Appendix
Any variable without a source indicated is generated from original data collected by the author
and described in the text. The unit of observation for all variables is country-year unless
otherwise noted
Entry Restrictions: percent of industries into which foreign-owned firms are restricted to
a minority share or are completely banned in a country-year.
Investment Screening: percent of industries into which proposed investments by foreignowned firms a subject to approval by the host government in a country-year.
Democracy: binary variable equal to 1 if chief executive and legislature selected through
de jure and de facto contested elections. Source: Cheibub, Gandhi, Vreeland 2010.
Polity-Binary: binary variable equal to 1 if Polity Score ranking from Polity IV database
is 6 or higher. Source: Marshall and Jaggers 2009.
Currency Crisis: binary variable equal to 1 if nominal exchange rate depreciates by at
least 25% and exceeds the previous year's depreciation by at least 10%. Source: Leblang
and Satyanath 2008.
Banking Crisis: Binary variable equal to 1 if seven criteria for the size and scope of a
banking crisis are met. Source: Caprio, Klingebiel, Laeven, Noguera 2005.
Sovereign Debt Rescheduled: binary variable equal to 1 if a country requests a
rescheduling of medium or long-term public debt. Source: Paris Club
(www.clubdeparis.org/en/).
IMF Conditionality: binary variable equal to 1 for years in which a country has signed a
conditionality agreement with the International Monetary Fund. Source: Vreeland 2003.
Average Restrictions – Language Group: average value of Entry Restrictions for all
countries with a shared official language (minus the country in question). Calculated
with official language data from Cao and Prakash 2010.
Spain (France, Belgium, Netherlands) Colony: binary variable equal to 1 for countries
that are former colonies of each respective country. Source: Cao and Prakash 2010.
Average Restrictions – Colonial Origin: average value of Entry Restrictions for all
countries with a shared colonial origin (minus the country in question). Calculated with
colonial origin data from Cao and Prakash 2010.
Per Capita GDP: annual per capita gross domestic product. Source: World Development
Indicators, World Bank.
Years Since Independence: Number of years that country has had full sovereignty.
Source: Eichengreen and Leblang 2008.
Table A1: Countries in Dataset
Afghanistan
Australia
Bangladesh
Bolivia
Burkina Faso
Chad
Colombia
Cyprus
Ecuador
Eritrea
France
Ghana
Guinea
Haiti
Indonesia
Israel
Japan
Korea
Liberia
Malawi
Mauritius
Mozambique
Namibia
New Zealand
Nigeria
Pakistan
Paraguay
Senegal
South Africa
Sudan
Switzerland
Togo
Turkey
UAE
Vietnam
Zambia
Algeria
Austria
Botswana
Cameroon
Chile
Costa Rica
Denmark
Egypt
Fiji
Gabon
Greece
Guinea Bissau
Honduras
Iran
Italy
Jordan
Kuwait
Libya
Malaysia
Mexico
Myanmar
Nepal
Nicaragua
Norway
Panama
Peru
Portugal
Rwanda
Sierra Leone
Swaziland
Tanzania
Trinidad &
Tobago
Uganda
Uruguay
Yemen
Democratic Rep.
Congo
Argentina
Bahrain
Belgium
Brazil
Canada
China
Cote d'Ivoire
Dominican Republic
El Salvador
Finland
Germany
Guatemala
Guyana
India
Ireland
Jamaica
Kenya
Lesotho
Madagascar
Mauritania
Morocco
Netherlands
Niger
Oman
Papua New Guinea
Philippines
Qatar
Saudi Arabia
Singapore
Sri Lanka
Spain
Thailand
Tunisia
United Kingdom
Venezuela
References
Cao, Xun, and Aseem Prakash. 2010. Trade Competition and Domestic Pollution: A
Panel Study, 1980–2003. International Organization 64 (3): 481–503.
Cheibub, Jos"e Antonio, Jennifer Gandhi, and James Raymond Vreeland. (2009) Democracy and Dictatorship Revisited. Public
Choice 143(1–2): 67–101.
Caprio, Gerard, Daniela Klingebiel, Luc Laeven, and Guillermo Noguera. 2005. Banking
Crisis Database. In Systemic Financial Crises, edited by Patrick Honohan and Luc
Laeven, appendix: pp. 307–40. Cambridge: Cambridge University Press.
Leblang, David, and Shanker Satyanath. 2008. Politically Generated Uncertainty and
Currency Crises: Theory, Tests, and Forecasts. Journal of International Money and
Finance 27 (3): 480–497.
Marshall, Monty G., and Keith Jaggers, 2009 Polity IV Project: Political Regime Characteristics
and Transitions, 1800–2007—Dataset Users’ Manual (Arlington, Virginia: Polity IV Project).
Vreeland, James R. 2003. The IMF and Economic Development Cambridge: Cambridge
University Press.