Data Appendix for Currency Politics: The Political Economy of Exchange Rate Policy (Princeton University Press, 2015)
Table of Contents
- 1. US 1800s
- 1.1. Download
- 1.2. Online Documentation
- 2. Latin America
- 2.1. Download
- 2.2. Online Documentation
- 3. EU
- 3.1. Download
- 3.2. Online documentation
1 US 1800s
1.1 Download
1.2 Online Documentation
1.2.1 Overview
The final datasets are generated into data.files.YYYYMMDD in the root directory. If not using the shell scripts, then the *.dta files will be found in data/dataFiles/processed/for_analysis, and the user scripts *.do can be copied over manually from the otherscripts directory (note that they must be in the same directory as the datasets to work).
The current naming convention for the House of Representatives data is:
h##.[description of topic issue].[pooled|wide].[scd|sl].dta
The fields are:
h##
gives the Congress number; if there are two, then they are both listed at the beginning of the filname.
[description of topic issue]
This is a textual description of the topic issue that is included in the dataset. Rather than analyzing all votes at a go, it makes more sense to group them by votes that are related to particular topic issues, or large acts, in order to provide consistency in what a "hard money" vote means. More info on the topic issues is give below.
pooled|wide
indicates the shape of the datafile. Wide datasets give one observation per Congressional district. Votes for separate motions appear as different columns, which are named v##c, where ## gives the vote number, which is unique to each Congress.
Pooled datasets have one observation per vote, i.e., each Congressional district appears as many times as there are votes included in the issue topic. This is potentially better for providing an overall picture, but standard errors will need to be corrected for correlations between observations. The most standard way to do this is to cluster by Congressional district.
scd|sl
Indicates the level of the economic data of the dataset. sl indicates state-level data, so all Congressional districts in the same state will share the same economic data. scd indicates Congressional district level data.
For the Senate, a dataset has been generated to include the four votes analyzed in the original JEH paper. The naming convention is analogous, except that intial portion is s## to indicate Senate votes, and all the data is state level, so is indicated by s.
1.2.2 Topic issues
Votes are grouped according to topic issues. Since most votes cannot be completely described by the hard/soft vote dichotomy, pooling over all the votes means pooling values of the vote variable that might not be entirely consistent with each other. To help mitigate potential problems associated with this, we analyze groups of votes together; for instance inflation.bill datasets contain only the votes related to the Inflation Bill, and the vote variable will tell whether a Congressional district's representative votes for or against the Inflation Bill.
The file vote_codings.txt is dynamically generated from the comments of the associated R script, poolvotes.R, and will contain more up to date descriptions of the particular groupings, votes, and codings in the generated datasets. The most recent groups are described in the following section.
1.2.2.1 Topic definitions
This section describes the topics currently defined, and the direction that each vote is coded within each topic. Topic descriptions come from Jasmina Beganovic's notes on the secondary literature (see Additional Documentation).
Contraction Act
New Treasury Secretary High McCulloh asks Congress for authority to retire greenbacks as a first step toward resumption in December, 1856 and Congress approves by a vote of 144 to 6 pledging cooperative action in a contraction of the currency with a view to a return to specie (Unger, p.41). The original bill (Feb. 21, 1866) gives the Secretary a completely free hand in withdrawing greenbacks (V128). However, this bill is voted down and a more moderate bill is passed (V139) which allows the Treasury to retire from circulation up to $10 million of notes in the first 6 moths and no more than $4 million per month thereafter.
Table 1: Contraction Act
Congress |
Vote |
H/S |
39 |
125 |
soft |
39 |
126 |
soft |
39 |
128 |
hard |
39 |
130 |
soft |
39 |
131 |
hard |
39 |
139 |
hard |
Suspension of the Contraction Act
However, during 1866-1867, McCulloh’s tight money supply policy was becoming increasingly unpopular among a heterogeneous group of businessmen, agrarians, and political opponents in part due to a business recession. Resistance culminated with a repeal of the 1866 Act passed by the House in December 1867. Senate attempted unsuccessfully to moderate the bill via amendments but passed it in February 1868(Unger, p.43).
