17Ideally, one would prefer first stage c2 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. 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.