Variable

Definition

Source

$PD{I}_{it}$

Private Domestic Investment, Measured by Gross fixed capital formation, private sector (% of GDP)

WDI

PD

Public Debt as percentage of GDP

IMF

$PD{I}_{it-1}$

Private investment as a ratio of real GDP (lagged $PD{I}_{it}$ )

WDI

$GD{P}_{it}$

Gross domestic product growth (%)

WDI

$C{P}_{it}$

Domestic credit to private sector(% GDP)

WDI

$RIN{T}_{it}$

Real interest rate (%) is the lending interest rate adjusted for inflation as measured by the GDP deflator.

WDI

$CO{R}_{it}$

Corruption control

WDI

$H{C}_{it}$

Human capital Development, proxied by secondary school enrolment

WDI

$TRAD{E}_{it}$

Trade as a percentage of GDP (proxy for liberalization)

WDI

$IN{F}_{it}$

Inflation (GDP Deflator)

WDI