Table 3: Data sources and measurements.

Variable Description Measurement Source
RGDP Gross Domestic Product Constant 2010 US$ World Development Indicators of World Bank Publication (2017)
GXD General government consumption expenditure Constant 2010 US$ WDI
RESV Total Reserves Current 2010 US$ WDI
K Gross fixed capital formation Constant 2010 US$ WDI
INV Gross capital formation Constant 2010 US$ WDI
COMS Final Consumption expenditure Constant 2010 US$ WDI
INFL Inflation, consumer prices Percentage WDI
L Labour force Number WDI
FDEPT Domestic Credit to private sector percentage WDI
EDU Secondary School Enrolment percentage WDI
INST Average of the six indicators including: control of corruption, government effectiveness, political stability and absence of violence & terrorism, regulatory quality, rule of law and voice and accountability scale World Governance Inductor of World Bank Publication (2017)
AGRICP International market price of Agricultural products Index UNCTAD
Agricp_vol Agricultural price volatility generated Standard deviation of the growth rate of agricultural price.

Source: Authors’ Computation