Table 2: Suspension of Contraction Act
Congress |
Vote |
H/S |
39 |
363 |
soft |
39 |
429 |
soft |
40 |
100 |
hard |
40 |
120 |
soft |
Bond repayment and Public Credit Act
The victory of the soft money forces on the question of money supply/contraction was followed by their defeat on the related issue of bond repayment (Unger, p.43). Western Democrats wanted the 5-20 bonds to be redeemed in greenbacks. Sherman, the Chairman of the Finance Committee came up with a funding bill in 1886 which allowed conversion of federal bonds into greenbacks in order to satisfy some pro-greenback constituents in his home state Ohio (Unger, p.88). Conservative Republicans took offense and stripped the bill of the offending features via amendments and passed it as a simple refunding measure (which did not become law due to President Johnson’s pocket veto). In the lead-up to the 1868 elections, Republicans took a strong stand against all forms of repudiation of the debt. The Republican victory in the 1868 Presidential elections gave the hard money camp strength and in March 1869 Congress passed the Pubic Credit Act, which calls for redemption of the 5-20s in gold.
Table 3: Bond repayment and Public Credit
Congress |
Vote |
H/S |
40 |
134 |
hard |
40 |
266 |
hard |
40 |
476 |
hard |
40 |
491 |
soft |
40 |
492 |
hard |
40 |
494 |
soft |
40 |
495 |
hard |
40 |
496 |
hard |
40 |
531 |
hard |
40 |
658 |
soft |
40 |
660 |
soft |
40 |
661 |
soft |
40 |
662 |
hard |
40 |
700 |
hard |
Inflation Bill
In the fall of 1973 the country saw the end of the railroad boom and a panic which started a six year long economic recession. In late 1873, committees in both the House and Senate were working on bills to address the economic problems and respond to the expansionist pressures that had revived since the panic (Unger, p. 215). The bill introduced by the House (HR1572) authorized a modest expansion, a fund for currency elasticity, specie payments, and free banking. The Senate bill (S617) was a “…hodgepodge of expansionist, resumptionist and free banking elements that pleased no one entirely” (Unger, p. 217). Both bills were compromises, “designed to be all things to all men … with a jumble of elements pointing simultaneously in different directions” (Unger, p. 219). However, due to the general economic hardship, inflationist elements prevailed and both bills passed with amendments to make them more expansionary. In the Senate, S617 (which later became known as the Inflation Bill) was quickly amended into an inflationary measure (see V87, V88). Over time, the entire bill vas substituted and passed in its revised form. The House passed its own free banking bill and also approved the Senate measure by a decisive majority of 140 to 102 (Unger, p. 234).
The passing of the Inflation Bill was a product of a coalition of western and Pennsylvania Republicans. It was strongly opposed by conservative North-easterners from both parties with the support of merchants, bankers and reformers. Although it was generally believed the Pres. Grant favored the bill, he vetoed it in an unexpected move on April 22 (Unger, p.244). Senate voted on a motion to override the veto but fell short of the required two-thirds.
Table 4: Inflation Bill
Congress |
Vote |
H/S |
43 |
122 |
hard |
43 |
124 |
soft |
43 |
125 |
hard |
43 |
126 |
soft |
Repeal of the Resumption Act
A compromise bill drafted by Senate Republicans that satisfied various Republican constituents by providing for free banking with a reduction of greenbacks and resumption by accumulation of a gold reserve, and resumption to gold at a certain date four years later (January 1, 1879). The bill was thought to be a showing of unity by Republican senators in an election year. It was passed in the Senate strictly along party lines and then in the House by a lame duck Congress with by moderate Republicans with the Democrats and Republican extremists opposed (Unger, p.259). It brought the country eventually to the gold standard but at the time of passing it was not taken very seriously due to its vagueness and lack of operative features.
Following the Resumption Act, several attempts were made in the House to repeal the unpopular measure, mainly led by liberal democrats. However, they encountered resistance from most Republicans and a group of North-eastern and Western Democrats. This split in the party proved challenging for the Democrats. Moreover, House rules on voting outside the regular committee time (2/3 majority required for victory) made the repeal more difficult.
