Appendix: Explanatory variables
Inflation: International Financial Statistics, IMF, line 64.
GDP growth: World Development Indicators, World Bank.
Openness: sum of exports and imports divided by gross domestic product. World Devel-
opment Indicators, World Bank.
Current account balance: ratio to gross domestic product. World Development Indicators,
World Bank.
Overall budget balance: ratio to gross domestic product. World Development Indicators,
World Bank.
Unemployment rate: Economic Outlook, OECD; International Financial Statistics, IMF,
line 67.
Real effective exchange: average monthly growth. Ghosh, Gulde and Wolf (2002).
Banking crisis: dummy variable. Ghosh, Gulde and Wolf (2002).
International reserves: International Financial Statistics, IMF, line 1L.
Financial development: liquid liabilities of the entire financial sector relative to gross do-
mestic product. Beck, Demirguc-Kunt and Levine (1999).
Central bank independence: rate of governor turnover per five years, Ghosh, Gulde and
Wolf (2002).
Political rights: Freedom in the World survey, Freedom House.
Capital controls: binary index. Ghosh, Gulde and Wolf (2002).
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