Table 2.
Descriptive statistic of selected variables (full sample).
| Variable | Unit | No. Obs | Mean | Std. Dev. | Min | Max |
|---|---|---|---|---|---|---|
| Year | year | 2388 | 1996 | 2018 | ||
| GDP per Capita | USD constant | 2388 | 17713.808 | 20784.559 | 187.52 | 111968.4 |
| Government Spending per Capita | USD constant | 2281 | 3254.587 | 4002.767 | 12.49 | 21977.28 |
| Financial Openness | Index | 2169 | 0.626 | 0.364 | 0 | 1 |
| Government Expenditure to GDP | Percentage | 2019 | 30.109 | 13.396 | 3.05 | 128.37 |
| Expenditure on Public Administrative to GDP | Percentage | 1885 | 6.901 | 3.978 | 0.46 | 38.82 |
| Expenditure on Defense to GDP | Percentage | 1787 | 1.898 | 1.796 | 0.02 | 17.33 |
| Expenditure on Order to GDP | Percentage | 1885 | 1.704 | 1.223 | 0.11 | 20.38 |
| Expenditure on Economics to GDP | Percentage | 1914 | 4.145 | 2.653 | 0.05 | 25.36 |
| Expenditure on Environment to GDP | Percentage | 1494 | 0.474 | 0.577 | −0.26 | 6.53 |
| Expenditure on Housing to GDP | Percentage | 1884 | 0.727 | 0.686 | −0.35 | 8.94 |
| Expenditure on Health to GDP | Percentage | 1919 | 3.212 | 2.555 | 0 | 12.7 |
| Expenditure on Culture to GDP | Percentage | 1796 | 0.685 | 0.574 | 0 | 5.03 |
| Expenditure on Education to GDP | Percentage | 1913 | 3.857 | 2.069 | 0.04 | 23.55 |
| Expenditure on Social Protection to GDP | Percentage | 1853 | 7.427 | 7.145 | 0 | 25.65 |
| Old-Age Dependency Ratio, ln | Logarithm | 2369 | 2.465 | 0.685 | −0.223 | 3.832 |
| Old-Age Population, ln | Logarithm | 2369 | 2.028 | 0.719 | −0.371 | 3.317 |
| GDP per Capita, ln | Logarithm | 2388 | 8.955 | 1.441 | 5.234 | 11.626 |
| Government Spending per Capita, ln | Logarithm | 2281 | 7.14 | 1.59 | 2.525 | 9.998 |
| Trade to GDP, ln | Logarithm | 2333 | 4.361 | 0.66 | −1.772 | 6.093 |
| Control of Corruption, ln | Logarithm | 2078 | 3.815 | 0.828 | −0.755 | 4.605 |
| Democracy | Dummy Variable | 2388 | 0.722 | 0.448 | 0 | 1 |
| Growth Rate of GDP per Capita (4 years), ln | Logarithm | 1656 | 2.317 | 0.999 | −4.237 | 4.839 |
| Government Debt to GDP, ln | Logarithm | 759 | 3.661 | 1.249 | −3.912 | 5.285 |
Source: The author, data from GFS and the World Bank.