²⁴Ideally, one would prefer first stage coefficients larger than those generated by our instrument set for some countries. For each individual country it is possible to find a country-specific instrument set that performs considerably better than our universal instrument set. However, we preferred to run the well-understood risks of weak instruments (coefficients biased toward the OLS value) rather than the much more difficult to quantify risks associated with cherry picking a different instrument set for each country.