International Financial Statistics, IMF, August 2006
ILO
International Labour Organization
IMF
International Monetary Fund
OECD
Organisation for Economic Co-operation and Development
RBNZ
Reserve Bank of New Zealand
WDI
World Development Indicators, World Bank, 2006
WEO
World Economic Outlook, IMF, September 2006
Table A2: Data Definitions and Sources
Variable
Definition and notes
Sources
(CA/GDP)it
Current account balance to GDP; in percentage terms.
ABS; RBNZ; WDI; WEO
crisisit-k
Financial crises; episodes listed as: (i) systemic banking crises in Caprio
and Klingebiel; or (ii) a currency crisis lasting for more than 12 months
in Kaminsky. Crises attributed to the current account or sudden stops in
Kaminsky are excluded.
Caprio and Klingebiel (2003); Kaminsky (2003)
realexchangerateit
Real effective exchange rate; a HP filter is taken through the log level
of the real exchange rate. The deviation from trend is the difference between
the log level of the real exchange rate and the HP-filtered log level.
JP Morgan; WDI
fiscalbalanceit
Fiscal balance to GDP; in percentage terms.
ADB; IFS; IMF Article IV consultations; OECD; WEO
termsoftradeit
Terms of trade; export prices over import prices. Due to a lack of data,
the Russian terms of trade is proxied by the eastern Europe terms of trade.
Bloomberg; Datastream; IFS
institutionsit
Institutional quality; measured using the aggregate Economic Freedom of
the World index. Data are available on a 5-yearly basis from 1970 to 2000;
thereafter, they are available on an annual basis until 2004. Data are
linearly interpolated between observations. Values for 2005 are assumed
to be held constant at 2004 values.
Gwartney and Lawson (2006)
dependencyratioit
Dependency ratios; ratio of dependents (those aged less than 15 and over
64 years) to the working-age population (those aged 15–64 years).
ILO; National Statistics Republic of China (Taiwan); WDI
growthit
GDP growth forecasts; the two-year-ahead forecasts taken from the April/May
WEO are used. Measured in per cent terms.
IMF
financialdeepnessit
Stock market turnover; total value of shares traded to average real-market
capitalisation.
