Study variables
| Variable | Measurement | Expected relationship | Supporting literature | Source |
|---|---|---|---|---|
| Inclusive growth index (IGI) | An index estimated using headcount, Gini index, poverty severity, economic participation and GDP per capita variables | Authors’ construct | ||
| Economic growth (GDPC) | GDP per capita growth (annual percentage) | Marrero and Servén (2022), Mitra and Das (2018) | World Bank (world development indicators) | |
| Economic participation (ECP) | Total labor force participation rate for individuals aged 15–64 (percentage of the total population) | Sarpong and Nketiah-Amponsah (2022) | ||
| Poverty severity (POVS) | Poverty gap squared (2017 PPP) | Kanbur and Mukherjee (2007) | World Bank (poverty and inequality platform) | |
| Headcount (HPR) | Poverty headcount ratio (2017 PPP) (% of population) | Mitra and Das (2018), Sarpong and Nketiah-Amponsah (2022) | ||
| Gini index (Gini) | Gini index (World Bank estimate) | Chia et al. (2022), Gründler and Scheuermeyer (2018), Stawska and Jabłońska (2021) | ||
| De facto fiscal space (DFSP) | Measurement [4] | − | Aizenman and Jinjarak (2010), Aslan (2022) | Authors’ construct |
| Fiscal balance (FSB) | Fiscal balance (percentage of GDP) | + | Karadima and Louri (2022), Putri et al. (2022) | |
| Control of corruption (CC); political stability and absence of violence/terrorism (PS); voice and accountability (VC); rule of law (RL); regulatory quality (RQ); government effectiveness (GE) | Estimates provided | + | Oyinlola and Adedeji (2022), Sarpong and Nketiah-Amponsah (2022) | Worldwide governance indicators |
| Governance quality average (GQ) | Average scores for the six World Bank Governance Indicators | + | Sarpong and Nketiah-Amponsah (2022) | Author’s calculation using worldwide governance indicators data set |
| Foreign direct investment (FDI) | Foreign direct investment, net inflows (percentage of GDP) | + | Oyinlola and Adedeji (2022), Stawska and Jabłońska (2021) | World Bank (world development indicators) |
| Inflation (CPI) | Annual year-on-year percentage change of CPI | − | Aoyagi and Ganelli (2015) | |
| Digitalization (DGN) | Mobile cellular subscriptions (per 100 people) in log | + | Alekhina and Ganelli (2021), Anand et al. (2013) |
| Variable | Measurement | Expected relationship | Supporting literature | Source |
|---|---|---|---|---|
| Inclusive growth index (IGI) | An index estimated using headcount, Gini index, poverty severity, economic participation and GDP per capita variables | Authors’ construct | ||
| Economic growth (GDPC) | GDP per capita growth (annual percentage) | World Bank (world development indicators) | ||
| Economic participation (ECP) | Total labor force participation rate for individuals aged 15–64 (percentage of the total population) | |||
| Poverty severity (POVS) | Poverty gap squared (2017 PPP) | World Bank (poverty and inequality platform) | ||
| Headcount (HPR) | Poverty headcount ratio (2017 PPP) (% of population) | |||
| Gini index (Gini) | Gini index (World Bank estimate) | |||
| Measurement [ | − | Authors’ construct | ||
| Fiscal balance (FSB) | Fiscal balance (percentage of GDP) | + | ||
| Control of corruption (CC); political stability and absence of violence/terrorism (PS); voice and accountability (VC); rule of law (RL); regulatory quality (RQ); government effectiveness (GE) | Estimates provided | + | Worldwide governance indicators | |
| Governance quality average (GQ) | Average scores for the six World Bank Governance Indicators | + | Author’s calculation using worldwide governance indicators data set | |
| Foreign direct investment (FDI) | Foreign direct investment, net inflows (percentage of GDP) | + | World Bank (world development indicators) | |
| Inflation (CPI) | Annual year-on-year percentage change of CPI | − | ||
| Digitalization (DGN) | Mobile cellular subscriptions (per 100 people) in log | + |
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