Variable | Formulation | Source |

GDP growth | , at time, where GDP at current price | IFS |

Terms of trade | where and is the total merchandise-export value and total merchandise-import value respectively | IFS |

Inflation | , where consumer price index | IFS |

Real interest | where central bank discount rate (nominal deposit rate, money market rate, treasury bill rate, govt. bond rate, saving rate, or lending rate, if the previous one is not available) and contemporaneous rate of inflation | IFS |

M2/Reserves | , where M2 = the broad money drawn from line 34 + the quasi-money drawn from line 35 from IFS data series, and F = foreign exchange reserves; both converted into national currency | IFS |

Credit growth | and at time t, where PVTl = total domestic-credit used by private sectors and cpi = consumer price index | IFS |

GDP per capita | Ratio of GDP (in US Dollar) to total population | IFS |

Existence of DIS | 1 if explicitly formed DIS exists in a country, 0 otherwise | Demirguc-Kunt et al. [17] |

Remains of the past crisis | 0 if there wasnâ€™t any past crisis; otherwise, the inverse of the period (in years) between two crises. Note that the past crises considered are the crises that took place in the 1980s and the 1990s. | Caprio & Klingebiel [18] |