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Table 1. 
Summary Statistics
VariableMeanStandard Deviation
Real GDP per worker 9.5 1.2 
Undervaluation −0.1 0.8 
Dependency ratio 0.7 0.2 
Trade openness 0.6 0.7 
Government expenditure share (% of GDP) 0.2 0.1 
Investment share (% of GDP) 0.2 0.1 
M2/GDP 3.7 0.7 
Private credit (% of GDP) 3.4 1.0 
VariableMeanStandard Deviation
Real GDP per worker 9.5 1.2 
Undervaluation −0.1 0.8 
Dependency ratio 0.7 0.2 
Trade openness 0.6 0.7 
Government expenditure share (% of GDP) 0.2 0.1 
Investment share (% of GDP) 0.2 0.1 
M2/GDP 3.7 0.7 
Private credit (% of GDP) 3.4 1.0 

GDP = gross domestic product.

Notes: Real gross domestic product (GDP) per worker, undervaluation, M2/GDP, and private credit/GDP are in logarithmic form.

Sources: Authors’ calculations based on World Bank. “World Development Indicators.” http://databank.worldbank.org/data/reports.aspx?source=world-development-indicators; Penn World Tables 8.0. http://www.rug.nl/research/ggdc/data/pwt/

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