
bilit
y
0.00
(0
.91)
V
oice
and
Acc
ount
abili
ty
0.01
*
(2
.49)
Gov
ernm
ent E
ffic
ienc
y
0.01
*
(2
.13)
R-S
quar
e 0.
59
0.57
0.
60
0.59
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 8
bd. L
inea
r R
egre
ssio
n M
odel
s for
199
8-20
04 A
vera
ge: D
eter
min
ants
of E
cono
mic
Tra
nspa
renc
y In
dex
I
II
III
IV
Con
stan
t -1
.99*
-2
.59*
-1
.84*
-1
.59
(-
2.47
) (-
3.19
) (-
2.46
) (-
1.82
) Pa
st in
flatio
n 0.
01
-0.2
5 0.
17
0.34
(0.0
1)
(-0.
36)
(0.2
6)
(0.4
7)
Ope
nnes
s -0
.01
-0.0
1 -0
.01
-0.0
1*
(-
3.45
) (-
3.33
) (-
3.38
) (-
3.39
) O
penn
ess*
ER D
umm
y 0.
00*
0.00
* 0.
00*
0.00
*
(3.5
1)
(3.8
8)
(2.6
9)
(3.4
4)
Fina
ncia
l Dep
th
0.00
0.
00
0.01
* 0.
00
(1
.41)
(1
.79)
(2
.35)
(1
.26)
G
DP
per C
apita
0.
23*
0.34
* 0.
21*
0.15
(2.1
4)
(3.3
4)
(2.0
7)
(1.2
1)
Rul
e of
Law
0.
01
(1.9
6)
Po
litic
al S
tabi
lity
0.
00
(0.6
6)
Voi
ce a
nd A
ccou
ntab
ility
0.
01*
(2.7
6)
G
over
nmen
t Eff
icie
ncy
0.
01*
(2.2
7)
R
-Squ
are
0.51
0.
49
0.54
0.
52
* de
note
s sig
nific
ance
at 5
%
Tab
le 9
aa. L
inea
r R
egre
ssio
n M
odel
s for
200
4: D
eter
min
ants
of P
roce
dura
l Tra
nspa
renc
y In
dex
I
II
III
IV
Con
stan
t -1
.35
-1.6
3*
-0.8
5 -0
.88
(-
1.66
) (-
2.09
) (-
1.11
) (-
0.93
) Pa
st in
flatio
n 0.
76
0.68
0.
63
0.81
(0.6
0)
(0.5
5)
(0.5
0)
(0.6
4)
Ope
nnes
s 0.
00
0.00
0.
00
0.00
(0.6
3)
(0.6
5)
(0.3
7)
(0.7
2)
Fina
ncia
l Dep
th
-0.0
0 -0
.00
-0.0
0 -0
.00
(-
0.56
) (-
0.52
) (-
0.06
) (-
0.74
) G
DP
per C
apita
0.
22*
0.27
* 0.
13
0.14
(2.0
1)
(2.6
9)
(1.3
4)
(1.0
7)
Rul
e of
Law
0.
00
(0.4
5)
Po
litic
al S
tabi
lity
-0
.00
(-0.
08)
Voi
ce a
nd A
ccou
ntab
ility
0.
01*
(2.7
0)
G
over
nmen
t Eff
icie
ncy
0.
01
(0.9
9)
R
-Squ
are
0.14
0.
14
0.21
0.
15
* de
note
s sig
nific
ance
at 5
%
Tab
le 9
ab. L
inea
r R
egre
ssio
n M
odel
s for
200
4: D
eter
min
ants
of P
roce
dura
l Tra
nspa
renc
y In
dex
I
II
III
IV
Con
stan
t -1
.19
-1.0
6 -0
.91
-1.0
8
(-1.
44)
(-1.
45)
(-1.
09)
(-1.
07)
Past
infla
tion
-1.5
2 -1
.76
-1.3
8 -1
.52
(-
1.10
) (-
1.30
) (-
0.97
) (-
1.11
) ER
Reg
ime
Dum
my
0.07
* 0.
08*
0.06
* 0.
07*
(3
.57)
(3
.67)
(3
.40)
(3
.61)
Fi
nanc
ial D
epth
0.
00
0.00
0.
00
0.00
(0.0
6)
(0.1
0)
(0.3
9)
(0.0
5)
GD
P pe
r Cap
ita
0.15
0.
13
0.10
0.
13
(1
.40)
(1
.40)
(1
.02)
(0
.93)
R
ule
of L
aw
0.00
(0
.73)
Polit
ical
Sta
bilit
y
0.00
(1
.10)
V
oice
and
Acc
ount
abili
ty
0.01
*
(1
.83)
Gov
ernm
ent E
ffic
ienc
y
0.00
(0
.65)
R-S
quar
e 0.
25
0.25
0.
