Bilateral Investment Treaties

Bilateral Investment Treaties Annex Table 1: List of 133 Recipient Countries included in the study Albania Guinea-Bissau Pakistan Algeria Guyana Panama Antigua and Barbuda Haiti Papua New Guinea Argentina Honduras Paraguay Armenia Hong Kong Peru Bahrain Hungary Philippines Bangladesh Iceland Poland Barbados India Portugal Belarus Indonesia Romania Belize Iran, Islamic Republic Rusian Federation Benin Iraq Rwanda Bolivia Israel Saint Lucia Brazil Jamaica Saint Vincent & the Grenadines Bulgaria Jordan Saudi Arabia Burkina Faso Kazakhstan Senegal Burundi Kenya Sierra Leone Cambodia Korea, Republic of Singapore Cameroon Kuwait Slovakia Cape Verde Kyrgyzstan Slovania Central African Republic Lao, People's Democratic South Africa Chad Republic Spain Chile Latvia Sri Lanka China Lebanon Sudan Colombia Lesotho Swaziland Congo Liberia Syrian Arab Republic Costa Rica Lithuania Taiwan, Province of China Cote d'lvoire Macedonia Tajikistan Croatia Madagascar Tanzania Cuba Malawi Thailand Cyprus Malaysia Togo Czech Republic Mali Trinidad & Tobago Domini. R Malta Tunisia Dominica Mauritania Turkey Ecuador Mauritius Uganda Egypt Mexico Ukraine El Salvador Moldova, Republic of United Arab Emirates Equatorial Guinea Mongolia Uraguay Estonia Morocco Uzbekistan Ethiopia Namibia Venezuela Gabon Nepal Viet Nam Gambia New Zealand Yemen Ghana Nicaragua Zaire Greece Niger Zambia Grenada Nigeria Zimbabwe Guinea Oman Annex Table 2:

List of Source Countries and the number of BITs signed by them

Country Number of BITs

1. Germany 103 2. United Kingdom 85 3. Switzerland 75 4. France 73 5. Netherlands 56 6. Italy 45 7. Belgium and Luxembourg 39 8. United States of America 37 9. Denmark 36 10. Sweden 33 11. Finland 29 12. Austria 18 13. Norway 15 14. Australia 14 15. Canada 10 16. Japan 4 Annex 3 Definition of Variables - Country Investment Ratings

The ICRG Risk Rating criteria developed by PRS(Political Risk Services) Group. The ICRG Risk Rating System rates political, economic, and financial risks, breaking each are down into its key components, as well as compiling composite ratings and forecasts.

Annex Table 3 : Criteria Underlying Country Investment Risk Indicators

Components Indicators of Country Investment Climate and Risk Political economic expectations vs. reality; economic planning failures; political leadership; external conflict; corruption in government; military in politics; organized religion in politics; law and order tradition; racial and nationality tensions; political terrorism; civil war; political party development; and quality of the bureaucracy Financial loan default or unfavorable loan restructuring; delayed payment of suppliers’ credits; repudiation of contracts by governments; losses from exchange controls; and expropriation of private investments Economic inflation; debt service as a percent of exports of goods and services; international liquidity ratios; foreign trade collection experience; current account balance as a percent of goods and services; and parallel foreign exchange rate market indicators Composite The Composite Risk Rating is determined by combining the political, Rating financial, and economic risk ratings.

The highest overall rating (100 points) indicates the best investment climate and the lowest risk, and the lowest rating (1) indicates the highest risk and poorest environment.

