RDP 2002-03: International Financial Liberalisation and Economic Growth Appendix A: Data

Country List

Argentina, Australia, Austria, Brazil, Canada, Chile, Colombia, Denmark, Finland, France, Germany, Greece, India, Indonesia, Ireland, Israel, Italy, Japan, Kenya, Korea, Malaysia, Mexico, Netherlands, New Zealand, Norway, Pakistan, Peru, Philippines, Portugal, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Thailand, United Kingdom, United States, Uruguay, Venezuela, Zimbabwe.

Variable List and Data Sources

Growth

First difference of the log of real per capita GDP.
Source: IMF

Education

Average years of secondary education of the population over 15 years of age.
Source: Barro and Lee (1996)

Investment

Gross fixed capital formation as a share of GDP.
Source: World Bank

Government consumption

Government consumption expenditure as a share of GDP.
Source: IMF

Trade openness

Sum of exports and imports of goods and services as a share of GDP.
Source: IMF

Black market exchange rate premium

Per cent premium over the official exchange rate.
Source: World Bank

Gross capital inflows

Sum of foreign direct investment, portfolio inflows and other investment liability as a share of GDP.
Source: IMF

Foreign direct investment

Foreign direct investment in the recipient country as a share of GDP.
Source: IMF

Portfolio inflows

Non-resident acquisition of domestic equity and debt securities as a share of GDP.
Source: IMF

Bank inflows

Non-resident acquisition of domestic bank assets as a share of GDP.
Source: IMF

Banking sector size

Total assets of the banking sector as a share of GDP.
Source: IMF

Index of law and contract enforcement

Constructed by International Country Risk Guide.
Source: Beck, Levine and Loayza (2000)

Index of accounting standards

Constructed by International Country Risk Guide.
Source: Beck et al (2000)

Crisis dummy

1 if nominal exchange rate depreciation is more than 20 per cent per year.
Source: IMF

US interest rate

US treasury bill rate.
Source: IMF

Terms of trade

Ratio of export price index to import price index.
Source: World Bank