27
0.25
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 9
ac. L
inea
r R
egre
ssio
n M
odel
s for
200
4: D
eter
min
ants
of P
roce
dura
l Tra
nspa
renc
y In
dex
I
II
III
IV
Con
stan
t -1
.65
-1.7
8*
-1.4
3 -1
.38
(-
1.81
) (-
2.02
) (-
1.50
) (-
1.35
) Pa
st in
flatio
n -1
.84
-1.9
6 -1
.64
-1.8
0
(-1.
37)
(-1.
50)
(-1.
24)
(-1.
35)
Ope
nnes
s 0.
00
0.00
0.
00
0.00
(1.4
8)
(1.2
9)
(1.2
1)
(1.5
7)
ER R
egim
e D
umm
y 0.
09*
0.09
* 0.
08*
0.09
*
(3.5
4)
(3.5
6)
(3.3
2)
(3.5
3)
Fina
ncia
l Dep
th
-0.0
0 -0
.00
-0.0
0 -0
.00
(-
1.11
) (-
1.00
) (-
0.64
) (-
1.18
) G
DP
per C
apita
0.
18
0.20
* 0.
15
0.13
(1.7
3)
(2.1
0)
(1.4
0)
(1.0
2)
Rul
e of
Law
0.
00
(0.6
4)
Po
litic
al S
tabi
lity
0.
00
(0.3
1)
Voi
ce a
nd A
ccou
ntab
ility
0.
00
(1.3
3)
G
over
nmen
t Eff
icie
ncy
0.
01
(0.8
2)
R
-Squ
are
0.25
0.
25
0.26
0.
25
* de
note
s sig
nific
ance
at 5
%
Tab
le 9
ad. L
inea
r R
egre
ssio
n M
odel
s for
200
4: D
eter
min
ants
of P
roce
dura
l Tra
nspa
renc
y In
dex
I
II
III
IV
Con
stan
t -0
.96
-1.2
0 -0
.60
-0.5
5
(-1.
09)
(-1.
33)
(-0.
65)
(-0.
55)
Past
infla
tion
-0.4
1 -0
.51
-0.2
3 -0
.37
(-
0.28
) (-
0.35
) (-
0.16
) (-
0.26
) O
penn
ess
-0.0
0 -0
.00
-0.0
0 -0
.00
(-
0.17
) (-
0.14
) (-
0.22
) (-
0.07
) ER
Reg
ime
Dum
my
0.00
0.
00
0.00
0.
00
(1
.54)
(1
.56)
(1
.16)
(1
.53)
Fi
nanc
ial D
epth
-0
.00
-0.0
0 -0
.00
-0.0
0
(-0.
54)
(-0.
46)
(-0.
08)
(-0.
69)
GD
P pe
r Cap
ita
0.17
0.
21
0.11
0.
10
(1
.58)
(1
.99)
(0
.98)
(0
.76)
R
ule
of L
aw
0.00
(0
.59)
Polit
ical
Sta
bilit
y
0.00
(0
.07)
V
oice
and
Acc
ount
abili
ty
0.01
(1
.88)
Gov
ernm
ent E
ffic
ienc
y
0.01
(0
.98)
R-S
quar
e 0.
14
0.13
0.
17
0.14
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 9
ba. L
inea
r R
egre
ssio
n M
odel
s for
199
8-20
04 A
vera
ge: D
eter
min
ants
of P
roce
dura
l Tra
nspa
renc
y In
dex
I II
II
I IV
C
onst
ant
-1.6
1*
-1.7
0*
-1.3
4 -1
.05
(-
2.33
) (-
2.54
) (-
2.30
) (-
1.38
) Pa
st in
flatio
n 0.
56
0.44
0.
71
0.89
(0.9
4)
(0.7
8)
(1.2
8)
(1.4
2)
Ope
nnes
s 0.
00
0.00
0.
00
0.00
(0.3
0)
(0.1
1)
(0.1
9)
(0.3
4)
Fina
ncia
l Dep
th
-0.0
0 0.
00
0.00
-0
.00
(-
0.08
) (0
.10)
(0
.34)
(-
0.27
) G
DP
per C
apita
0.
24*
0.26
* 0.
18*
0.13
(2.3
9)
(2.8
7)
(2.2
1)
(1.1
4)
Rul
e of
Law
0.
00
(0.8
6)
Po
litic
al S
tabi
lity
0.
00
(0.7
2)
Voi
ce a
nd A
ccou
ntab
ility
0.
01*
(2.5
9)
G
over
nmen
t Eff
icie
ncy
0.
01*
(11.
73)
R
-Squ
are
0.27
0.
26
0.32
0.
29
• de
note
s sig
nific
ance
at 5
%
Tab
le 9
bb. L
inea
r R
egre
ssio
n M
odel
s for
199
8-20
04 A
vera
ge: D
eter
min
ants
of P
roce
dura
l Tra
nspa
renc
y In
dex
I II
II
I IV
C
onst
ant
-1.4
9 -1
.49*
-1
.03
-1.0
8
(-1.
