Table 7 Definitions of variables
From: Fighting African capital flight: trajectories, dynamics, and tendencies
Variables | Signs | Definitions of variables (Measurements) | Sources |
|---|---|---|---|
Government Expenditure | Gov. Ex | Government Final Consumption Expenditure (% of GDP) | World Bank (WDI) |
Public Investment | Pub. Ivt | Gross Public Investment (% of GDP) | World Bank (WDI) |
Foreign Investment | FDI | Foreign Direct Investment (% of GDP) | World Bank (WDI) |
Private Capital Flows | PCF | Private Capital Flows (% of GDP) | World Bank (WDI) |
Trade Openness | Trade | Imports plus Exports of Goods and Services (% of GDP) | World Bank (WDI) |
Regulation Quality | R.Q | Regulation Quality (estimate): Measured as the ability of the government to formulate and implement sound policies and regulations that permit and promote private sector development. | World Bank (WDI) |
Rule of Law | R.L | Rule of Law (estimate): Captures perceptions of the extent to which agents have confidence in and abide by the rules of society and in particular the quality of contract enforcement, property rights, the police, the courts, as well as the likelihood of crime and violence. | World Bank (WDI) |
GDP Growth | GDPg | Average annual GDP growth rate | World Bank (WDI) |
GDP per capita Growth | GDPpcg | Average annual GDP per capita growth rate | World Bank (WDI) |
Foreign Aid (1) | Total Aid | Total Net Official Development Assistance (% of GDP) | World Bank (WDI) |
Foreign Aid (2) | DAC Aid | NODA from DAC Countries (% of GDP) | World Bank (WDI) |
Financial Depth | M2 | Money Supply (% of GDP) | World Bank (FDSD) |
Liquid Liabilities | LL | Financial System Deposits (% of GDP) | World Bank (FDSD) |
Inflation | Inflation | Consumer Price Index (Annual %) | World Bank (WDI) |
Capital Flight | Cap. Flight | Capital Flight (constant of 2010 in % of GDP) | Boyce & Ndikumana (2012) |