Source: PRS Group

Table IV. 7 Comparison of Before and After Means for FDI/Inflow Variable

Numbe Mean FDI share before BIT Mean FDI share after BIT Differenc P r e 1 2yrs before BIT to 1yr BIT year to 1yr after BIT -7720.21 .033** before BIT 2 2yrs before BIT to 1yr BIT year to 2yrs after BIT -10992.5 .029** before BIT 3 2yrs before BIT to 1yr BIT year to 3yrs after BIT -13483.3 .05** before BIT 4 2yrs before BIT to 1yr 1yr after BIT to 2yrs after -15413.1 .041** before BIT BIT 5 2yrs before BIT to 1yr 1yr after BIT to 3yrs after -17639.4 .065* before BIT BIT 6 2yrs before BIT to 1yr 1yr after BIT to 4yrs after -12680.6 .054* before BIT BIT 7 2yrs before BIT to 1yr 2yrs after BIT to 3yrs after -21609.4 .061* before BIT BIT 8 2yrs before BIT to 1yr 2yrs after BIT to 4yrs after -14304.8 .057* before BIT BIT 9 2yrs before BIT to 1yr 2yrs after BIT to 5yrs after -9152.24 .083* before BIT BIT 10 3yrs before BIT to 1yr BIT year to 1yr after BIT -1830.69 .073* before BIT 11 3yrs before BIT to 1yr BIT year to 2yrs after BIT -8101.55 .048** before BIT 12 3yrs before BIT to 1yr BIT year to 3yrs after BIT -10600.5 .080* before BIT 13 3yrs before BIT to 1yr 1yr after BIT to 2yrs after -12345.4 .064* before BIT BIT 14 3yrs before BIT to 1yr 1yr after BIT to 3yrs after -14627.9 .093* before BIT BIT 15 3yrs before BIT to 1yr 1yr after BIT to 4yrs after -9761.5 .095* before BIT BIT 16 3yrs before BIT to 1yr 2yrs after BIT to 3yrs after -18054.9 .083* before BIT BIT 17 3yrs before BIT to 1yr 2yrs after BIT to 4yrs after -10928.4 .097* before BIT BIT 18 4yrs before BIT to 1yr BIT year to 1yr after BIT -8812.81 .041** before BIT 19 4yrs before BIT to 1yr BIT year to 2yrs after BIT -11814.9 .024** before BIT 20 4yrs before BIT to 1yr BIT year to 3yrs after BIT -14205.5 .042** before BIT 21 4yrs before BIT to 1yr 1yr after BIT to 2yrs after -16240.7 .033** before BIT BIT 22 4yrs before BIT to 1yr 1yr after BIT to 3yrs after -18380.3 .055* before BIT BIT 23 4yrs before BIT to 1yr 1yr after BIT to 4yrs after -13556 .049** before BIT BIT 24 4yrs before BIT to 1yr 2yrs after BIT to 3yrs after -22335.6 .047** before BIT BIT 25 4yrs before BIT to 1yr 2yrs after BIT to 4yrs after -15254.9 .049** before BIT BIT 26 4yrs before BIT to 1yr 2yrs after BIT to 5yrs after -10250.8 .097* before BIT BIT 27 2yrs before BIT to BIT year 1yr after BIT to 3yrs after -49261.3 .095* BIT 28 2yrs before BIT to BIT year 2yrs after BIT to 3yrs after -19323.1 .046** BIT 29 2yrs before BIT to BIT year 2yrs after BIT to 4yrs after -13094.7 .042** BIT 30 2yrs before BIT to BIT year 2yrs after BIT to 5yrs after -8684.93 .073* BIT 31 3yrs before BIT to BIT year 2yrs after BIT to 3yrs after -17985.2 .055* BIT 32 3yrs before BIT to BIT year 2yrs after BIT to 4yrs after -11819.9 .060* BIT 33 4yrs before BIT to BIT year 1yr after BIT to 2yrs after -49583.2 .094* BIT 34 4yrs before BIT to BIT year 1yr after BIT to 3yrs after -50635.2 .087* BIT 35 4yrs before BIT to BIT year 2yrs after BIT to 3yrs after -21321 .033** BIT 36 4yrs before BIT to BIT year 2yrs after BIT to 4yrs after -15152.2 .032** BIT 37 4yrs before BIT to BIT year 2yrs after BIT to 5yrs after -10775.1 .065* BIT **. Significant at the level .05 (one-tailed), *. Significant at the level .10 (one-tailed) Annex 4 Details on Regression Runs Carried Out In Cross-Sectional Stage 1 Analysis ______