86)
(-2.
00)
(-1.
42)
(-1.
23)
Past
infla
tion
0.02
-0
.09
0.22
0.
28
(0
.03)
(-
0.14
) (0
.34)
(0
.40)
ER
Reg
ime
Dum
my
0.06
* 0.
06*
0.05
* 0.
05
(3
.00)
(3
.11)
(2
.50)
(2
.89)
Fi
nanc
ial D
epth
0.
00
0.00
0.
00
0.00
(0.1
8)
(0.3
1)
(0.8
2)
(0.0
0)
GD
P pe
r Cap
ita
0.17
0.
17
0.09
0.
10
(1
.57)
(1
.79)
(0
.98)
(0
.77)
R
ule
of L
aw
0.00
(0
.92)
Polit
ical
Sta
bilit
y
0.00
(1
.17)
V
oice
and
Acc
ount
abili
ty
0.09
*
(2
.47)
Gov
ernm
ent E
ffic
ienc
y
0.01
*
(1
.41)
R-S
quar
e 0.
29
0.29
0.
34
0.30
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 9
bc. L
inea
r R
egre
ssio
n M
odel
s for
199
8-20
04 A
vera
ge: D
eter
min
ants
of P
roce
dura
l Tra
nspa
renc
y In
dex
I II
II
I IV
C
onst
ant
-1.8
5*
-1.8
8 -1
.50
-1.3
9
(-2.
29)
(-2.
39)
(-1.
94)
(-1.
59)
Past
infla
tion
-0.2
4 -0
.32
-0.0
6 0.
06
(-
0.35
) (-
0.48
) (-
0.08
) (0
.08)
O
penn
ess
0.00
0.
00
0.00
0.
00
(1
.42)
(1
.10)
(1
.08)
(1
.40)
ER
Reg
ime
Dum
my
0.07
* 0.
07*
0.06
* 0.
07*
(3
.57)
(3
.57)
(2
.93)
(3
.46)
Fi
nanc
ial D
epth
-0
.00
0.00
0.
00
-0.0
0
(-0.
23)
(0.0
1)
(0.3
6)
(-0.
40)
GD
P pe
r Cap
ita
0.19
0.
20
0.14
0.
10
(1
.74)
(2
.03)
(1
.42)
(0
.82)
R
ule
of L
aw
0.00
(0
.97)
Polit
ical
Sta
bilit
y
0.00
(0
.97)
V
oice
and
Acc
ount
abili
ty
0.01
*
(1
.90)
Gov
ernm
ent E
ffic
ienc
y
0.01
(1
.57)
R-S
quar
e 0.
34
0.34
0.
37
0.36
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 9
bd. L
inea
r R
egre
ssio
n M
odel
s for
199
8-20
04 A
vera
ge: D
eter
min
ants
of P
roce
dura
l Tra
nspa
renc
y In
dex
I II
II
I IV
C
onst
ant
-1.3
0 -1
.40
-0.8
8 -0
.76
(-
1.55
) (-
1.70
) (-
1.13
) (-
0.84
) Pa
st in
flatio
n 0.
06
0.03
0.
31
0.40
(0.0
9)
(-0.
04)
(0.4
4)
(0.5
4)
Ope
nnes
s -0
.00
-0.0
0 -0
.00
-0.0
0
(-0.
66)
(-0.
81)
(-0.
57)
(-0.
62)
Ope
nnes
s*ER
Dum
my
0.00
0.
00
0.00
0.
00
(1
.90)
(1
.83)
(1
.22)
(1
.84)
Fi
nanc
ial D
epth
-0
.00
0.00
0.
00
-0.0
0
(-0.
03)
(0.2
2)
(0.6
1)
(-0.
23)
GD
P pe
r Cap
ita
0.19
0.
22*
0.11
0.
09
(1
.66)
(2
.04)
(1
.11)
(0
.66)
R
ule
of L
aw
0.00
(1
.01)
Polit
ical
Sta
bilit
y
0.00
(0
.85)
V
oice
and
Acc
ount
abili
ty
0.09
*
(2
.31)
Gov
ernm
ent E
ffic
ienc
y
0.01
(1
.73)
R-S
quar
e 0.
25
0.25
0.
30
0.27
•
* de
note
s sig
nific
ance
at 5
%
T
able
10a
a. L
inea
r R
egre
ssio
n M
odel
s for
200
4: D
eter
min
ants
of P
olic
y T
rans
pare
ncy
Inde
x
I II
II
I IV
C
onst
ant
-1.1
1 -1
.38
-1.4
5 -0
.22
(-
1.31
) (-
1.51
) (-
1.97
) (-
0.21
) Pa
st in
flatio
n 2.
53
2.03
2.
06
2.50
(1.4
6)
(1.0
5)
(1.1
6)
(1.5
1)
Ope
nnes
s -0
.00
-0.0
0 -0
.00
-0.0
0
(-1.
