Part 1 - AL-Tax

64Table 3.2Capital tax rates and international capital mobility (financial openness)Independent Financial Financial Financial Financial Financial Financialariables openness openness openness openness openness opennessCapital mobility 0.858*** 0.988*** 0.958** 0.725** 0.758** 0.741**(0.338) (0.342) (0.359) (0.313) (0.345) (0.322)Capital mobility interacted with:Capital endowment 0.029* 0.034** 0.033** 0.024* 0.025** 0.028*(0.015) (0.016) (0.013) (0.014) (0.011) (0.014)Consensus democracy 0.209 0.306* 0.283* 0.422*** 0.369** 0.369**(0.154) (0.157) (0.165) (0.151) (0.161) (0.168)Corporatism 0.534 0.817* 0.751 0.888** 0.799 0.656(0.471) (0.490) (0.603) (0.451) (0.567) (0.612)Left government 0.099* 0.085 0.088 0.089* 0.0916 0.095(0.054) (0.054) (0.057) (0.051) (0.055) (0.059)Population 2.45e-07 2.10e-06* 1.55e-06 2.13e-07 2.21e-07 0.000(1.04e-06) (1.23e-06) (1.11e-06) (9.83e-07) (9.79e-07) (0.001)European Union 0.075* 0.148*** 0.131** 0.156*** 0.136*** 0.131***(0.046) (0.050) (0.050) (0.045) (0.045) (0.044)Temporal lag 0.825*** 0.751*** 0.768*** 0.682*** 0.718*** 0.702***(0.036) (0.040) (0.030) (0.044) (0.031) (0.038)Spatial lag 0.261*** 0.200*** 0.309*** 0.231*** 0.261***(0.066) (0.053) (0.047) (0.036) (0.043)Obs. 465 465 465 465 465 465Estimation Nonspatial OLS Spatial OLS Spatial 2SLS Spatial OLS Spatial 2SLS Spatial MLDiffusion Uniform Uniform Nonuniform Nonuniform NonuniformNotes: The regressions were estimated with fixed country effects (coefficients for country dummies not shown).For the OLS estimates, panel-corrected standard errors are given in parentheses.For the 2SLS estimates, robust standard errors clustered by year are given in parentheses.For the ML estimates, robust standard errors are given in parentheses.*** Significant at 1%; ** Significant at 5%; * Significant at 10%.