Affiliations
  1. Ss. Cyril and Methodius University, North Macedonia

  2. HEC Montreal (Qc) Canada

Data Description
No. Name of the variable Type Description
A. Country Identification Variables
1 country number Country code (i=1, 2, …, 195)
2 year number Years spanning from 1960 to 2017 (t=1, 2, .., 57)
3 name text Name of country or territory
4 highincome number Dummy variable for high-income countries (1=yes, 0=no)
5 uppermiddle number Dummy variable for upper-middle income countries (1=yes, 0=no)
6 lowermiddle number Dummy variable for lower-middle income countries (1=yes, 0=no)
7 lowincome number Dummy variable for low-income countries (1=yes, 0=no)
8 southasia number Dummy variable if the country is located in East Asia (1=yes, 0=no)
9 europe number Dummy variable if the country is located in Europe and Central Asia (1=yes, 0=no)
10 middleast number Dummy variable if the country is located in Middle East and North Africa (1=yes, 0=no)
11 eastasia number Dummy variable if the country is located in East Asia (1=yes, 0=no)
12 africa number Dummy variable if the country is located in Africa, excluding North Africa (1=yes, 0=no)
13 latin number Dummy variable if the country is located in Latin America and the Caribbean (1=yes, 0=no)
14 large number Dummy variable if the economy is considered large (1=yes, 0=no)
15 medium number Dummy variable if the economy is considered medium-sized (1=yes, 0=no)
16 small number Dummy variable if the economy is considered a small one (1=yes, 0=no)
B. Policy Variables
17 ers number Exchange Rate Stability Index (source: Aizenman, Chinn and Ito, 2008), normalized in the range [0, 1] and updated until 2017.
18 mpi number Monetary Policy Independence Index (source: Aizenman, Chinn and Ito, 2008), normalized in the range [0, 1] and updated until 2017.
19 fo number Financial Openness Index (source: Aizenman, Chinn and Ito, 2008), normalized in the range [0, 1] and updated until 2017.
C. Macroeconomic Variables
20 gr number Real growth of gross domestic product (GDP), or annual percentages of constant price GDP are year-on-year changes. Source: IMF World Economic Outlook database, October 2018.
21 ngdpd number GDP in current prices. Values are based upon GDP in national currency converted to U.S. dollars using market exchange rates (yearly average). Source: IMF World Economic Outlook database, October 2018.
22 pppgdp number Gross domestic product, current prices (in purchasing power parity terms). Source: IMF World Economic Outlook database, October 2018.
23 ngdp_d number Gross domestic product, deflator. The GDP deflator is derived by dividing current price GDP by constant price GDP. Data are expressed in the base year of each country’s national accounts. Source: IMF World Economic Outlook database, October 2018.
24 ngdprppppc number GDP expressed in constant international dollars per person. Data are derived by dividing constant price purchasing-power parity (PPP) GDP by total population. Source: IMF World Economic Outlook database, October 2018.
25 ngdpdpc number Gross domestic product per capita, current prices. Source: IMF World Economic Outlook database, October 2018.
26 ppppc number Gross domestic product per capita, current prices, expressed in purchasing power parity dollars per person. Source: IMF World Economic Outlook database, October 2018.
27 pppsh number Gross domestic product based on purchasing power parity (PPP) as a share of world total. Source: IMF World Economic Outlook database, October 2018.
28 investment number Total investment in current local currency and GDP in current local currency. Source: IMF World Economic Outlook database, October 2018.
29 saving number Gross national savings (expressed as a percentage of GDP). Source: IMF World Economic Outlook database, October 2018.
30 infl number Inflation, average consumer prices. Annual percentages of average consumer prices are year-on-year changes. Source: IMF World Economic Outlook database, October 2018.
31 pcpie number Inflation, end of period consumer prices. Source: IMF World Economic Outlook database, October 2018.
32 pcpiepch number Inflation, end of period consumer prices. Annual percentages of end of period consumer prices are year-on-year changes. Source: IMF World Economic Outlook database, October 2018.
33 libor number Six-month London interbank offered rate (LIBOR). Source: Milesi-Ferretti (2018). Source: IMF World Economic Outlook database, October 2018.
34 tm_rpch number Volume of imports of goods and services (percent change). Source: IMF World Economic Outlook database, October 2018.
35 tmg_rpch number Volume of Imports of goods only (percent change). Source: IMF World Economic Outlook database, October 2018.
36 tx_rpch number Volume of exports of goods and services (percent change). Source: IMF World Economic Outlook database, October 2018.
37 txg_rpch number Volume of exports of goods (percent change). Source: IMF World Economic Outlook database, October 2018.
38 pop number Population (number of inhabitants). Source: IMF World Economic Outlook database, October 2018.
39 ggr_ngdp number General government revenue (consisting of taxes, social contributions, grants receivable, and other revenue), expressed as a percentage of GDP. Source: IMF World Economic Outlook database, October 2018.
40 ggx_ngdp number General government total expenditure (consisting of total expense and the net acquisition of nonfinancial assets), expressed as a percentage of GDP. Source: IMF World Economic Outlook database, October 2018.
41 ggxcnl_ngdp number General government net lending/borrowing. Source: IMF World Economic Outlook database, October 2018.