The body of the report shows only nine of the most significant regression equations using the stepwise forward inclusion technique in SPSS (Statistical Package for the Social Sciences), for three dependent variables, each for three years. However, a total of 264 regression runs were undertaken in a comprehensive search for determinants of FDI, including BITs. The results for 192 are summarized in Annex Table 4. The results for a further 60 are summarized in Annex Table 5. The remaining 12 are not shown.

192 Regressions : Annex Table 4 The 192 regressions result from the combination of  Eight Dependent Variables (Flow(95), Fper(95), Fgdp$(95), Fgrow(95), Stock(95), Sper(95), Sgdp$(95), Sgrow(95))  Two Loading Methods (Total = All independent variables entered together; Stepwise = Stepwise forward inclusion)  Three Years (1995, 1994,1993)  Countries Excluded/Included (All = All 133 countries; Without = Without China, Singapore, Hong Kong)  Transformation of Independent Variables (Normal = Untransformed; Log = Log transformed) Annex Table 4 does not show the actual statistics relating to each equation, but only summarizes which independent variable achieved at least a 0.05 significance level. In this way, an overall picture or pattern emerges as to which of the independent variables, including BITs, emerge as possible determinants of FDI. Many of the regression runs, indicated by blanks, failed to have even one of the independent variables achieve significance. This was more so in the case of log transformed variables. Apparently, the data did not need transformation in the first place. At any rate, for a priori reasons explained in Chapter IV, the main focus in Annex Table 4 ought to be on section V. Stepwise/All/Normal, where all variables, on a normal untransformed basis, are entered stepwise. These indeed yielded the best results. Detailed statistics for the equations in the shaded boxes in Annex Table 4 are shown in the body of the chapter in Table IV.5. 60 Regressions : Annex Table 5 These 60 regressions resulted from a combination of  Four Dependent Variables (Flow(95), Fper(95), Fgdp$(95), Fgrow(95))  Five Regions (Africa; Central and Eastern Europe; East and Southeast Asia; Latin America and Caribbean; West Asia)  Three Years (1995;1994;1993) BIT-related independent variables (Nos. 1 and 2) are frequently included in runs involving the dependent variable Flow(’95) for all regions except West Asia. Because the division of data into regions resulted in few complete data, a mean value substitution procedure had to be instituted, without which no statistically significant results would have been obtained. Having done so however, we cannot place too much reliance in the results.

Annex Table 4 and Annex Table 5 are shown on the next page.

Annex Table 4 SUMMARY OF INDEPENDENT VARIABLES a LOADED IN 192 REGRESSION RUNS FOR EIGHT DEPENDENT VARIABLES Flow(95) Fper(95) Fgdp$(95 Fgrow(95) Stock(95) Sper(95) Sgdp$(95 Sgrow(95) ) ) I. Total / All / Normal 1.Independent 13, 1,3,8 3,8,13 variable(95) 2.Independent 3,6,8,11,12, 3,8,9,10,1 9,11,13 1,2,4,8,9,1 3,8 variable(94) 13 1 0,11,12 3.Independent 13, 3,8 variable(93) II. Total / Without / Normal 1.Independent 2,3,8 variable(95) 2.Independent 11, 3,9,10,11 9,11 7,9,10,11, variable(94) 12,13 3.Independent 1,2,3,6,9,10,11,12,13 3,8 variable(93) III. Total / All / Log 1.Independent variable(95) 2.Independent variable(94) 3.Independent variable(93) IV. Total / Without / Log 1.Independent variable(95) 2.Independent variable(94) 3.Independent variable(93) V. Stepwise / All / Normal 1.Independent 3,8,13 10, 13 3,8,12 1, variable(95) 2.Independent 3,8,13 10, 13 3,8,13 10, 1, variable(94) 3.Independent 1,3,8,13 10, 1 3,8,13 10, 1, variable(93) VI. Stepwise/ Without / Normal 1.Independent 3,8, 10, 10, 3,8 1, variable(95) 2.Independent 1,3,8,10 10, 1,8 3,8 3,8 variable(94) 3.Independent 3,8 11, 3,8 3,8 1, variable(93) VII. Stepwise / All / Log 1.Independent 2, 6,13 6, 6,7,8,11 2,10 1,4, 2, variable(95) 2.Independent 10, 1, 6,8 2,10 3, 2, variable(94) 3.Independent 10, 1,10 2, variable(93) VIII. Stepwise / Without / Log 1.Independent 2, 6,13 6, 6,7,8,11 2,10 1,4 2, variable(95) 2.Independent 10, 1, 6,8 2,10 3, 2, variable(94) 3.Independent 10, 6,8 1,10 2, variable(93)

