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The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

Table 2 Standard set of growth determinant variables

From: Mexico’s economic infrastructure: international benchmark and its impact on growth

  Determinants of growth Variable Source(s)
1. Physical and human capital Infrastructure Synthetic infrastructure index—first principal component for telecommunications, energy and transport Constructed from telecommunications (WDI), energy (EIA) and transport (IRF) sector
  Human capital Ratio of total secondary school enrollment, regardless of age, to the population that respond to that level of education Barro and Lee, Educational attainment dataset
2. Structural policies and institutions Financial depth Ratio to GDP of the stock of claims on the private sector by deposit money banks Global financial development database (GFDD)
  Trade openness Residual of a regression of the log of the ratio of export and imports (2005 US$) on the logs of area, population and dummies for oil-exporting and landlocked countries Self-constructed with information from world development indicators by World Bank 2016
  Government burden Government Consumption in 2005 US$, in logs World development indicators by World Bank 2016
  Governance Index from four series: prevalence of law and order, quality of bureaucracy, absence of corruption and accountability of public officials IRGC risk governance framework, database
3. Stabilization policies Lack of price stability Inflation, annual percent change of consumer prices, in logs World Development Indicators by World Bank 2016
4. External conditions Terms of trade Shows the national accounts export price index divided by the imports price index, with 2005 equaling 100 World Development Indicators by World Bank 2016