Table 3.

Marginal effects of interaction terms

	Marginal effects of interaction terms
	(5)	(6)	(7)
Marginal effects of Fx turnover (a)
Economic size Low (< 25th percentile)	0.779
	[0.334–1.225]
Economic size Medium (at 50th percentile)	0.323
	[0.091–0.555]
Economic size High (> 75th percentile)	0.371
	[0.269–0.473]
Marginal effects of Economic Size (b)
Fx turnover Low (< 25th percentile)	0.856
	[− 0.469–2.182]
Fx turnover Medium (at 50th percentile)	0.257
	[− 0.110–0.625]
Fx turnover High (> 75th percentile)	0.415
	[0.115–0.715]
Marginal effects of Fx turnover (c)
Governance Low (< 25th percentile)		0.221
		[− 0.068–0.511]
Governance Medium (at 50th percentile)		0.258
		[0.006–0.510]
Governance High (> 75th percentile)		0.344
		[0.061–0.628]
Marginal effects of Economic size (d)
Governance Low (< 25th percentile)			0.349
			[− 0.221–0.920]
Governance Medium (at 50th percentile)			0.340
			[− 0.030–0.710]
Governance High (> 75th percentile)			0.807
			[0.271–1.343]

The marginal effects are computed based on the results documented in specifications 5, 6 and 7 of Table 2

Between [], confidence interval of the estimated marginal effects

(a), (b), (c) and (d): see graphs of the marginal effects in Appendix Fig. 3