Table 5: Repeal of the Resumption Act
Congress |
Vote |
H/S |
44 |
28 |
hard |
44 |
44 |
soft |
44 |
52 |
soft |
44 |
57 |
soft |
44 |
58 |
soft |
44 |
59 |
soft |
44 |
124 |
hard |
44 |
125 |
soft |
44 |
126 |
soft |
44 |
154 |
soft |
44 |
176 |
hard |
44 |
177 |
soft |
44 |
216 |
soft |
45 |
6 |
hard |
45 |
30 |
soft |
Bland-Allison Act
Bland introduced the silverite bill in the House in November 1878. Senate moderates (including Alison) were able to soften the bill by removing the free coinage provision (Unger, p.362). The bill once more created a silver dollar, albeit at a limited coinage. It required the Treasury to buy between $2 and $4 million of silver per month at the fixed price of $1.29 per ounce to be coined into standard silver dollars1 (Timberlake, p.28). The bill was pro silver but a weak compromise. It was supported by the Greenbackers (Hicks, p.305), by most leading members of the Democratic party, and a significant number of Republicans from western silver-producing states. The executive branch was generally anti-silver in this period and when the bill came to President Hayes, he vetoed it. (Timberlake, p.28) Both the Senate and the House re-passed the bill with the required 2/3 majority.
Table 6: Bland-Allison Act
Congress |
Vote |
H/S |
45 |
12 |
soft |
45 |
86 |
hard |
45 |
87 |
soft |
45 |
93 |
soft |
Sherman Act
Continued the principle of the Bland-Allison Act, but increased the government’s required purchase amount to 54 million ounces / year, which was roughly equal to the silver output of the U.S. Nevertheless, the price of silver continued to fall. The motivation for passing a pro-silver compromise on the Republican side stemmed from a promise they had made to certain constituents during the 1888 campaign in which Benjamin Harrison defeated Grover Cleveland in a close election. (Hicks, p.306)
Table 7: Sherman Act
Congress |
Vote |
H/S |
51 |
194 |
hard |
51 |
195 |
hard |
51 |
196 |
soft |
51 |
197 |
hard |
51 |
220 |
soft |
1.2.3 Variable descriptions
1.2.3.1 Vote variables
Variable name |
Description |
vote |
1=vote for hard money, 0=vote for soft money [POOLED] |
vhardprop |
Proportion of hard votes [WIDE] |
vstable |
Stable vote; 1=hard, 0=soft [WIDE] |
vXXc |
Single vote; 1=hard, 0=soft; [WIDE] |
1.2.3.2 Congressional district and state variables
All years
The following variables are found in both the 1870 and 1890 censuses, and so they appear in all datasets.
Table 8: Congressional district level variables available in all years
Variable name |
Description |
totpop |
Total population |
urb25 |
Population in cities with > 25k inhabitants |
acimp |
Acres improved farmland |
equipval |
Value of farm implements and machinery |
farmout |
Total value of all farm output |
farms |
Total number of farms |
farm100 |
Number of farms 100-499 acres |
farm500 |
Number of farms 500-999 acres |
farm1000 |
Number of farms > 1000 acres |
mfgestab |
Number of manufacturing establishments |
totout |
Total value of all output (farm + mfg) |
farmprop |
Farm proportion of total output (by value) |
mfgprop |
Mfg proportion of total output (by value) |
tradedpc |
value of tradeable agrictultural output per capita |
ntradedpc |
value of non-tradeable agricultural output per capita |
farmpc |
value of agricultural output per capita |
mfgpc |
value of manufacturing output per capita |
party |
Party code (100=Dem, 200=Repub; potential probs w/ 3rd parties) |
partyR |
Indicator for Republican representative |
partyD |
Indicator for Demacratic representative |
id |
Congressman ID |
cD |
Congressional District Number (unique within state) |
state |
State ICPSR Code |
stateName2 |
State Name |
name |
Congressman name |
1890s
The following variables appear only in the 1890 census, and hence they are found only in datasets generated with votes for the later Congresses.