Independent variables 1. Bit 2. Bto 3. Cap 4. Com 5. Eco 6. 7. Fin 8. Gdp$ list Exgrow 9. Ggrow 10. Gper$ 11. Inf 12. Pol 13. Pop aNote: This table lists variables whose probability value is better than 0.05(one-tailed). Shaded boxes above correspond to Table IV.5. Annex Table 5 SUMMARY OF INDEPENDENT VARIABLES LOADEDa IN 60 STEPWISE REGRESSIONS FOR SEPARATE REGIONS REGION Flow(95) Fper(95) Fgdp$(95) Fgrow(95) I. Africa 1.Independent variables(95) 1, 11, 13 1, 10 2.Independent variables(94) 2, 3, 6, 13 8, 10 3.Independent variables(93) 4, 8, 13 8, 10 II. Central & Eastern Europe 1.Independent variables(95) 2, 7, 8 7, 2.Independent variables(94) 2, 8, 12 7, 3.Independent variables(93) 1, 8, 13 4, 13 III. East & Southeast Asia 1.Independent variables(95) 1, 2, 13 3, 10 10, 6, 11, 13 2.Independent variables(94) 2, 4, 8, 13 10, 10, 6, 3.Independent variables(93) 1, 7 3, 12 12, 3, 10, 12 IV. Latin America & Caribbean 1.Independent variables(95) 1, 3, 8, 11, 13 12, 2.Independent variables(94) 2, 5, 6, 13 3.Independent variables(93) 8, V. West Asia 1.Independent variables(95) 3, 10, 2.Independent variables(94) 8, 13 10, 3.Independent variables(93) 8, 9

Independent variables 1. BITs in year 2. Cumulated # of 3. Capital 4. Composite list : BITs Investment Risk 5. Economic Risk 6. Exchange Rate 7. Financial Risk 8. GDP in $ Growth 9. GDP Growth 10. GDP per capita 11. Inflation 12. Political risk 13. Population Note a. Including variables whose probability value is less than 0.05(one-tailed) b. Mean value substitution procedure used. Annex Table 6 OVERVIEW OF STAGE 2 RESULTS: Numbers In Parentheses Indicate the number of significant T-tests In Each Cell a I. Global Analysis (1) FDI (2) FDI/GDP (3) FDI/Inflow (4) FDI/Outflow 1. Full data set 1.1 No adjustment *(1) *(1) *(21) *(6) , **(3) 1.2 Missing value adjustment *(12) , **(3) *(22) , **(16) 1.3 Missing & Replacement ' - ' *(12) , **(20) <1 year lag> *(3) *(24) with ' 0 ' 2. Complete data set 2.1 No adjustment *(2) *(1) *(18) *(8) , **(2) 2.2 Missing value adjustment *(2) *(3) *(18) *(9) , **(1)