35)
(-1.
83)
(-1.
46)
(-0.
99)
Fina
ncia
l Dep
th
0.00
0.
00
0.00
-0
.00
(0
.19)
(0
.79)
(0
.97)
(-
0.22
) G
DP
per C
apita
0.
14
0.20
0.
18
-0.0
1
(1.1
6)
(1.6
8)
(1.8
8)
(-0.
07)
Rul
e of
Law
0.
01*
(2.3
4)
Po
litic
al S
tabi
lity
0.
01
(1.7
6)
Voi
ce a
nd A
ccou
ntab
ility
0.
01*
(3.0
6)
G
over
nmen
t Eff
icie
ncy
0.
02*
(2.7
3)
R
-Squ
are
0.25
0.
23
0.29
0.
27
* de
note
s sig
nific
ance
at 5
%
Tab
le 1
0ab.
Lin
ear
Reg
ress
ion
Mod
els f
or 2
004:
Det
erm
inan
ts o
f Pol
icy
Tra
nspa
renc
y In
dex
I
II
III
IV
Con
stan
t -1
.88*
-2
.49*
-2
.68*
-1
.14*
(-2.
29)
(-2.
68)
(-3.
16)
(-1.
07)
Past
infla
tion
0.58
-0
.18
0.39
0.
68
(0
.33)
(-
0.08
) (0
.19)
(0
.38)
ER
Reg
ime
Dum
my
0.07
* 0.
08*
0.07
* 0.
07*
(3
.73)
(4
.20)
(3
.23)
(3
.58)
Fi
nanc
ial D
epth
-0
.00
0.00
0.
00
-0.0
0
(-0.
21)
(0.1
9)
(0.6
3)
(-0.
39)
GD
P pe
r Cap
ita
0.13
0.
24
0.26
* 0.
02
(1
.17)
(1
.98)
(2
.43)
(0
.10)
R
ule
of L
aw
0.02
*
(2
.88)
Polit
ical
Sta
bilit
y
0.01
(2
.07)
V
oice
and
Acc
ount
abili
ty
0.01
*
(1
.92)
Gov
ernm
ent E
ffic
ienc
y
0.02
*
(2
.85)
R-S
quar
e 0.
46
0.42
0.
41
0.46
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 1
0ac.
Lin
ear
Reg
ress
ion
Mod
els f
or 2
004:
Det
erm
inan
ts o
f Pol
icy
Tra
nspa
renc
y In
dex
I
II
III
IV
Con
stan
t -1
.53
-1.6
2 -1
.99*
-0
.76
(-
1.73
) (-
1.59
) (-
2.13
) (-
0.69
) Pa
st in
flatio
n 0.
61
-0.0
2 0.
66
0.68
(0.3
2)
(-0.
01)
(0.3
1)
(0.3
7)
Ope
nnes
s -0
.00
-0.0
0 -0
.00
-0.0
0
(-0.
42)
(-1.
03)
(-0.
66)
(-0.
11)
ER R
egim
e D
umm
y 0.
07*
0.07
* 0.
05
0.06
*
(2.8
2)
(3.2
7)
(2.1
4)
(2.7
6)
Fina
ncia
l Dep
th
-0.0
0 0.
00
0.00
-0
.00
(-
0.08
) (0
.53)
(0
.67)
(-
0.41
) G
DP
per C
apita
0.
11
0.15
0.
21
-0.0
1
(0.9
6)
(1.2
2)
(1.7
9)
(-0.
06)
Rul
e of
Law
0.
01*
(2.4
9)
Po
litic
al S
tabi
lity
0.
01
(1.9
6)
Voi
ce a
nd A
ccou
ntab
ility
0.
01
(1.6
8)
G
over
nmen
t Eff
icie
ncy
0.
02*
(2.5
3)
R
-Squ
are
0.34
0.
31
0.29
0.
33
* de
note
s sig
nific
ance
at 5
%
Tab
le 1
0ad.
Lin
ear
Reg
ress
ion
Mod
els f
or 2
004:
Det
erm
inan
ts o
f Pol
icy
Tra
nspa
renc
y In
dex
I
II
III
IV
Con
stan
t -1
.11
-1.2
5 -1
.76*
-0
.27
(-
1.38
) (-
1.32
) (-
2.01
) (-
0.27
) Pa
st in
flatio
n 0.
86
0.33
0.
72
0.85
(0.5
0)
(0.1
6)
(0.3
6)
(0.5
1)
Ope
nnes
s -0
.01*
-0
.01
-0.0
0*
-0.0
0*
(-
2.78
) (-
3.28
) (-
2.70
) (-
2.52
) O
penn
ess*
ER D
umm
y 0.
00*
0.00
* 0.
00*
0.00
*
(5.2
1)
(5.1
9)
(4.2
1)
(5.5
0)
Fina
ncia
l Dep
th
0.00
0.
