| Variables | Definition | Measures | Sources |
| Outcome variable |
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| GDP Percapita (GDPpc) | GDP per capita is gross domestic product divided by midyear population | In terms of the annual percentage of growth | World Development Indicators (WDI) database of the World Bank |
| Major Explanatory variable |
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| Trade Openness (TROP) | The sum of a country’s exports and imports as the share of that country’s Gross Domestic Product | The ratio of exports and imports to GDP (%) | Penn World Table Version 9.1 |
| Control Variables |
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| Human Development Index (HDI) | A composite index measuring the achievement in three dimensions life expectancy, knowledge in the form of education, and standard of living | The score of HDI for each economy ranges from 0 to 1 | United Nations Development Programme (UNDP) database |
| Democratic Regime (DR) | Democratic regime indicates the presence of institutionalized democracy in terms of rules of law, systems of checks and balances, and freedom of the press | Annual Scores of democratic regimes range from 0 to 10. Countries close to a score of 10 represent more democratic regimes | Polity IV database, Centre for Systemic Peace, Virginia |
| Autocratic regime (AR) | The systems with a lack of regularized political competition and concerns for political freedom | Scores of AR range from 0 to 10. Economies with scores nearing ten are considered to be having highly autocratic regimes | Polity IV database, Centre for Systemic Peace, Virginia |
| Religious Freedom (RF) | Freedom of religion indicates the freedom of an individual to pursue and manifest his own religious beliefs, worships, and other religious practices without any pressure and difficulties. | This index is scored within the range of 0 to 1. Countries with scores nearing one are considered to be highly liberal from the standpoint of religious practices | GovData360 database of the World Bank |
| Political globalization (PG) | Diffusion of government policies | The political openness index ranges from 0 to 100. Countries close to 100 are politically more advanced. | KOF index, ETH Zurich |
| Social globalization (SG) | It refers to sharing ideas and information between and through different countries. | The social openness index ranges from 0 to 100. Countries close to 100 are socially more advanced. | KOF index, ETH Zurich |
| Financial Globalization (FG) | measured by the capital flows and stocks of foreign assets and liabilities | The financial globalization index ranges from 0 to 100. Countries close to 100 are politically more advanced. | KOF index, ETH Zurich |
| Economic Uncertainty (EUI) | It considers three types of uncertainties – newspaper coverage of policy-related economic uncertainty, the number of federal tax code provisions set to expire in future years, and disagreement among the economic forecasters as a proxy for uncertainty. | Annual scores of this index range from 0 to 1. Economies with scores nearing 1 indicate a greater degree of economic uncertainty in that year. | Economic Policy Uncertainty Institute |
| Inflation rate (INFR) | It measures the average change in the cost to the average consumer of acquiring a basket of goods and services at a yearly interval. | In terms of the annual percentage of growth | World Development Indicators (WDI) database of the World Bank |
| Total population (TP) | Number of population, which counts all residents regardless of citizenship | Number of population | World Development Indicators (WDI) database of the World Bank |
| External debt (%GDP) EXTD | Total external debt measures the sum of publicly guaranteed, and privately nonguaranteed long-term debt, use of IMF credit, and also short-term debt | As a percentage of GDP growth | World Development Indicators (WDI) database of the World Bank |