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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 R2	0.18	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 R2	0.18	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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