00
0.00
-0
.00
(0
.23)
(0
.99)
(1
.01)
(-
0.19
) G
DP
per C
apita
0.
10
0.16
0.
21
-0.0
4
(0.9
4)
(1.3
1)
(1.8
8)
(-0.
24)
Rul
e of
Law
0.
01*
(2.6
2)
Po
litic
al S
tabi
lity
0.
01
(1.9
2)
Voi
ce a
nd A
ccou
ntab
ility
0.
01
(1.5
4)
G
over
nmen
t Eff
icie
ncy
0.
02*
(2.7
5)
R
-Squ
are
0.41
0.
37
0.35
0.
42
* de
note
s sig
nific
ance
at 5
%
Tab
le 1
0ba.
Lin
ear
Reg
ress
ion
Mod
els f
or 1
998-
2004
Ave
rage
: Det
erm
inan
ts o
f Pol
icy
Tra
nspa
renc
y In
dex
I
II
III
IV
Con
stan
t -1
.31
-1.3
0 -1
.43
-1.0
0
(-2.
11)
(-2.
18)
(-2.
78)
(-1.
44)
Past
infla
tion
0.03
-0
.24
0.00
0.
27
(0
.06)
(-
0.48
) (0
.01)
(0
.48)
O
penn
ess
-0.0
0 -0
.00*
-0
.00*
-0
.00*
(-2.
42)
(-3.
09)
(-2.
64)
(-2.
30)
Fina
ncia
l Dep
th
-0.0
0 0.
00
0.00
-0
.00
(-
0.32
) (0
.22)
(0
.56)
(-
0.39
) G
DP
per C
apita
0.
18*
0.19
* 0.
18*
0.12
(2.0
1)
(2.4
3)
(2.6
1)
(1.1
0)
Rul
e of
Law
0.
01
(2.6
0)
Po
litic
al S
tabi
lity
0.
01*
(2.9
3)
Voi
ce a
nd A
ccou
ntab
ility
0.
01*
(3.9
7)
G
over
nmen
t Eff
icie
ncy
0.
01
(2.6
9)
R
-Squ
are
0.43
0.
44
0.48
0.
43
* de
note
s sig
nific
ance
at 5
%
Tab
le 1
0bb.
Lin
ear
Reg
ress
ion
Mod
els f
or 1
998-
2004
Ave
rage
: Det
erm
inan
ts o
f Pol
icy
Tra
nspa
renc
y In
dex
I
II
III
IV
Con
stan
t -2
.00*
-2
.46*
-2
.38*
-1
.76*
(-3.
10)
(-3.
96)
(-3.
80)
(-2.
43)
Past
infla
tion
-0.7
4 -1
.11*
-0
.83
-0.4
4
(-1.
37)
(-2.
03)
(-1.
49)
(-0.
75)
ER R
egim
e D
umm
y 0.
07*
0.07
* 0.
06*
0.06
*
(4.3
6)
(4.4
9)
(3.5
9)
(4.0
5)
Fina
ncia
l Dep
th
-0.0
0 -0
.00
-0.0
0 -0
.00
(-
1.55
) (-
0.97
) (-
0.26
) (-
1.57
) G
DP
per C
apita
0.
16
0.25
* 0.
23*
0.12
(1.8
5)
(3.0
3)
(2.8
1)
(3.0
1)
Rul
e of
Law
0.
01*
(3.3
8)
Po
litic
al S
tabi
lity
0.
01
(2.6
4)
Voi
ce a
nd A
ccou
ntab
ility
0.
01*
(2.8
0)
G
over
nmen
t Eff
icie
ncy
0.
02*
(3.0
5)
R
-Squ
are
0.58
0.
55
0.56
0.
57
* de
note
s sig
nific
ance
at 5
%
Tab
le 1
0bc.
Lin
ear
Reg
ress
ion
Mod
els f
or 1
998-
2004
Ave
rage
: Det
erm
inan
ts o
f Pol
icy
Tra
nspa
renc
y In
dex
I
II
III
IV
Con
stan
t -1
.85*
-2
.05*
-2
.11*
-1
.60*
(-2.
76)
(-3.
08)
(-3.
12)
(-2.
13)
Past
infla
tion
-0.6
0 -0
.87
-0.6
2 -0
.29
(-
1.07
) (-
1.55
) (-
1.06
) (-
0.47
) O
penn
ess
-0.0
0 -0
.00
-0.0
0 -0
.00
(-
0.96
) (-
1.66
) (-
1.28
) (-
0.89
) ER
Reg
ime
Dum
my
0.06
* 0.
00*
0.05
* 0.
06*
(3
.85)
(3
.83)
(2
.82)
(3
.58)
Fi
nanc
ial D
epth
-0
.00
-0.0
0 0.
00
-0.0
0
(-0.
90)
(-0.
03)
(0.4
0)
(-0.