II. Regional Analysis 1. AF(Africa) 1.1 No adjustment *(2) *(10),**(4) 1.2 Missing value adjustment *(5) *(8) , **(9) *(26) , **(3) *(9) 1.3 Missing & Replacement ' - ' *(7) *(5) , **(12) *(25) , **(7) *(8) , **(1) with ' 0 ' 2. CE(Central & Eastern Europe) 2.1 No adjustment **(2) *(3),**(1) 2.2 Missing value adjustment *(18),**(9) *(9),**(9) 2.3 Missing & Replacement ' - ' *(1) , **(53) *(2) , **(51) *(15) *(9) with ' 0 ' 3. EA(South, East & South-East Asia) 3.1 No adjustment *(9),**(1) *(3),**(7) *(4),**(2) 3.2 Missing value adjustment *(8) *(2) *(3) *(14) 3.3 Missing & Replacement ' - ' *(8) *(2) *(27),**(1) with ' 0 ' 4. LA(Latin America & the Caribbean) 4.1 No adjustment *(2),**(2) *(7),**(3) 4.2 Missing value adjustment *(1) *(14) , **(4) 4.3 Missing & Replacement ' - ' *(1) *(1) with ' 0 ' 5. WA(West Asia) 5.1 No adjustment *(1) *(2) *(7),**(1) 5.2 Missing value adjustment *(1) *(8) 5.3 Missing & Replacement ' - ' *(12) with ' 0 '

III. Growth rate Analysis 1. Full data set 1.1 No adjustment 1.2 Replacement ' - ' with ' 0 ' 2. Complete data set (before/after 3 * years) Note: a Out of 54 max. in each cell * significant at the 0.1 level (one-tailed) ** significant at the 0.05 level (one-tailed) AnnexTable 7 Detailed Results of All 54 Comparisions for Dependent Variable: FDI Number Variable M. of 1st. M. of 2nd. Difference P Number Variable M. of 1st. M. of 2nd. Difference P 1 b2b1 - 0a1 18.0551 12.8456 5.2096 0.235 28 b20 - a1a2 14.4567 14.3896 6.71E-02 0.496 2 b2b1 - 0a2 17.5816 14.2376 3.344 0.327 29 b20 - a1a3 14.2711 19.6951 -5.4241 0.217 3 b2b1 - 0a3 17.4132 17.7118 -0.2986 0.484 30 b20 - a1a4 14.1845 20.4497 -6.2652 0.152 4 b2b1 - a1a2 17.485 14.6617 2.8233 0.389 31 b20 - a2a3 15.372 25.4493 -10.0773 0.133 5 b2b1 - a1a3 17.1825 20.5268 -3.3443 0.357 32 b20 - a2a4 15.1536 25.1798 -10.0262 0.101 6 b2b1 - a1a4 17.0652 21.3019 -4.2367 0.302 33 b20 - a2a5 