Table 1 Data sources and variable... | Emerald Publishing

Table 1

Data sources and variable definition

Variable	Definition	Source
Stock market capitalization	Stock market capitalization as a percentage of GDP, in logs	WB, WFE, FIAB, National
Economic Complexity Index (ECI)	Measure of the relative production sophistication of an economy	OEC
Economic Fitness Index (EFI)	Measure of a country's economic competitiveness by analyzing its capacity to diversify and adapt to producing more complex goods	Tacchella et al. (2012)
Private credit	Domestic private credit to the real sector by deposit money banks as a percentage of GDP, in logs	WB
Government expenditure	Government expenditure as a percentage of GDP, in logs	IMF
Commercial openness	Ratio of the sum of exports and imports divided by GDP (constant 2015 USD), in logs	WB
Institutions	Average of the World Governance Indicators	WB
Uncertainty	World Uncertainty Index	Ahir et al. (2022)
Country class	Classification of countries into standalone, frontier, emerging, and developed countries	MSCI

Variable	Definition	Source
Stock market capitalization	Stock market capitalization as a percentage of GDP, in logs	WB, WFE, FIAB, National
Economic Complexity Index (ECI)	Measure of the relative production sophistication of an economy	OEC
Economic Fitness Index (EFI)	Measure of a country's economic competitiveness by analyzing its capacity to diversify and adapt to producing more complex goods	Tacchella et al. (2012)
Private credit	Domestic private credit to the real sector by deposit money banks as a percentage of GDP, in logs	WB
Government expenditure	Government expenditure as a percentage of GDP, in logs	IMF
Commercial openness	Ratio of the sum of exports and imports divided by GDP (constant 2015 USD), in logs	WB
Institutions	Average of the World Governance Indicators	WB
Uncertainty	World Uncertainty Index	Ahir et al. (2022)
Country class	Classification of countries into standalone, frontier, emerging, and developed countries	MSCI

Source(s): WB: World Bank; WFE: World Federation of Exchanges; FIAB: Federación Iberoamericana de Bolsas; OEC: Observatory of Economic Complexity; IMF: International Monetary Fund; MSCI: MSCI Inc