Ss. Cyril and Methodius University, North Macedonia
HEC Montreal (Qc) Canada
| 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 (%) |