Variable

Definition

Data Source

Initial level of real per capita GDP

Lagged real per capita GDP (in constant 2010 United States dollars), expressed in logs

World Bank, World Development Indicators

Population growth

Annual growth of total population

World Development Indicators

Education (human capital)

Primary completion rate

World Development Indicators

Trade openness

Trade (exports plus imports) as a percentage of GDP, expressed in logs

World Development Indicators

Inflation rate

CPI inflation rate. Transformed to smoothen hyperinflation episodes following Calderon and Serven's (2010) computation: log((1+ir)*100), where ir is the inflation rate.

World Development Indicators

Income inequality

Gini coefficient

PovcalNet, World Bank

Financial development

Domestic credit to private sector as percentage of GDP, expressed in logs Liquid liabilities as percentage of GDP, expressed in logs

World Bank, Global Financial Development Database; International Monetary Fund, International Financial Statistics

Government size

General government consumption expenditure as percentage of GDP, expressed in logs

World Development Indicators

Employment in agriculture

Percentage of total employment, expressed in logs

World Development Indicators

Employment in industry

Percentage of total employment, expressed in logs

World Development Indicators

Employment in services

Percentage of total employment, expressed in logs

World Development Indicators

Access to electricity

Percentage of population, expressed in logs

World Development Indicators

Access to improved water sources

Percentage of population, expressed in logs

World Development Indicators

Access to improved sanitation

Percentage of population, expressed in logs

World Development Indicators

Fixed-line telephone subscriptions

Per 100 people, expressed in logs

World Development Indicators

Mobile subscriptions

Per 100 people, expressed in logs

World Development Indicators

Fixed-line broadband subscriptions

Per 100 people, expressed in logs

World Development Indicators

Secondary enrollment rate

Percentage of population at official secondary education age

World Development Indicators

Minimum wage

Statutory nominal gross monthly minimum wage or lowest wage that employers are legally obliged to pay employees, in national currency

International Labour Organization Statistical Database

PPP investments in education

PPP investment (US$ million), expressed in logs

Infrastructure Journal (IJGlobal) database

Public education expenditure

Percentage of GDP, expressed in logs

World Development Indicators

Health expenditure

Percentage of GDP, expressed in logs

World Development Indicators

Urban and rural population

Percentage of total population, expressed in logs

World Development Indicators

Population density

People per square kilometer of land area, expressed in logs

World Development Indicators

Primary completion rate

Percentage of students completing the last year of primary school

World Development Indicators

Secondary completion rate

Percentage of students completing the last year of secondary school

World Development Indicators