Description of variables
| Variables | Description (USD-Mil) | Notation | Source |
|---|---|---|---|
| Dependent variable | |||
| GDP growth | Annual % growth rate of GDP at constant 2015 prices, expressed in U.S. dollars | GDPG | World Development Indicator (WDI) |
| Independent variable | |||
| Sukuk | The total value of Sukuk issued | SUK | International Islamic Financial market (IIFM) |
| Control variables | |||
| Gross fixed capital formation | The total value of Capital accumulation/Investment on infrastructure | GFCF | World Development Indicator (WDI) |
| General government final expenditure | The total value of Government expenditure on goods and services | GGFE | |
| Inflation | Annual % change in Consumer price Index | INF | |
| Trade openness | The total value of Import and export as percentage of GDP | TOPN | |
| Financial development index | It is an aggregate of the Financial Institutions Index and the Financial Market Index | FDI | International Monetary Fund (IMF database) |
| Global financial crisis-(Dummy) | Dummy equal to “1” if the observation corresponds to the period 2007Q1–2009Q4, and “0” otherwise | DUMMY-GFC | |
| Variables | Description (USD-Mil) | Notation | Source |
|---|---|---|---|
| GDP growth | Annual % growth rate of GDP at constant 2015 prices, expressed in U.S. dollars | GDPG | World Development Indicator (WDI) |
| Sukuk | The total value of Sukuk issued | SUK | International Islamic Financial market (IIFM) |
| Gross fixed capital formation | The total value of Capital accumulation/Investment on infrastructure | GFCF | World Development Indicator (WDI) |
| General government final expenditure | The total value of Government expenditure on goods and services | GGFE | |
| Inflation | Annual % change in Consumer price Index | INF | |
| Trade openness | The total value of Import and export as percentage of GDP | TOPN | |
| Financial development index | It is an aggregate of the Financial Institutions Index and the Financial Market Index | FDI | International Monetary Fund (IMF database) |
| Global financial crisis-(Dummy) | Dummy equal to “1” if the observation corresponds to the period 2007Q1–2009Q4, and “0” otherwise | DUMMY-GFC | |
Note(s): The table presents the variables employed in the analysis, along with their descriptions, notations and respective data sources
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