| Variables | Description | Source |
| lngdpgi,t | Natural logarithm of GDP per capita growth (annual %) | Authors’ calculation based on World Bank―world development indicators |
| lngfcfi,t | Natural logarithm of Gross fixed capital formation (% of GDP) | Authors’ calculation based on World Bank―world development indicators |
| gdpppei,t | Natural logarithm of GDP per person employed (constant 2011 PPP $) | World Bank―world development indicators |
| lngeri,t | Natural logarithm of Gross enrolment ratio, tertiary, both sexes (%) | Authors’ calculation based on World Bank―education statistics |
| lngoetei,t | Natural logarithm of Gross expenditure on tertiary education (% of GDP) | Authors’ calculation based on World Bank―world development indicators |