Table 9: Congressional district level variables available for 1890 only
Variable name |
Description |
urb890 |
Urban population 1890 |
acunimp |
number unimproved acres in farms |
acunimp |
number unimproved acres in farms |
barley |
number bushels barley |
barley |
number bushels barley |
barleyac |
number acres planted in barley |
barleyac |
number acres planted in barley |
buckwhea |
number bushels buckwheat |
buckwhea |
number bushels buckwheat |
buckwhac |
number acres planted in buckwheat |
buckwhac |
number acres planted in buckwheat |
corn |
number bushels indian corn |
corn |
number bushels indian corn |
cornac |
number acres planted in indian corn |
cornac |
number acres planted in indian corn |
oats |
number bushels oats |
oats |
number bushels oats |
oatsac |
number acres planted in oats |
oatsac |
number acres planted in oats |
rye |
number bushels rye |
rye |
number bushels rye |
ryeac |
number acres planted in rye |
ryeac |
number acres planted in rye |
wheat |
number bushels wheat |
wheat |
number bushels wheat |
wheatac |
number acres planted in wheat |
wheatac |
number acres planted in wheat |
mfgcapla |
value mfg capital in land |
mfgcapbu |
value mfg capital in buildings |
mfgcapeq |
value mfg capital in equipment |
mfgcapca |
value mfg capital in live assets/cash |
mfgmisco |
total misc expenses mfg (value) |
mfgavemp |
Average number employees of all classes in mfg estabs |
mfgavemp |
Average number employees of all classes in mfg estabs |
valfaenc |
Total value of encumbered farms |
valfamtg |
Total value of mortgages on enc farms |
valhoenc |
Total value of encumbered homes |
valhomtg |
Total value of mortgages on enc homes |
inttot |
Total interest paid on mortgages on homes/farms |
inthome |
Interest paid on mortgages on homes |
intfarm |
Interest paid on mortgages on farms |
debt |
Value of real estate (farm and house) mortgages as a proportion of total real estate value |
debtpc |
Real estate mortgage value per capita |
encfarms |
Value of encumbered farms as fraction of total farm value |
valmtg |
Total value of real estate mortgages |
valtot |
Total value of farms and houses |
1870s
The following variables are available in 1870s data only, at both the state and Congressional district level.
Table 10: Congressional district level variables available for 1870s only
Variable name |
Description |
urb870 |
Urban population 1870 >2500 |
farmlab |
Annual agricultural wages paid including board |
mfglabor |
number hands employed mfg |
mfglabor |
number hands employed mfg |
homemfg |
Value home manufactures |
orchard |
Value of orchard products |
garden |
Value of garden products |
forest |
Value of forest products |
homemfg |
Value of home manufactures |
acwoods |
number unimproved acres woods/forests |
acwoods |
number unimproved acres woods/forests |
acunioth |
number other unimproved acres farms |
acunioth |
number other unimproved acres farms |
wealth |
True value real and personal estate |
wealthas |
Assessed *value real and personal estate |
The following variables are available only at the state level.
