Macroeconomic variables
| Name of the variable | Definition |
|---|---|
| Budget expenses | Non–repayable and non–repaying payments by governments, plus government acquisition of claims on others (loans and equities), fewer repayments of lending and sales of equities previously purchased |
| Budget revenues | Non–repayable and non–repaying government receipts, plus grants received from other governments (domestic or foreign) and international institutions |
| Capital investment | The annual value of gross fixed capital formation |
| Budget Balance as % of GDP | Central government budget balance for a given year expressed as a percentage of GDP |
| Exports | Year’s value of merchandise exports, measured free–on–board (modality in which the exporter is responsible for freight and insurance costs only until the merchandise has been loaded onto the ship) |
| Foreign direct investment | One year’s investment by foreign entities or citizens in domestic business |
| GDP (nominal) | The nominal value of the total final output of goods and services produced within a country’s territorial jurisdiction, regardless of the foreign or domestic ownership of the source of the production |
| Imports | Year’s value of merchandise exports, measured free–on–board (modality in which the exporter is responsible from the freight and insurance costs only until the merchandise has been loaded onto the ship) |
| Money supply (M1) | The year–end stock of money in the economy. Components of M1 include currency in circulation, commercial bank deposits, cash deposits, credit union share drafts, and nonbank traveler’s checks |
| Real GDP growth (%) | Annual change in estimated GDP at constant prices |
| Inflation (%) | Annual average percentage changes in the consumer price index |
| Foreign debt as % of GDP | 18–month risk variable that takes into account the country’s borrowing practices need for borrowing, attitudes toward borrowing and the willingness of public and private international sources to provide funds |
| Exchange rate (local) | Average currency value in relation to the USD on the applicable date |
| Exchange rate stability | Annual percentage change in the exchange rate of the national currency against the USD |
| Interest rate | Annual nominal interest rate of government bonds in each sample country |
| Capital market size | A number of companies publicly traded in the stock market of the countries analysed |
| Name of the variable | Definition |
|---|---|
| Budget expenses | Non–repayable and non–repaying payments by governments, plus government acquisition of claims on others (loans and equities), fewer repayments of lending and sales of equities previously purchased |
| Budget revenues | Non–repayable and non–repaying government receipts, plus grants received from other governments (domestic or foreign) and international institutions |
| Capital investment | The annual value of gross fixed capital formation |
| Budget Balance as % of GDP | Central government budget balance for a given year expressed as a percentage of GDP |
| Exports | Year’s value of merchandise exports, measured free–on–board (modality in which the exporter is responsible for freight and insurance costs only until the merchandise has been loaded onto the ship) |
| Foreign direct investment | One year’s investment by foreign entities or citizens in domestic business |
| GDP (nominal) | The nominal value of the total final output of goods and services produced within a country’s territorial jurisdiction, regardless of the foreign or domestic ownership of the source of the production |
| Imports | Year’s value of merchandise exports, measured free–on–board (modality in which the exporter is responsible from the freight and insurance costs only until the merchandise has been loaded onto the ship) |
| Money supply (M1) | The year–end stock of money in the economy. Components of M1 include currency in circulation, commercial bank deposits, cash deposits, credit union share drafts, and nonbank traveler’s checks |
| Real GDP growth (%) | Annual change in estimated GDP at constant prices |
| Inflation (%) | Annual average percentage changes in the consumer price index |
| Foreign debt as % of GDP | 18–month risk variable that takes into account the country’s borrowing practices need for borrowing, attitudes toward borrowing and the willingness of public and private international sources to provide funds |
| Exchange rate (local) | Average currency value in relation to the USD on the applicable date |
| Exchange rate stability | Annual percentage change in the exchange rate of the national currency against the USD |
| Interest rate | Annual nominal interest rate of government bonds in each sample country |
| Capital market size | A number of companies publicly traded in the stock market of the countries analysed |
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