Table 1. Variable description and sources of data.
Variable | Variable Description | Data Source |
---|---|---|
LogGDP | Natural Logarithm of real per capita income (at PPP prices) | JST Database. (Schularik and Taylor [21] and Jorda, Schularik and Taylor [14, 22]) |
GROWTH | Ln (GDPt)- Ln (GDPt-1) | JST Database |
INFLATION | Ln (CPIt)- Ln (CPIt-1) | JST Database |
INVEST | Investment to GDP Ratio | JST Database |
GOVT_EXP | Government Expenditure to GDP ratio | JST Database |
OPEN | Ratio of [Exports +Imports] to GDP | JST Database |
LIFE EXPECTANCY | Life Expectancy at birth (in years) | HMD Database and WDI Database* |
SCHOOLING | Mean years of total schooling in adult population (15–64 years old) | Lee and Lee [23, 24] |
* Data for Germany is procured from World Development Indicators which is available from 1950 whereas data from HMD was available only from 1990.