Variable Name | Symbol | Variable Interpretation | Unit | Data Sources |
Short-Term International Capital Flow Ratio | scf | (Increase in Foreign Exchange Reserves − Trade Surplus − Foreign Direct Investment)/Current Nominal GDP | % | IMF’s IFS database CEIC database |
Emerging Market GDP | gdp | Real GDP Growth Rate in Emerging Market Countries | % | IMF’s IFS database |
Emerging Market Interest Rates | i | The overnight interbank rates of banks in emerging market countries, to some extent, it can reflect the return on investment of the economy | % | IMF’s IFS database |
Change in the Exchange Rate | e | (The current average exchange rate/the average exchange rate of the previous period − 1)*100% emerging markets’ currencies are priced in dollars, and a number greater than zero indicates that the dollar has appreciated | % | CEIC database |
US Real GDP Growth | usgdp | Economic growth rates of advanced economies | % | IMF’s IFS database |
US Federal Rate | usi | Interest rate in advanced economies | % | IMF’s IFS database |
Volatility Index | VIX | Reflect market risks and investor panic levels. The higher the index, the more volatile the stock index changes, the higher the degree of investor panic | % | Wind database |
Financial System Development Level | fsd | The ratio of stock market value of emerging market to its current GDP. The greater the value is, the higher the degree of financial system development is | % | Bloomberg database, IMF’s IFS database |