96)
GD
P pe
r Cap
ita
0.15
* 0.
21*
0.21
* 0.
10
(1
.72)
(2
.50)
(2
.51)
(0
.96)
R
ule
of L
aw
0.01
*
(3
.51)
Polit
ical
Sta
bilit
y
0.01
(3
.16)
V
oice
and
Acc
ount
abili
ty
0.01
*
(2
.92)
Gov
ernm
ent E
ffic
ienc
y
0.02
*
(3
.21)
R-S
quar
e 0.
59
0.58
0.
57
0.58
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 1
0bd.
Lin
ear
Reg
ress
ion
Mod
els f
or 1
998-
2004
Ave
rage
: Det
erm
inan
ts o
f Pol
icy
Tra
nspa
renc
y In
dex
I
II
III
IV
Con
stan
t -1
.40*
-1
.68*
-1
.71
-1.1
0
(-2.
08)
(-2.
47)
(-2.
61)
(-1.
49)
Past
infla
tion
-0.4
8 -0
.73
-0.4
9 -0
.14
(-
0.84
) (-
1.27
) (-
0.82
) (-
0.23
) O
penn
ess
-0.0
1*
-0.0
0*
-0.0
0*
-0.0
0*
(-
3.56
) (-
3.94
) (-
3.24
) (-
3.37
) O
penn
ess*
ER D
umm
y 0.
00*
0.00
* 0.
00*
0.00
*
(3.2
8)
(2.9
9)
(2.2
8)
(3.1
4)
Fina
ncia
l Dep
th
-0.0
0 0.
00
0.00
-0
.00
(-
0.58
) (0
.25)
(0
.66)
(-
0.69
) G
DP
per C
apita
0.
16
0.22
* 0.
21*
0.09
*
(1.7
0)
(2.6
0)
(2.3
9)
(0.8
5)
Rul
e of
Law
0.
01*
(3.4
9)
Po
litic
al S
tabi
lity
0.
01*
(2.8
7)
Voi
ce a
nd A
ccou
ntab
ility
0.
01
(3.0
6)
G
over
nmen
t Eff
icie
ncy
0.
02*
(3.3
5)
R
-Squ
are
0.57
0.
54
0.55
0.
56
* de
note
s sig
nific
ance
at 5
%
Tab
le 1
1aa.
Lin
ear
Reg
ress
ion
Mod
els f
or 2
004:
Det
erm
inan
ts o
f Ope
ratio
nal T
rans
pare
ncy
Inde
x
I II
II
I IV
C
onst
ant
-1.5
0*
-1.4
7*
-0.4
3 -1
.39
(-
2.23
) (-
2.10
) (-
0.56
) (-
1.59
) Pa
st in
flatio
n 2.
19
2.41
2.
33
2.29
(1.4
4)
(1.7
5)
(1.4
3)
(1.5
1)
Ope
nnes
s -0
.00
-0.0
0 -0
.00
-0.0
0
(-0.
95)
(-0.
50)
(-1.
25)
(-1.
14)
Fina
ncia
l Dep
th
0.00
0.
00
0.00
0.
00
(1
.89)
(1
.54)
(1
.92)
(1
.79)
G
DP
per C
apita
0.
26*
0.25
0.
08
0.24
(3.0
0)
(2.9
3)
(0.8
5)
(1.8
7)
Rul
e of
Law
-0
.01
(-1.
11)
Po
litic
al S
tabi
lity
-0
.00
(-1.
11)
Voi
ce a
nd A
ccou
ntab
ility
0.
01*
(2.0
2)
G
over
nmen
t Eff
icie
ncy
-0
.00
(-0.
57)
R
-Squ
are
0.12
0.
12
0.15
0.
11
* de
note
s sig
nific
ance
at 5
%
Tab
le 1
1ab.
Lin
ear
Reg
ress
ion
Mod
els f
or 2
004:
Det
erm
inan
ts o
f Ope
ratio
nal T
rans
pare
ncy
Inde
x
I II
II
I IV
C
onst
ant
-2.0
8 -2
.01*
-1
.14
-2.1
8*
(-
2.83
) (-
2.65
) (-
1.38
) (-
2.47
) Pa
st in
flatio
n 0.
69
0.89
1.
04
0.69
(0.4
5)
(0.6
2)
(0.6
3)
(0.4
4)
ER R
egim
e D
umm
y 0.
06*
0.06
* 0.
06*
0.06
*
(3.5
5)
(3.4
5)
(2.9
7)
(3.5
9)
Fina
ncia
l Dep
th
0.00
0.
00
0.00
0.
00
(1
.71)
(1
.59)
(1
.65)
(1
.73)
G
DP
per C
apita
0.
26*
0.25
* 0.
11
0.28
(2.8
4)
(2.7
2)
(1.1
0)
(2.1
7)
Rul
e of
Law
-0
.00
(-0.
81)
Po
litic
al S
tabi
lity
-0
.00
(-0.
