Table 3 Variable Description, Measurement and Sources
Variable | Definition | Unit of Measurement | Expected Sign | Source |
|---|---|---|---|---|
y | Gross Domestic Product per labour | \( \frac{GDP}{labour} \) | Â | WDI 2017 |
remmit | Personal remittances | Personal remittances received by each country/GDP in % | Positive/Negative | WDI 2017 |
fdi | Foreign direct investment | FDI/GDP in % of each country | Positive/Negative | WDI 2017 |
find | Broad Money Supply i.e. bank deposit and other deposits including notes and coin | M2/GDP in % of each country | Positive | WDI 2017 |
top | Trade Openness | \( {\displaystyle \begin{array}{l}{\frac{Export+\operatorname{Im} port}{GDP}}^{\ast }100\\ {}\end{array}} \) | Positive | WDI 2017 |
inf pop | Inflation Population Growth | \( \frac{CPI_t-{CPI}_{t-1}}{CPI_{t-1}} \)in % Population Growth (annual %) | Negativ Negative | WDI 2017 WDI 2017 |