14.9425 26.7617 -4.8192 .055* 7 b2b1 - a2a3 19.6186 27.5297 -7.911 0.25 34 b30 - a1a2 13.2097 14.2968 -1.0871 0.446 8 b2b1 - a2a4 19.3 27.1042 -7.8042 0.226 35 b30 - a1a3 13.0556 19.5681 -6.5126 0.186 9 b2b1 - a2a5 19 29.1557 -10.1557 0.146 36 b30 - a1a4 12.9771 20.3188 -7.3417 0.132 10 b3b1 - 0a1 15.9468 12.6884 3.2585 0.32 37 b30 - a2a3 14.0072 25.2626 -11.2554 0.118 11 b3b1 - 0a2 15.4456 13.9618 1.4838 0.418 38 b30 - a2a4 13.8103 24.9976 -11.1874 .093* 12 b3b1 - 0a3 15.3231 17.3673 -2.0442 0.394 39 b30 - a2a5 13.6049 26.5711 -12.9662 .054* 13 b3b1 - a1a2 15.0235 14.4667 0.5568 0.477 40 b40 - a1a2 12.57 14.2051 -1.6351 0.419 14 b3b1 - a1a3 14.795 20.2494 -5.4544 0.276 41 b40 - a1a3 12.4323 19.4458 -7.0135 0.165 15 b3b1 - a1a4 14.6964 21.0155 -6.319 0.226 42 b40 - a1a4 12.3582 20.1925 -7.8344 0.117 16 b3b1 - a2a3 16.6861 27.0667 -10.3806 0.192 43 b40 - a2a3 13.4398 25.0821 -11.6424 0.105 17 b3b1 - a2a4 16.4208 26.6557 -10.235 0.17 44 b40 - a2a4 13.2526 24.8216 -11.569 .085* 18 b3b1 - a2a5 16.1425 28.6815 -12.5363 0.109 45 b40 - a2a5 13.0671 26.3102 -13.2431 .052* 19 b4b1 - 0a1 13.6277 12.6618 0.9658 0.44 46 b2a1 - a2a3 14.2443 24.5 -10.2557 .092* 20 b4b1 - 0a2 13.1353 13.9726 -0.8373 0.45 47 b2a1 - a2a4 14.0515 24.6756 -10.6242 .057* 21 b4b1 - 0a3 13.0604 17.3322 -4.2718 0.272 48 b2a1 - a2a5 13.8692 26.5171 -12.6479 . 023** 22 b4b1 - a1a2 13.9872 14.6204 -0.6332 0.473 49 b3a1 - a2a3 13.3466 24.3311 -10.9845 .090* 23 b4b1 - a1a3 13.7908 20.3168 -6.526 0.227 50 b3a1 - a2a4 13.168 24.5078 -11.3398 .059* 24 b4b1 - a1a4 13.7007 21.0716 -7.3709 0.181 51 b3a1 - a2a5 12.9839 26.3394 -13.3555 . 027** 25 b4b1 - a2a3 15.5751 27.0328 -11.4577 0.154 52 b4a1 - a2a3 12.9062 24.1678 -11.2616 .083* 26 b4b1 - a2a4 15.332 26.629 -11.297 0.137 53 b4a1 - a2a4 12.7352 24.3455 -11.6103 .057* 27 b4b1 - a2a5 15.0926 28.5357 -13.4431 .088* 54 b4a1 - a2a5 12.5676 26.0953 -13.5272 . 029**