Table 11: State level variables available for 1870s only
Variable name |
Description |
occtot |
Total number employed in all occupations |
occtot |
Total number employed in all occupations |
agemp |
Total number employed in agriculture |
agemp |
Total number employed in agriculture |
ppsemp |
Total number employed in prof services |
ppsemp |
Total number employed in prof services |
ttremp |
Total number employed in trade/transport |
ttremp |
Total number employed in trade/transport |
mfgemp |
Total number employed in manufacturing |
mfgemp |
Total number employed in manufacturing |
stdebt |
Total state indebtedness |
newspaps |
Total newspapers |
newscops |
Total newspaper copies |
newscirc |
Total newspaper circulation |
newsad |
number advertising publications |
newsad |
number advertising publications |
newsadco |
advertising publications copies |
newsadci |
advertising publications circulation |
newsagri |
number agricultural newspapers & periodicals |
newsagri |
number agricultural newspapers & periodicals |
newsagco |
agricultural publication copies |
newsagci |
Agricultural publications circulation |
newscf |
number commerce/finance publications |
newscf |
number commerce/finance publications |
newscfco |
commerce/finance publications copies |
newscfci |
commerce/finance publications circulation |
newspo |
number political publications |
newspo |
number political publications |
newspoco |
political publications copies |
newspoci |
political publications circulation |
2 Latin America
2.1 Download
2.2 Online Documentation
2.2.1 Annual
Variable |
Description |
country |
|
ifs |
IFS code |
year |
Year |
imf_areaer |
IMF classification (fine) |
imf_coarse |
IMF classification (coarse) |
df_er_alt2 |
De facto ER regime |
annual_fine |
|
annual_coarse |
|
dj |
De jure classification, 3 point scale. 3=pegged, 2=intermediate, 1=floating. |
djbinary |
De jure classification, 2 point scale. 1=fixed, 0 = intermediate/fixed |
dflys |
De facto classification from LY&S, 3 point scale. 3=pegged, 2=intermediate, 1=f |
dflysbinary |
De facto classification from LY&S, 2 point scale. 1=fixed, 0=intermediate/float |
dfrrbinary |
De facto classification from Reinhart and Rogoff. 2 point scale. 1=fixed, 0=fl |
jspeg |
binary coding of peg = 1 and nonpeg = 0 |
jspegtype |
WHY obs is labeled peg. 1 = 0 change, 2 = 1% bands, 3 = 2% bands, 4 = 1 devalua |
kspeg |
peg definition: jspeg minus devals plus syp that are not devals |
kscu |
currency union (primarily Rose definition) |
ksbase |
base country ifscode |
importsplusexportsofgdp |
Imports plus exports (% of GDP) |
cabalance_gdp |
Current account balance (% of GDP) |
tradebalance_gdp |
Trade balance/ GDP |
tot_index |
Net barter terms of trade index (2000 = 100) |
gdpcurrentusd |
GDP (current US$) |
exportsusd |
Exports of goods and services (current US$) |
exportsofgoodsmillionusd |
Total exports (US$ m) |
importsusd |
Imports of goods and services (current US$) |
population |
Population (m) |
domesticcredittops_gdp |
Domestic credit to private sector (% of GDP) |
domesticbankcredit_gdp |
Domestic credit provided by banking sector (% of GDP) |
kaopen |
Chinn-Ito index of capital account openness |
externaldebtgdpinpercent |
External debt stocks, total (DOD, % of GDP) |
inflation |
Inflation, consumer prices (annual %) |
loginfl |
Log of inflation + 1 (linear transform) |
high |
High inflation, dummy for when inflation > 50 % |
hyper |
Hyperinflation, dummy for when inflation > 200 % |
ag_empl |
Employment in agriculture (% of total employment) |
agri_pc_gdp |
Agriculture, value added (% of GDP) |
manuf_empl |
Employment in manufacturing (% of total employment) |
manuf_pc_gdp |
Manufacturing, value added (% of GDP) |
ind_empl |
Employment in industry (% of total employment) |
polity2 |
Democracy (Polity II) |
polariz |
Polarization Index |
frac |
Fractionalization Index |
yrsoffc |
Chief Executive Years in Office |
yrcurnt |
Years Left in Current Term |
externalbalance_gdp |
External balance on goods and services (% of GDP) |
avgtar |
Average applied tariffs. |
