Description of variables
| Variable | Description |
|---|---|
| GDPPCGR | This defines the annual percentage growth rate of GDP per capita based on constant local currency. Aggregates are based on constant 2010 US dollars. The GDP per capita measures the gross domestic product divided by midyear population. |
| FDI | This refers to the net inflow (new investment inflow less disinvestment) in the reporting economy from foreign investors and is divided by GDP. It is the net inflow of investment to acquire a lasting management interest (10% or more of voting stock) in an enterprise operating in an economy other than that of the investor. The FDI aggregates the equity capital, reinvestment of earnings, other long-term capital and short-term capital, as shown in the balance of payments |
| GFCF | This includes plant, machinery and equipment purchases, land development (fences, ditches, drains, etc) and the construction of roads, railways, hospitals, offices, schools and commercial and industrial buildings etc. |
| TLF | This defines the people, ages 15 and older, who supply labour for the production of commodities and services during a specified period. It includes both the currently employed (excluding students, family and unpaid workers; some countries do omit the members of the armed forces) and unemployed but that are seeking jobs, as well as first-time job-seekers |
| FinDev | This measures the financial resources dispatched to the private sector by financial corporations, through loans, purchases of non-equity securities and trade credits and other accounts receivable, for which a claim of repayment is established. In some countries, these claims also cover the credit to public enterprises. The financial corporations include monetary authorities and deposit money banks, finance and leasing firms, money lenders, insurance corporations, pension funds and foreign exchange companies where data are available |
| Democ | This is measured by political right (PR), civil liberty (CL) and polity2 indices. Polity 2 estimates the autocracy–democracy index, which ranges between −10 (complete autocracy) and 10 (complete democracy), obtained from the Polity IV dataset. The PR and CL are measured on a one-to-seven scale; one represents the highest degree of freedom and seven represents the lowest |
| PTS | This measures the level of political terror, defined as the violation of fundamental rights to physical integrity of a person, by agents of the state. It is measured on a 5-point ordinal scale, based on the information contained in the annual human rights reports of the United States Department of State. A higher score implies a greater level of abuse, physical integrity rights violation or political terror |
| Variable | Description |
|---|---|
| GDPPCGR | This defines the annual percentage growth rate of GDP per capita based on constant local currency. Aggregates are based on constant 2010 US dollars. The GDP per capita measures the gross domestic product divided by midyear population. |
| FDI | This refers to the net inflow (new investment inflow less disinvestment) in the reporting economy from foreign investors and is divided by GDP. It is the net inflow of investment to acquire a lasting management interest (10% or more of voting stock) in an enterprise operating in an economy other than that of the investor. The FDI aggregates the equity capital, reinvestment of earnings, other long-term capital and short-term capital, as shown in the balance of payments |
| GFCF | This includes plant, machinery and equipment purchases, land development (fences, ditches, drains, etc) and the construction of roads, railways, hospitals, offices, schools and commercial and industrial buildings etc. |
| TLF | This defines the people, ages 15 and older, who supply labour for the production of commodities and services during a specified period. It includes both the currently employed (excluding students, family and unpaid workers; some countries do omit the members of the armed forces) and unemployed but that are seeking jobs, as well as first-time job-seekers |
| FinDev | This measures the financial resources dispatched to the private sector by financial corporations, through loans, purchases of non-equity securities and trade credits and other accounts receivable, for which a claim of repayment is established. In some countries, these claims also cover the credit to public enterprises. The financial corporations include monetary authorities and deposit money banks, finance and leasing firms, money lenders, insurance corporations, pension funds and foreign exchange companies where data are available |
| Democ | This is measured by political right (PR), civil liberty (CL) and polity2 indices. Polity 2 estimates the autocracy–democracy index, which ranges between −10 (complete autocracy) and 10 (complete democracy), obtained from the Polity IV dataset. The PR and CL are measured on a one-to-seven scale; one represents the highest degree of freedom and seven represents the lowest |
| PTS | This measures the level of political terror, defined as the violation of fundamental rights to physical integrity of a person, by agents of the state. It is measured on a 5-point ordinal scale, based on the information contained in the annual human rights reports of the United States Department of State. A higher score implies a greater level of abuse, physical integrity rights violation or political terror |
Note(s): Polity instability – measured by PTS – and democracy are used as proxies for political institutions; each of Polity2, PR and CL is taken as a measure of democracy
Source(s): Authors' compilation
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