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Table 4 Variables' description

From: The role of natural resources in financial expansion: evidence from Central Asia

Symbol

Variable

Definition

Sources

FE

Financial expansion index

The index of the financial expansion includes “financial institutions, financial markets, financial institution depth, financial institution access, financial institution efficiency, financial market depth, financial market access, and financial market efficiency"

IMF

NR

Natural resource rents

"Natural resource rents % of GDP"

WDI

NR2

Square of natural resources

"Square of natural resources rents % of GDP"

WDI

INQ

Institutional Quality

The quality of institutions is comprised of six indicators: "voice and accountability, political stability and absence of violence, government effectiveness, regulatory quality, rule of law, and control of corruption"

WGI

HD

Human development index

This index includes a "long and healthy life, knowledge, a decent standard of living"

UNDP

Y

Gross domestic product

"Real GDP per capita" [constant 2015 US$]

WDI

  1. "WDI refers to World Development Indicators, WGI stands for World Governance Indicators, IMF stands for International Monetary Fund, and UNDP stands for United Nations Development Programme"