Note: All dependent variables are expressed in logs and represent relative differences between countries j and i. SMig_ij,t (UMig_ij,t-1) denotes the stock of high- (low-) skilled emigrants from country i living in country j divided by the stock of high- (low-) skilled residents in i. All estimations include RelInvest_ij,t-1, RelUrban_ij,t-1, RelPrimSchool_ij,t-1 and RelTertSchool_ij,t-1 as additional control variables. TotalMig_ij,t-1, Dist_ij, ComLang_ij, and Contig_ij represent the share of the emigrant population from country i living in country j, the distance between i and j, whether i and j share a common language, and whether i and j have a common border, respectively. Robust clustered standard errors are in parentheses. *** indicates a significance level below 1 percent; ** indicates a significance level between 1 and 5 percent; * indicates significance level between 5 and 10 percent.