Variable description and expected signs
| Variable | Variable description | Measurement | Expected sign | |
|---|---|---|---|---|
| Objective one | Objective two | |||
| Digital technology (DigiTech) | IndInt | Individuals using the Internet (% of population) | Negative | Positive |
| MoCeSubs | Mobile cellular subscriptions (per 100 people) | |||
| FixTelSubs | Fixed telephone subscriptions (per 100 people) | |||
| Exchange rate | ExcRa | Official exchange rate (LCU per US$, period average) | Positive | N/A |
| Labour | LFP | Labour force participation rate, (% of total population aged 15–64) | N/A | Uncertain |
| Capital | CapForm | Gross capital formation (% of GDP) | N/A | Positive |
| Money supply | MS | Broad money growth (Annual %) | Positive | Positive |
| External debt | ExtDb | External debt stocks (% of GNI) | Positive | Uncertain |
| Government expenditure | GovExp | General government final consumption expenditure (% of GDP) | Uncertain | Uncertain |
| Interest rate | LendRa | Lending interest rate (%) | Negative | N/A |
| GDP growth rate | GDPG | The log difference between GDP per Capita | N/A | N/A |
| Inflation | inf | Annual inflation growth rate | N/A | Negative |
| Variable | Variable description | Measurement | Expected sign | |
|---|---|---|---|---|
| Objective one | Objective two | |||
| Digital technology (DigiTech) | IndInt | Individuals using the Internet (% of population) | Negative | Positive |
| MoCeSubs | Mobile cellular subscriptions (per 100 people) | |||
| FixTelSubs | Fixed telephone subscriptions (per 100 people) | |||
| Exchange rate | ExcRa | Official exchange rate (LCU per US$, period average) | Positive | N/A |
| Labour | LFP | Labour force participation rate, (% of total population aged 15–64) | N/A | Uncertain |
| Capital | CapForm | Gross capital formation (% of GDP) | N/A | Positive |
| Money supply | MS | Broad money growth (Annual %) | Positive | Positive |
| External debt | ExtDb | External debt stocks (% of GNI) | Positive | Uncertain |
| Government expenditure | GovExp | General government final consumption expenditure (% of GDP) | Uncertain | Uncertain |
| Interest rate | LendRa | Lending interest rate (%) | Negative | N/A |
| GDP growth rate | GDPG | The log difference between GDP per Capita | N/A | N/A |
| Inflation | inf | Annual inflation growth rate | N/A | Negative |