Variables | Description | Source |

lngdpg | Natural logarithm of GDP per capita growth (annual %) | Authors’ calculation based on World Bank―world development indicators |

lngfcf | Natural logarithm of Gross fixed capital formation (% of GDP) | Authors’ calculation based on World Bank―world development indicators |

gdpppe | Natural logarithm of GDP per person employed (constant 2011 PPP $) | World Bank―world development indicators |

lnger | Natural logarithm of Gross enrolment ratio, tertiary, both sexes (%) | Authors’ calculation based on World Bank―education statistics |

lngoete | Natural logarithm of Gross expenditure on tertiary education (% of GDP) | Authors’ calculation based on World Bank―world development indicators |