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Mediating effect.
| Variables | (1) PL | (2) Inflow | (3) Outflow |
|---|---|---|---|
| PL | 9.942∗ | 4.172 | |
| (5.529) | (4.997) | ||
| CRexpress × time | 0.090∗∗ | 99.115∗∗∗ | 42.309∗∗∗ |
| (0.035) | (19.812) | (13.860) | |
| Controls | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes |
| Country FE | Yes | Yes | Yes |
| N | 1713 | 1713 | 1713 |
| R2 | 0.544 | 0.821 | 0.808 |