74)
Voi
ce a
nd A
ccou
ntab
ility
0.
01
(1.3
8)
G
over
nmen
t Eff
icie
ncy
-0
.00
(-0.
65)
R
-Squ
are
0.26
0.
25
0.27
0.
25
* de
note
s sig
nific
ance
at 5
%
Tab
le 1
1ac.
Lin
ear
Reg
ress
ion
Mod
els f
or 2
004:
Det
erm
inan
ts o
f Ope
ratio
nal T
rans
pare
ncy
Inde
x
I II
II
I IV
C
onst
ant
-1.7
5*
-1.7
6*
-0.9
4 -1
.79
(-
2.32
) (-
2.17
) (-
1.10
) (-
1.94
) Pa
st in
flatio
n 0.
95
1.21
1.
28
0.98
(0.5
9)
(0.8
2)
(0.7
4)
(0.6
0)
Ope
nnes
s 0.
00
0.00
-0
.00
-0.0
0
(0.0
3)
(0.3
4)
(-0.
26)
(-0.
12)
ER R
egim
e D
umm
y 0.
05*
0.05
* 0.
04*
0.05
*
(2.7
5)
(2.6
1)
(2.1
6)
(2.7
5)
Fina
ncia
l Dep
th
0.00
0.
00
0.00
0.
00
(1
.38)
(1
.01)
(1
.28)
(1
.34)
G
DP
per C
apita
0.
25*
0.24
* 0.
11
0.25
(2.6
0)
(2.4
4)
(1.1
0)
(1.8
4)
Rul
e of
Law
-0
.01
(-1.
08)
Po
litic
al S
tabi
lity
-0
.00
(-1.
04)
Voi
ce a
nd A
ccou
ntab
ility
0.
00
(0.7
2)
G
over
nmen
t Eff
icie
ncy
-0
.01
(-0.
72)
R
-Squ
are
0.18
0.
18
0.17
0.
17
* de
note
s sig
nific
ance
at 5
%
Tab
le 1
1ad.
Lin
ear
Reg
ress
ion
Mod
els f
or 2
004:
Det
erm
inan
ts o
f Ope
ratio
nal T
rans
pare
ncy
Inde
x
I II
II
I IV
C
onst
ant
-1.3
6 -1
.45
-0.4
8 -1
.30
(-
1.80
) (-
1.80
) (-
0.55
) (-
1.37
) Pa
st in
flatio
n 1.
74
1.97
2.
06
1.81
(1.0
7)
(1.3
3)
(1.1
9)
(1.1
2)
Ope
nnes
s -0
.00
-0.0
0 -0
.00
-0.0
0
(-1.
16)
(-0.
67)
(-1.
30)
(-1.
33)
Ope
nnes
s*ER
Dum
my
0.00
0.
00
0.00
0.
00
(1
.69)
(1
.67)
(1
.18)
(1
.49)
Fi
nanc
ial D
epth
0.
00
0.00
0.
00
0.00
(1.5
6)
(1.2
3)
(1.5
2)
(1.4
9)
GD
P pe
r Cap
ita
0.24
* 0.
24*
0.09
0.
23
(2
.51)
(2
.51)
(0
.86)
(1
.66)
R
ule
of L
aw
-0.0
1
(-
1.06
)
Polit
ical
Sta
bilit
y
-0.0
1
(-
1.17
)
V
oice
and
Acc
ount
abili
ty
0.00
(1
.03)
Gov
ernm
ent E
ffic
ienc
y
-0.0
0
(-
0.59
)
R-S
quar
e 0.
13
0.13
0.
13
0.12
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 1
1ba.
Lin
ear
Reg
ress
ion
Mod
els f
or 1
998-
2004
Ave
rage
: Det
erm
inan
ts o
f Ope
ratio
nal T
rans
pare
ncy
Inde
x
I
II
III
IV
Con
stan
t -1
.26*
-1
.43*
-0
.99*
-1
.06
(-
2.14
) (-
2.50
) (-
2.03
) (1
.61)
Pa
st in
flatio
n 0.
84
0.70
0.
99*
0.98
(1.6
6)
(1.4
5)
(2.1
3)
(1.8
2)
Ope
nnes
s -0
.00
-0.0
0 -0
.00
-0.0
0
(-1.
05)
(-1.
14)
(-1.
24)
(-1.
00)
Fina
ncia
l Dep
th
0.00
0.
00
0.00
0.
00
(0
.86)
(1
.07)
(1
.43)
(0
.79)
G
DP
per C
apita
0.
18*
0.21
* 0.
12
0.14
(2.1
5)
(2.8
0)
(1.8
1)
(1.4
2)
Rul
e of
Law
0.
00
(1.0
5)
Po
litic
al S
tabi
lity
0.
00
(0.6
6)
Voi
ce a
nd A
ccou
ntab
ility
0.
