Table 2 Financial metrics used in this study
Criteria | Definitions | References |
|---|---|---|
Inflation, consumer prices (% annually) | The increase in the general price levels of goods and services. The calculation was made using the Laspeyres formula over the consumer price index | Chattopadhyay and Bose (2022) |
Interest payments | It covers interest payments on government debt. These payments include long-term bonds and loans, as well as interest from other debt instruments. The calculation was made by taking into account domestic and foreign residents. | Mitkova and Mlynarovič (2019) |
Export of goods and services (current US$)/Import of goods and services (current US$) | Export of goods and services; selling a good or service that is produced in a country or added-value is raised in that country to a buyer abroad. Import of goods and services; purchasing a good or service from a producer or a seller abroad. In the study, these values were used as the export–import coverage ratio | Podvezko (2011) |
Official exchange rate (LCU per US$, period average) | The value of one unit of national currency vis-à-vis US dollars. Calculated on an annual basis, taking into account monthly averages | Starčević et al (2022) |
Total reserves (includes gold, current US$) | The sum of a country's currency, gold, special drawing rights, SDR reserves, and foreign exchange assets under the control of monetary authorities | Ali et al. (2018) |
Unemployment, total (% of total labor force) (national estimates) | The presence of labor force who available and seek to work but cannot find a job | Chattopadhyay and Bose (2022) |
Anchors | ||
EPI | A macro indicator which evaluates the overall performance of a country’s environmental performance. The index ranks 180 countries according to 40 environmental performance indicators in 11 categories | Akandere and Zerenler (2022) |
GDP per capita (current US$) | Ratio of total output to population in a country in a period | Lovell et al. (1995) |