42 ggsb_npgdp number General government structural balance. Source: IMF World Economic Outlook database, October 2018.
43 ggxonlb_ngdp number General government primary net lending/borrowing. Primary net lending/borrowing is net lending (+)/borrowing (-) plus net interest payable/paid (interest expense minus interest revenue). Source: IMF World Economic Outlook database, October 2018.
44 ggxwdn_ngdp number General government net debt as a percentage of GDP. Net debt is calculated as gross debt minus financial assets corresponding to debt instruments. These financial assets are: monetary gold and SDRs, currency and deposits, debt securities, loans, insurance, pension, and standardized guarantee schemes, and other accounts receivable. Source: IMF World Economic Outlook database, October 2018.
45 ggxwdg_ngdp number General government gross debt as a percentage of GDP. Source: IMF World Economic Outlook database, October 2018.
46 bca number Current account balance (in nominal terms). Source: IMF World Economic Outlook database, October 2018.
47 bca_ngdpd number Current account balance (expressed as a percentage of GDP). Source: IMF World Economic Outlook database, October 2018.
48 to percentage Trade openness defined as the sum of exports and imports of goods and services (as a percentage of GDP). Source: IMF World Economic Outlook Database, October 2018.
D. Variables on Inward and Outward Stocks of Foreign Capital
49 porta number Portfolio equity assets (stock). Source: Milesi-Ferretti and Lane (2017).
50 portl number Portfolio equity liabilities (stock). Source: Milesi-Ferretti and Lane (2017).
51 fdia number FDI assets (stock). Source: Milesi-Ferretti and Lane (2017).
52 fdil number FDI liabilities (stock). Source: Milesi-Ferretti and Lane (2017).
53 da number Debt assets (stock). Source: Milesi-Ferretti and Lane (2017).
54 dl number Debt liabilities (stock). Source: Milesi-Ferretti and Lane (2017)
55 fda number Financial derivatives (assets). Source: Milesi-Ferretti and Lane (2017).
56 fdl number financial derivatives (liabilities). Source: Milesi-Ferretti and Lane (2017)
57 fxres number Foreign exchange reserves minus gold holdings. Source: Milesi-Ferretti and Lane (2017)
58 assets number Total foreign assets. Source: Milesi-Ferretti and Lane (2017).
59 liabilities number Total liabilities: Source: Milesi-Ferretti and Lane (2017).
60 nfa number Net foreign asset position (in nominal terms). Source: Milesi-Ferretti and Lane (2017)
61 nfagdp number Net foreign asset position (expressed as a percentage of GDP). Source: Milesi-Ferretti and Lane (2017)
62 pda number Portfolio debt assets. Source: Milesi-Ferretti and Lane (2017)
63 pdl number Portfolio debt liabilities. Source: Milesi-Ferretti and Lane (2017)
64 oia number Other investment assets. Source: Milesi-Ferretti and Lane (2017)
65 oil number Other investment liabilities. Source: Milesi-Ferretti and Lane (2017)
66 fdiaother number FDI assets (other). Source: Milesi-Ferretti and Lane (2017)
67 fdilother number FDI liabilities (other). Source Milesi-Ferretti and Lane (2017)
68 erave number Exchange rate (period average). Source: Milesi-Ferretti and Lane (2017).
69 erend number Exchange rate (end of period). Source: Milesi-Ferretti and Lane (2017).
70 iipgdp percentage The international investment position expressed as a percentage of GDP. Source: Milesi-Ferretti and Lane (2017).
E. Variables on Financial Development and Financial Structure
71 credit percentage Domestic credit to the private sector (% of GDP). Source: World Development Indicators, World Bank Group, 2018.
72 financial percentage Domestic credit by the financial sector (% of GDP). Source: World Development Indicators, World Bank Group, 2018.
73 dbacba percentage Deposit money bank assets to (deposit money + central) bank assets (%)
74 llgdp percentage Liquid liabilities to GDP (%)
75 cbagdp percentage Central bank assets to GDP (%)
76 dbagdp percentage Deposit money bank assets to GDP (%)
77 ofagdp percentage Other financial institutions assets to GDP (%)
78 pcrdbgdp percentage Private credit by deposit money banks to GDP (%)
79 pcrdbofgdp percentage Private credit by deposit money banks and other financial institutions to GDP (%)
80 bdgdp percentage Bank deposits to GDP (%)
81 fdgdp percentage Financial system deposits to GDP (%)
82 bcbd percentage Bank credit to bank deposits (loan-to-deposit ratio) (%)
83 ll_usd percentage Liquid liabilities (in millions 2010 USD)
84 overhead percentage Bank overhead costs to total assets (%)
85 netintmargin percentage Net interest margin (%)
86 concentration percentage Bank concentration (%)
87 roa percentage Bank return on assets (ROA)
88 roe percentage Bank return on equity (ROE)
89 costinc percentage Bank cost to income ratio (%)
90 zscore percentage Bank z-score
91 inslife percentage Life insurance premium volume to GDP (%)
92 insnonlife percentage Non-life insurance premium volume to GDP (%)
93 stmktcap percentage Stock market capitalization to GDP (%)
94 stvaltraded percentage Stock market total value traded to GDP (%)
95 stturnover percentage Stock market turnover ratio (%)
96 listco_pc percentage Number of listed companies per 10k population
97 prbond percentage Private bond market capitalization to GDP (%)
98 pubond percentage Public bond market capitalization to GDP (%)
99 intldebt percentage International debt issues to GDP (%)
100 intldebtnet percentage loans from non-resident banks (net) to GDP (%)
101 nrbloan percentage Loans from non-resident banks (amount outstanding) to GDP (%)
102 offdep percentage Offshore bank deposits to domestic bank deposits (%)
103 remit percentage Remittance inflows to GDP (%)

References