Description of variables and source of data
| Variable | Explanation | Data source |
|---|---|---|
| Domestic credit to the private sector/GDP | Domestic credit to private sector refers to financial resources provided to the private sector by financial corporations, such as through loans, purchases of non-equity securities and trade credits and other accounts receivable, that establish a claim for repayment | World Development Indicators 2002–2015 |
| FDI inflows | FDI inflows to African economies as a percentage of GDP | World Development Indicators 2002–2015 |
| External debt | Total external debt stocks to gross national income. Total external debt is debt owed to non-residents repayable in currency, goods or services. It is expressed as a percentage of gross domestic products | World Development Indicators 2002–2015 |
| Money supply | Money and quasi money (M2) comprise the sum of currency outside banks, demand deposits other than those of the central government and the time, savings and foreign currency deposits of resident sectors other than the central government | World Development Indicators 2002–2015 |
| Trade openness | Trade is the sum of total exports and imports of goods and services measured as a share of gross domestic product | World Development Indicators 2002–2015 |
| GDP per capita | Gross Domestic Product per the total population | World Development Indicators 2002–2015 |
| Government effectiveness | Capturing perceptions of the extent to which a country’s citizens are able to participate in selecting their government, as well as freedom of expression, freedom of association and a free media | The World Bank Governance Indicators (2002–2014) |
| Regulatory quality | Regulatory quality captures perceptions of the ability of the government to formulate and implement sound policies and regulations that permit and promote private sector development | World Governance Indicators 2002–2015 |
| Rule of law | Capturing perceptions of the extent to which agents have confidence in and abide by the rules of society, and in particular, the quality of contract enforcement, property rights, the police, and the courts, as well as the likelihood of crime and violence | World Governance Indicators, 2002–2015 |
| Variable | Explanation | Data source |
|---|---|---|
| Domestic credit to the private sector/GDP | Domestic credit to private sector refers to financial resources provided to the private sector by financial corporations, such as through loans, purchases of non-equity securities and trade credits and other accounts receivable, that establish a claim for repayment | World Development Indicators 2002–2015 |
| FDI inflows | FDI inflows to African economies as a percentage of GDP | World Development Indicators 2002–2015 |
| External debt | Total external debt stocks to gross national income. Total external debt is debt owed to non-residents repayable in currency, goods or services. It is expressed as a percentage of gross domestic products | World Development Indicators 2002–2015 |
| Money supply | Money and quasi money (M2) comprise the sum of currency outside banks, demand deposits other than those of the central government and the time, savings and foreign currency deposits of resident sectors other than the central government | World Development Indicators 2002–2015 |
| Trade openness | Trade is the sum of total exports and imports of goods and services measured as a share of gross domestic product | World Development Indicators 2002–2015 |
| GDP per capita | Gross Domestic Product per the total population | World Development Indicators 2002–2015 |
| Government effectiveness | Capturing perceptions of the extent to which a country’s citizens are able to participate in selecting their government, as well as freedom of expression, freedom of association and a free media | The World Bank Governance Indicators (2002–2014) |
| Regulatory quality | Regulatory quality captures perceptions of the ability of the government to formulate and implement sound policies and regulations that permit and promote private sector development | World Governance Indicators 2002–2015 |
| Rule of law | Capturing perceptions of the extent to which agents have confidence in and abide by the rules of society, and in particular, the quality of contract enforcement, property rights, the police, and the courts, as well as the likelihood of crime and violence | World Governance Indicators, 2002–2015 |
Source: World Bank World Development Indicators (2002–2015)