Table 2. Descriptive statistics.
| Variable | No. of Obs. | Mean | Std. Dev | Min. | Max. |
|---|---|---|---|---|---|
| GROWTH | 238 | 0.019 | 0.017 | -0.045 | 0.087 |
| LogGDP | 238 | 8.613 | 0.896 | 6.669 | 10.333 |
| INFLATION | 238 | 0.049 | 0.175 | -0.062 | 2.573 |
| INVEST | 225 | 0.184 | 0.060 | 0.052 | 0.356 |
| GOVT_EXP | 233 | 0.318 | 0.190 | 0.019 | 0.849 |
| OPEN | 237 | 0.427 | 0.349 | 0.060 | 2.855 |
| LIFE EXPECTANCY | 194 | 64.650 | 12.372 | 32.666 | 82.515 |
| SCHOOLING | 238 | 5.983 | 3.273 | 0.150 | 13.010 |
Based on ten-year averaged data. GROWTH: growth rate of real GDP per capita (at PPP prices); LogGDP: natural logarithm of real GDP per capita at PPP prices; INFLATION: calculated as difference in natural logarithm of CPI; INVEST: investment to GDP ratio; GOVT_EXP: government expenditure to GDP ratio; OPEN: total merchandise trade to GDP ratio; LIFE EXPECTANCY: life expectancy at birth; SCHOOLING: average number of total years of schooling.