01*
(3.1
6)
G
over
nmen
t Eff
icie
ncy
0.
01
(1.2
7)
R
-Squ
are
0.28
0.
27
0.35
0.
29
* de
note
s sig
nific
ance
at 5
%
Tab
le 1
1bb.
Lin
ear
Reg
ress
ion
Mod
els f
or 1
998-
2004
Ave
rage
: Det
erm
inan
ts o
f Ope
ratio
nal T
rans
pare
ncy
Inde
x
I
II
III
IV
Con
stan
t -1
.71*
-1
.93*
-1
.52*
-1
.62*
(-2.
50)
(-3.
02)
(-2.
40)
(-2.
15)
Past
infla
tion
0.20
0.
09
0.29
0.
29
(0
.34)
(0
.15)
(0
.51)
(0
.48)
ER
Reg
ime
Dum
my
0.05
* 0.
05*
0.05
* 0.
05*
(3
.37)
(3
.40)
(2
.96)
(3
.29)
Fi
nanc
ial D
epth
0.
00
0.00
0.
00
0.00
(0.6
6)
(0.8
6)
(1.1
9)
(0.6
3)
GD
P pe
r Cap
ita
0.18
0.
22*
0.14
0.
16
(1
.88)
(2
.57)
(1
.72)
(1
.44)
R
ule
of L
aw
0.00
(0
.91)
Polit
ical
Sta
bilit
y
0.00
(0
.41)
V
oice
and
Acc
ount
abili
ty
0.01
(1
.74)
Gov
ernm
ent E
ffic
ienc
y
0.00
(0
.87)
R-S
quar
e 0.
35
0.34
0.
37
0.35
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 1
1bc.
Lin
ear
Reg
ress
ion
Mod
els f
or 1
998-
2004
Ave
rage
: Det
erm
inan
ts o
f Ope
ratio
nal T
rans
pare
ncy
Inde
x
I
II
III
IV
Con
stan
t -1
.80*
-2
.01*
-1
.71*
-1
.67*
(-2.
59)
(-2.
94)
(-2.
52)
(-2.
18)
Past
infla
tion
0.15
0.
04
0.22
0.
28
(0
.26)
(0
.07)
(0
.38)
(0
.44)
O
penn
ess
0.00
0.
00
0.00
0.
00
(0
.25)
(0
.14)
(0
.03)
(0
.26)
ER
Reg
ime
Dum
my
0.06
* 0.
06*
0.05
* 0.
06*
(3
.49)
(3
.49)
(2
.96)
(3
.40)
Fi
nanc
ial D
epth
0.
00
0.00
0.
00
0.00
(0.7
0)
(0.9
3)
(1.1
9)
(0.6
4)
GD
P pe
r Cap
ita
0.18
0.
22*
0.17
* 0.
15*
(1
.90)
(2
.52)
(1
.95)
(1
.38)
R
ule
of L
aw
0.00
(1
.05)
Polit
ical
Sta
bilit
y
0.00
(0
.54)
V
oice
and
Acc
ount
abili
ty
0.00
(1
.38)
Gov
ernm
ent E
ffic
ienc
y
0.01
(1
.08)
R-S
quar
e 0.
38
0.38
0.
39
0.39
*
deno
tes s
igni
fican
ce a
t 5%
Tab
le 1
1bd.
Lin
ear
Reg
ress
ion
Mod
els f
or 1
998-
2004
Ave
rage
: Det
erm
inan
ts o
f Ope
ratio
nal T
rans
pare
ncy
Inde
x
I
II
III
IV
Con
stan
t -1
.34
-1.6
2*
-1.1
9 0.
06
(-
1.87
) (-
2.28
) (-
1.75
) (0
.25)
Pa
st in
flatio
n 0.
38
0.25
0.
50
0.48
(0.6
1)
(0.4
2)
(0.8
2)
(0.8
0)
Ope
nnes
s -0
.00
-0.0
0 -0
.00
-0.0
0
(-1.
76)
(-1.
75)
(-1.
69)
(-1.
28)
Ope
nnes
s*ER
Dum
my
0.00
* 0.
00
0.00
0.
00
(2
.08)
(2
.04)
(1
.53)
(1
.86)
Fi
nanc
ial D
epth
0.
00
0.00
0.
00
0.00
(0.8
6)
(1.1
0)
(1.4
1)
(0.5
1)
GD
P pe
r Cap
ita
0.18
0.
23*
0.15
0.
00*
(1
.82)
(2
.54)
(1
.66)
(3
.00)
R
ule
of L
aw
0.00
(1
.08)
Polit
ical
Sta
bilit
y
0.00
(0
.42)
V
oice
and
Acc
ount
abili
ty
0.01
(1
.75)
Gov
ernm
ent E
ffic
ienc
y
0.00
(0
.32)
R-S
quar
e 0.
31
0.30
0.
33
0.39
*
deno
tes s
igni
fican
ce a
t 5%
