Fourth, unlike non-guaranteed debt

Fourth, unlike non-guaranteed debt which increases with economic development, public and publicly guaranteed debt decreases with economic development. Fifth, political risk guarantees
have positive influence on portfolio equity flows, which diminishes with political risk
improvement. Sixth, both financial development and trade openness matter for equity
flows, with the former encouraging portfolio equity flows and the latter encouraging
FDI flows

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Fourth, unlike non-guaranteed debt which increases with economic development, public and publicly guaranteed debt decreases with economic development. Fifth, political risk guaranteeshave positive influence on portfolio equity flows, which diminishes with political riskimprovement. Sixth, both financial development and trade openness matter for equityflows, with the former encouraging portfolio equity flows and the latter encouragingFDI flows

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