Pearson Correlation

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

Bond-GDP ratio (1)

1.000

PPP-GDP ratio (2)

-0.254

1.000

PIP-GDP ratio (3)

-0.217

0.961

1.000

Credit-GDP ratio (4)

0.329

0.107

0.109

1.000

Government bond-GDP ratio (5)

0.826

-0.204

-0.163

-0.089

1.000

Corporate bond-GDP ratio (6)

0.804

-0.209

-0.191

0.645

0.329

1.000

Stock market capitalization-GDP ratio (7)

0.243

0.158

0.128

0.522

0.074

0.329

1.000

Log of GDP per capita (8)

0.304

-0.012

0.030

0.055

0.192

0.305

0.047

1.000

GDP growth (9)

-0.089

0.012

0.015

0.201

-0.413

0.003

0.061

-0.249

1.000

Inflation rate (10)

-0.262

-0.083

-0.123

-0.326

-0.151

-0.279

-0.236

-0.160

-0.067

1.000

GDP growth volatility (11)

-0.120

0.015

0.025

-0.292

-0.015

-0.184

-0.365

0.055

-0.167

0.230

1.000

Inflation volatility (12)

-0.049

0.181

0.201

-0.193

0.073

-0.158

-0.189

0.003

-0.112

-0.035

0.164

1.000

Real effective exchange rate

-0.002

-0.051

-0.062

-0.267

0.181

-0.193

-0.150

-0.126

-0.463

0.327

0.111

0.046

1.000

Exchange rate regime (14)

-0.007

0.059

0.087

0.370

-0.115

0.109

-0.062

-0.013

0.144

-0.188

0.204

0.261

-0.264

1.000

Log of government stability index (15)

-0.177

0.197

0.128

0.175

-0.178

-0.108

0.074

-0.121

0.212

-0.081

0.067

0.037

-0.130

0.331

1.000