Definitions and sources of variables
| Variable | Name | Definition | Source |
|---|---|---|---|
| Fiscal deficit | FDEF | The difference between revenue and expenditure, excluding grants and interest payments, expressed as a percentage of GDP | IMF (2019) |
| Interest rate | LRATE | Return on government issued debt or bonds | World Bank (2019b) |
| Real GDP growth | RGDP | Year-on-year change in a country's real GDP, expressed as a percentage | World Bank (2019b) |
| Debt service | DEBT | The percentage debt service of expressed as a percentage of GDP in any given year | World Bank (2019b) |
| Grants | GRANT | Official bilateral and multilateral non-repayable loans received expressed as a percentage of GDP | World Bank (2019b) |
| Current account balance | CAB | The difference between a country's value of exports and imports of goods, services, and transfer payments, expressed as a percentage of GDP | IMF (2019) |
| Inflation rate | INFLATION | Year-on-year change in a country's consumer price index (2010 = 100), expressed as a percentage | World Bank (2019b) |
| Variable | Name | Definition | Source |
|---|---|---|---|
| Fiscal deficit | FDEF | The difference between revenue and expenditure, excluding grants and interest payments, expressed as a percentage of GDP | |
| Interest rate | LRATE | Return on government issued debt or bonds | |
| Real GDP growth | RGDP | Year-on-year change in a country's real GDP, expressed as a percentage | |
| Debt service | DEBT | The percentage debt service of expressed as a percentage of GDP in any given year | |
| Grants | GRANT | Official bilateral and multilateral non-repayable loans received expressed as a percentage of GDP | |
| Current account balance | CAB | The difference between a country's value of exports and imports of goods, services, and transfer payments, expressed as a percentage of GDP | |
| Inflation rate | INFLATION | Year-on-year change in a country's consumer price index (2010 = 100), expressed as a percentage |
Source(s): Own elaboration
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