Table 7.

Description of the variables

Variables	Descriptions	Sources
Texp	Total government expenditure in % of GDP	WDI database
Sexp	Social government expenditure in % of GDP	Authors’ estimations based on WDI database
CA	Current account in % of GDP	WDI database
G_health	Government expenditure on health in % of GDP	WDI database
G_educ	Government expenditure on education in % of GDP	WDI database
Fa	Change in CAPB in fiscal consolidation stance and zero otherwise	Authors’ estimations based on WEO dataset: IMF fiscal monitor (October 2020; April 2014)
growth	Real GDP growth rate	WDI database
eldy	Population with 65 or more years of age in % of total population	WDI database
young	Population between 0 and 14 years of age in % of total population	WDI database
debt	Total debt in % of GDP	WDI database
corrup	Corruption index	ICRG Database

(i) WDI: World Development Indicators; (ii) WEO: World economic outlook; (iii) ICRG: International Country Risk Guide