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Table 3.
Financial Resources and FARC Desertion (dependent variable)
(1)(2)(3)(4)(5)(6)
U.S. dollar to Colombian peso exchange rate X FARC area −2.6∗∗ (0.8) −2.4∗∗ (0.7) −1.3∗∗∗ (0.3)    
Cocaine price in United States X FARC area    −1.8∗∗∗ (0.4) −1.3∗∗ (0.4) −0.9 (0.3) 
Constant 4.5∗∗∗ (0.9) 7.9 (4.7) 4.1 (2.9) 83.2∗∗∗ (16.2) 105.5 (40.8) 119.3 (59.5) 
N 6,105 6,105 6,072 495 495 462 
Adjusted R0.18 0.19 0.35 0.30 0.36 0.46 
Control variables no yes yes no yes yes 
Lagged dependent variable no no yes no no yes 
(1)(2)(3)(4)(5)(6)
U.S. dollar to Colombian peso exchange rate X FARC area −2.6∗∗ (0.8) −2.4∗∗ (0.7) −1.3∗∗∗ (0.3)    
Cocaine price in United States X FARC area    −1.8∗∗∗ (0.4) −1.3∗∗ (0.4) −0.9 (0.3) 
Constant 4.5∗∗∗ (0.9) 7.9 (4.7) 4.1 (2.9) 83.2∗∗∗ (16.2) 105.5 (40.8) 119.3 (59.5) 
N 6,105 6,105 6,072 495 495 462 
Adjusted R0.18 0.19 0.35 0.30 0.36 0.46 
Control variables no yes yes no yes yes 
Lagged dependent variable no no yes no no yes 

All models include department and month/year fixed effects. Standard errors (in parentheses) clustered at department level. Control variables: contact with FARC, military operations against FARC, coca cultivation area, population size, and gross domestic product.

p < 0.05,

∗∗

p < 0.01,

∗∗∗

p < 0.001

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