Variable measurement and data sources
| Variable | Definition | Measurement | Source of data |
|---|---|---|---|
| GROWTH | Economic growth | Real GDP per capita in 2011 international dollar purchasing power parity-PPP (log difference) (%) | WDI |
| FDI | Foreign direct investment | Net inflows of FDI (% of GDP) | WDI |
| CREPRI | Credit to private sector | Domestic credit to private sector (% of GDP) | FSD |
| CREFIN | Credit by financial sector | Domestic credit by financial sector (% of GDP) | WDI |
| LIQUID | Liquid liability | Liquid liability or broad money (M3) (% of GDP) | FSD |
| GC | Government consumption | General government final consumption expenditure (% of GDP) | WDI |
| DI | Domestic investment | Difference between gross fixed capital formation and FDI (% of GDP) | WDI |
| OPEN | Trade openness | Sum of exports and imports of goods and services (% of GDP) | WDI |
| INC | Initial income | Real GDP per capita in 2011 international dollar PPP in the previous period (natural logarithm) | WDI |
| POP | Population growth | Country population growth rate (annual %) | WDI |
| LABOR | Labor force | Proportion of the population that is economically active (%) | WDI |
| INF | Inflation | Inflation and GDP deflator (annual %) | WDI |
| INS | Institutional quality | Composite index by simple average of six index components (control of corruption, government efficiency, political stability, regulation quality and rule of law) | WGI |
| Variable | Definition | Measurement | Source of data |
|---|---|---|---|
| GROWTH | Economic growth | Real GDP per capita in 2011 international dollar purchasing power parity-PPP (log difference) (%) | WDI |
| FDI | Foreign direct investment | Net inflows of FDI (% of GDP) | WDI |
| CREPRI | Credit to private sector | Domestic credit to private sector (% of GDP) | FSD |
| CREFIN | Credit by financial sector | Domestic credit by financial sector (% of GDP) | WDI |
| LIQUID | Liquid liability | Liquid liability or broad money (M3) (% of GDP) | FSD |
| GC | Government consumption | General government final consumption expenditure (% of GDP) | WDI |
| DI | Domestic investment | Difference between gross fixed capital formation and FDI (% of GDP) | WDI |
| OPEN | Trade openness | Sum of exports and imports of goods and services (% of GDP) | WDI |
| INC | Initial income | Real GDP per capita in 2011 international dollar PPP in the previous period (natural logarithm) | WDI |
| POP | Population growth | Country population growth rate (annual %) | WDI |
| LABOR | Labor force | Proportion of the population that is economically active (%) | WDI |
| INF | Inflation | Inflation and GDP deflator (annual %) | WDI |
| INS | Institutional quality | Composite index by simple average of six index components (control of corruption, government efficiency, political stability, regulation quality and rule of law) | WGI |
Note(s): WDI: the World Development Indicators, the World Bank. WGI: the Worldwide Governance Indicators, the World Bank. FSD: the Financial Structure Database, the World Bank
Source(s): Author's compilation
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