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.