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RDP 2009-09: Volatility in International Capital Movements
Equation (2)
σ
(
K
A
B
i
t
G
D
P
i
t
)
=
η
i
+
β
1
F
D
I
s
h
a
r
e
i
t
+
β
2
B
M
M
s
h
a
r
e
i
t
+
β
3
F
l
o
w
O
p
e
n
n
e
s
s
i
t
+
β
4
F
l
o
w
O
p
e
n
n
e
s
s
i
t
−
1
+
β
5
M
a
r
k
e
t
D
e
v
e
l
o
p
m
e
n
t
i
t
+
β
6
F
X
r
e
g
i
m
e
i
t
+
ε
i
t
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