Working Paper Series: Special Edition of 2016 to 2018 Interns

Table 2. Definition, Short Name and Source of Variables Used 33

Variable Name

Short Name

Description

Source

GDP per capita is gross domestic product divided by midyear population. Personal remittances comprise personal transfers and compensation of employees. Personal transfers consist of all current transfers in cash or in kind received by resident households from non-resident households. Annual population growth rate for year t is the exponential rate of growth of midyear population from year t-1 to t, expressed as a percentage. Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. Final private consumption expenditure is the sum of household final consumption expenditure (private consumption). Foreign direct investment are the net inflows of investment. It is the sum of equity capital, reinvestment of earnings, other long-term capital, and short-term capital. The sum of Exports of goods and services (% of GDP) and Imports of goods and services (% of GDP). General government revenue minus general government total expenditure

World Development Index: World Bank Data Bank World Development Index: World Bank Data Bank

Real GDP per Capita

gdp_pc

Personal Remittances % of GDP

rem

Population Growth (%)

World Development Index: World Bank Data Bank World Development Index: World Bank Data Bank The Laspeyres formula is the one used. World Development Index: World Bank Data Bank World Development Index: World Bank Data Bank

pop_g

Inflation (CPI %)

infla

Final Private Consumption (% of GDP)

f_cons

Foreign Direct Investments (% of GDP)

fdi

Openness to Trade

World Development Index: World Bank Data Bank

opns

Fiscal Balance

IMF Data Bank

fb

33 The variables gdp_pc, opns and f_cons will be specified in natural logs in the paper’s econometric models.

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