**. significant at the .05 level (one-tailed) *. significant at the .10 level (one-tailed)

AnnexTable 9 Detailed Results of All 54 Comparisions for AFRICA REGION Dependent Variable: FDI/gdp Number Variable M. of 1st. M. of 2nd. Difference P Number Variable M. of 1st. M. of Difference P 2nd.

1 b2b1 - 0a1 -0.035 -0.2002 0.1653 0.406 28 b20 - a1a2 0.6585 -0.8275 1.49E+0 0.367 0 2 b2b1 - 0a2 -0.035 -0.5201 0.4853 0.385 29 b20 - a1a3 0.6585 0.423 0.2354 0.471 3 b2b1 - 0a3 -0.035 0.3848 -0.4196 0.386 30 b20 - a1a4 0.6285 1.4239 -0.7954 0.296 4 b2b1 - a1a2 -0.038 -1.0297 0.9915 0.404 31 b20 - a2a3 0.6734 0.677 -0.0036 0.499 5 b2b1 - a1a3 -0.038 0.4287 -0.4669 0.436 32 b20 - a2a4 0.6413 2.1745 -1.5331 .060* 6 b2b1 - a1a4 -0.038 1.625 -1.6632 0.116 33 b20 - a2a5 0.6413 1.4583 -0.817 0.274 7 b2b1 - a2a3 -0.059 0.7349 -0.7934 0.391 34 b30 - a1a2 0.4787 -0.7429 1.2216 0.38 8 b2b1 - a2a4 -0.059 2.5509 -2.6094 .052* 35 b30 - a1a3 0.4787 0.391 0.0877 0.488 9 b2b1 - a2a5 -0.059 1.6663 -1.7248 .093* 36 b30 - a1a4 0.4587 1.309 -0.8503 0.267 10 b3b1 - 0a1 -0.2383 -0.1828 -0.056 0.464 37 b30 - a2a3 0.4882 0.6327 -0.1445 0.48 11 b3b1 - 0a2 -0.2284 -0.4429 0.2145 0.441 38 b30 - a2a4 0.467 1.9969 -1.5299 .074* 12 b3b1 - 0a3 -0.2284 0.3413 -0.5697 0.327 39 b30 - a2a5 0.467 1.3448 -0.8779 0.241 13 b3b1 - a1a2 -0.2587 -0.8687 0.61 0.43 40 b40 - a1a2 0.4949 -0.7429 1.2378 0.378 14 b3b1 - a1a3 -0.2587 0.3727 -0.6314 0.399 41 b40 - a1a3 0.4949 0.391 0.1039 0.486 15 b3b1 - a1a4 -0.2587 1.3972 -1.6559 .082* 42 b40 - a1a4 0.4743 1.309 -0.8348 0.269 16 b3b1 - a2a3 -0.2819 0.6436 -0.9255 0.352 43 b40 - a2a3 0.5051 0.6327 -0.1276 0.483 17 b3b1 - a2a4 -0.2819 2.1815 -2.4634 .036** 44 b40 - a2a4 0.4832 1.9969 -1.5137 .074* 18 b3b1 - a2a5 -0.2819 1.4316 -1.7135 .063* 45 b40 - a2a5 0.463 1.6393 -1.1762 0.17 19 b4b1 - 0a1 -0.2088 -0.1633 -0.045 0.465 46 b2a1 - a2a3 -0.018 0.6879 -0.7056 0.366 20 b4b1 - 0a2 -0.2004 -0.3951 0.1946 0.443 47 b2a1 - a2a4 -0.017 2.0497 -2.0666 .029** 21 b4b1 - 0a3 -0.2004 0.3578 -0.5582 0.319 48 b2a1 - a2a5 -0.017 1.3976 -1.4145 .047** 22 b4b1 - a1a2 -0.2256 -0.7735 0.5479 0.434 49 b3a1 - a2a3 -0.1416 0.6393 -0.7809 0.347 23 b4b1 - a1a3 -0.2256 0.4114 -0.637 0.392 50 b3a1 - a2a4 -0.1357 1.9464 -2.0821 .025** 24 b4b1 - a1a4 -0.2256 1.3894 -1.615 .072* 51 b3a1 - a2a5 -0.1357 1.3214 -1.4572 .038** 25 b4b1 - a2a3 -0.2461 0.6713 -0.9174 0.344 52 b4a1 - a2a3 -0.1548 0.6393 -0.7941 0.345 26 b4b1 - a2a4 -0.2461 2.136 -2.382 .032** 53 b4a1 - a2a4 -0.1484 1.9464 -2.0947 .024** 27 b4b1 - a2a5 -0.2349 1.7395 -1.9744 .030** 54 b4a1 - a2a5 -0.1424 1.605 -1.7475 .020**

