Spain: from massive immigration to vast emigration?

Table 8 Log odds of immigrating to Spain by foreigners

	Entry of foreigners
	Arellano Bond
Variables	(1)	(2)	(3)
U(CCAA)–U(country)	−0.02620
	(0.00109)**
U(country)		0.02344	−0.00210
		(0.00415)**	(0.00423)
U(CCAA)			−0.03037
			(0.00123)**
Lag. Log odds of immigrating to Spain by foreigners	0.61734	0.59858	0.59844
	(0.00598)**	(0.00663)**	(0.00654)**
Constant	−1.876	−2.279	−1.661
	(0.03436)**	(0.03930)**	(0.04614)**
R-squared	0.88
Observations	5988	5988	5988

Source: The dependent variable is the logarithm of entries from Estadística de Variaciones Residenciales by country of birth and region of destination in a particular year (1998–2012) over the population in the country of birth in the corresponding year (WEO) in thousands. Unemployment rates of regions in Spain are from the labour force survey and unemployment in origin countries at the WEO. The auxiliary regressors are the cross country average of all dependent and independent variables. Observations are weighted by the population of the origin country. Standard errors in parentheses
*p < 0.05; **p < 0.01