| Variable Name | Variable Definition | Data Source |
| Aggregated PPP total investment of PPP projects (as a percentage of GDP) | World Bank, Private Participation in Infrastructure Database | |
| Aggregated private investment in PPP projects (as a percentage of GDP) | World Bank, Private Participation in Infrastructure Database | |
| Credit-GDP ratio | Total credit extended by domestic banks to private nonfinance sector as a percentage of GDP | Bank for International Settlements |
| Bond-GDP ratio | Total debt securities outstanding in both international and domestic markets as a percentage of GDP | Bank for International Settlements |
| Government bond-GDP ratio | Outstanding debt securities issued by governments as a percentage of GDP | Bank for International Settlements |
| Corporate bond-GDP ratio | Outstanding debt securities issued by nongovernment entities (difference between total outstanding debt securities and government debt securities) as a percentage of GDP | Bank for International Settlements |
| Stock market capitalization-GDP | Stock market capitalization as a percentage of GDP | World Bank, World Development Indicators Database |
| Log of GDP per capita | World Bank, World Development Indicators Database | |
| GDP growth | Annual GDP growth rate (percentage) | World Bank, World Development Indicators Database |
| Inflation rate | Annual CPI growth rate (percentage) | World Bank, World Development Indicators Database |
| GDP growth volatility | Standard deviation of rolling 10-year annual GDP growth rate | World Bank, World Development Indicators Database |
| Inflation volatility | Standard deviation of rolling 10-year annual CPI price change | World Bank, World Development Indicators Database |
| Real effective exchange rate volatility | Standard deviation of monthly prices changes of real effective exchange rate | Calculated from Bank for International Settlements data |
| Exchange rate regime | Exchange rate regime according to standard Shambaugh (2004)a classification (1 = peg, 0 = nonpeg) | Shambaugh (2004) |
| Log of government stability index | Natural logarithm of ICRG government stability index | ICRG dataset |
CPI = consumer price index, GDP = gross domestic product, ICRG = International Country Risk Guide, PIP= private investment in PPP, PPP = public-private partnership.
a Jay Shambaugh. 2004. The Effect of Fixed Exchange Rates on Monetary Policy. Quarterly Journal of Economics 119 (1): pp. 301-352.
Source: Data sources cited.