AnnexTable 10 Detailed Results of All 54 Comparisions for AFRICA REGION : Dependent Variable: FDI/Inflow Number Variable M. of 1st. M. of 2nd. Difference P Number Variable M. of 1st. M. of 2nd. Difference P 1 b2b1 - 0a1 -10605.5 16666.76 -27272.3 .052* 28 b20 - a1a2 -2019.85 42424.3 -4.44E+04 .072* 2 b2b1 - 0a2 -10605.5 27272.78 -37878.3 .051* 29 b20 - a1a3 -2019.85 53535.49 -55555.3 0.10 3 3 b2b1 - 0a3 -10605.5 39141.53 -49747.1 .077* 30 b20 - a1a4 -1960.43 35294.22 -37254.6 .090* 4 b2b1 - a1a2 -11666.1 46666.73 -58332.8 .064* 31 b20 - a2a3 -2082.98 50000.13 -52083.1 0.12 2 5 b2b1 - a1a3 -11666.1 58889.03 -70555.1 .090* 32 b20 - a2a4 -2019.86 32323.33 -34343.2 0.11 1 6 b2b1 - a1a4 -11289.8 38709.78 -49999.6 .076* 33 b20 - a2a5 -2019.86 24242.49 -26262.3 0.10 1 7 b2b1 - a2a3 -12068.4 55172.56 -67241 0.104 34 b30 - a1a2 -1470.33 41176.53 -42646.9 .078* 8 b2b1 - a2a4 -11666.1 35555.65 -47221.8 .089* 35 b30 - a1a3 -1470.33 51960.9 -53431.2 0.10 9 9 b2b1 - a2a5 -11666.1 26666.73 -38332.8 .078* 36 b30 - a1a4 -1428.31 34285.8 -35714.1 .098* 10 b3b1 - 0a1 -6060.25 16666.76 -22727 .048** 37 b30 - a2a3 -1514.89 48484.96 -49999.9 0.12 9 11 b3b1 - 0a2 -5882 26470.64 -32352.6 .058* 38 b30 - a2a4 -1470.33 31372.63 -32843 0.12 1 12 b3b1 - 0a3 -5882 37990.29 -43872.3 .091* 39 b30 - a2a5 -1470.33 23529.46 -24999.8 0.11 5 13 b3b1 - a1a2 -6451.24 45161.35 -51612.6 .073* 40 b40 - a1a2 -5440.73 41176.53 -46617.3 .064* 14 b3b1 - a1a3 -6451.24 56989.38 -63440.6 0.103 41 b40 - a1a3 -5440.73 51960.9 -57401.6 .096* 15 b3b1 - a1a4 -6249.63 37500.09 -43749.7 .091* 42 b40 - a1a4 -5285.28 34285.8 -39571.1 .081* 16 b3b1 - a2a3 -6666.3 53333.46 -59999.8 0.121 43 b40 - a2a3 -5605.62 48484.96 -54090.6 0.11 4 17 b3b1 - a2a4 -6451.24 34408.69 -40859.9 0.11 44 b40 - a2a4 -5440.74 31372.63 -36813.4 0.10 1 18 b3b1 - a2a5 -6451.24 25806.5 -32257.7 0.102 45 b40 - a2a5 -5440.74 23529.46 -28970.2 .090* 19 b4b1 - 0a1 -9558.26 16176.56 -25734.8 .031** 46 b2a1 - a2a3 5303.332 48484.98 -43181.6 0.15 9 20 b4b1 - 0a2 -9285.16 25714.34 -34999.5 .043** 47 b2a1 - a2a4 5147.357 31372.64 -26225.3 0.16 9 21 b4b1 - 0a3 -9285.16 36904.86 -46190 .075* 48 b2a1 - a2a5 5147.357 23529.47 -18382.1 0.18 2 22 b4b1 - a1a2 -10155.7 43750.06 -53905.7 .060* 49 b3a1 - a2a3 3578.675 47058.94 -43480.3 0.15 6 23 b4b1 - a1a3 -10155.7 55208.46 -65364.1 .089* 50 b3a1 - a2a4 3476.433 30476.27 -26999.8 0.16 3 24 b4b1 - a1a4 -9847.9 36363.73 -46211.6 .074* 51 b3a1 - a2a5 3476.433 22857.19 -19380.8 0.17 1 25 b4b1 - a2a3 -10483.3 51613.03 -62096.3 0.106 52 b4a1 - a2a3 -783.9183 47058.94 -47842.9 0.13 5 26 b4b1 - a2a4 -10155.7 33333.42 -43489.1 .091* 53 b4a1 - a2a4 -761.5151 30476.27 -31237.8 0.13 2 27 b4b1 - a2a5 -10155.7 25000.05 -35155.7 .079* 54 b4a1 - a2a5 -761.5151 22857.19 -23618.7 0.13