sw |
Trade openness binary variable |
finopen |
Chinn-Ito index of financial openness |
sdtot |
Standard deviation of terms of trade for particular country over whole period. |
fdinetinflow |
FDI, net inflows, % of GDP. |
extdebt |
External debt, % GDP. |
portasset |
Portfolio equity assets, % GDP. |
portliab |
Portfolio equity liabilities, % GDP. |
fdiasset |
FDI assets, % GDP |
fdiliab |
FDI liabilities, % GDP. |
debtasset |
Debt assets (portfolio debt + other investment), % GDP. |
debtliab |
Debt liabilities (portfolio debt + other investment), % GDP. |
fdasset |
Financial derivatives (assets), % GDP |
fdliab |
Financial derivatives (liabilities), % GDP. |
totalasset |
Total assets, % GDP. |
totalliab |
Total liabilities, % GDP. |
netexpos |
Net external position, % GDP |
govstrength |
|
govfrac |
Probability that two deputies picked at random from among the government parties |
leftexec |
Dummy for left party executive. 1=Left, 0= R, C, not applicable |
rightexec |
Dummy for right party executive. 1=Right, 0=L, C, not applicable. |
cbi |
Central bank governor turnover rate (per 5 years) |
system |
Categorical variable. Presidential = 0, Assembly-elected President=1, Parliamen |
checks |
number of veto players |
legelec |
Legislative election dummy |
exelec |
Executive election dummy |
election |
Either legislative or executive, dummy |
viewdj |
Percent of countries in world with a fixed exchange rate in a given year. |
viewlys |
% of countries in world with a fixed exchange rate in a given year. |
viewrr |
% of countries in world with a fixed exchange rate in a given year. |
year_cat |
Years |
gdp_pc_usd |
GDP per capita (current US$) |
gdp_pc_ppp |
GDP per capita, PPP (constant 2005 int'l $, thousands) |
resm2 |
Money and quasi money (M2) to total reserves ratio |
resimp |
Total reserves in months of imports |
fdiliabilities |
FDI stock (current US$ m) (Lane and Milesi-Ferretti, 2007) |
dt_cur_dmak |
Currency composition of PPG debt, Deutsche mark (%) |
dt_cur_euro |
Currency composition of PPG debt, Euro (%) |
dt_cur_ffrc |
Currency composition of PPG debt, French franc (%) |
dt_cur_jyen |
Currency composition of PPG debt, Japanese yen (%) |
dt_cur_mulc |
Currency composition of PPG debt, Multiple currencies (%) |
dt_cur_othc |
Currency composition of PPG debt, all other currencies (%) |
dt_cur_sdrw |
Currency composition of PPG debt, SDR (%) |
dt_cur_swfr |
Currency composition of PPG debt, Swiss franc (%) |
dt_cur_ukps |
Currency composition of PPG debt, Pound sterling (%) |
dt_cur_usdl |
Currency composition of PPG debt, U.S. dollars (%) |
exportstoUS_comtrade |
Exports to US (Comtrade) |
exportstotal_comtrade |
Exports to World (Comtrade) |
expperUSA |
Exports to US (% of total) |
foreignassets_pc_gdp |
Total assets in foreign currency as a % of GDP (Lane-Shambaugh) |
foreignliabilities_pc_gdp |
Total liabilities in foreign currency as a % of GDP (Lane-Shambaugh) |
foreigndebtassets_pc_gdp |
Foreign debt assets in foreign currency as a % of GDP (Lane-Shambaugh) |
foreigndebtliabilities_pc_gdp |
Foreign debt liabilities in foreign currency as a % of GDP (Lane-Shambaugh) |
gov1vote |
Vote Share of Largest Government Party |
ulvote |
Vote Share of Non-Aligned Parties |
numvote |
Vote Share of Government Parties |
oppvote |
Vote Share of Opposition Parties |
oppfrac |
Opposition Fractionalization Index |
resm2_inv |
Reserves to broad money (M2) |
fdiliabilities_pc_gdp |
FDI stock (% of GDP) |
expUSA |
Exports to US / GDP |
peg_new |
binary peg variable from df_er_alt2; 0=float, 1=peg |
ereer |
Effective real exchange rate (CPI 2005=100); source: IFS |
carib |
Dummy variable for Caribbean economy |
latam |
Dummy variable for Latin American economy |
reer |
reer |
_merge |
|
mfgopen |
|
agopen |
|
L_importsplusexportsofgdp |
|
L_inflation |
|
L_ag_empl |
|
L_manuf_empl |
|
L_mfgopen |
|
L_agopen |
|
L_finopen |
|
L_extdebt |
|
2.2.2 Monthly series
Variable |
Description |
country |
Country |
date |
Date |
exfixed |
Fixed exchange rate, coarse classifications 1-2 being fixed |
enter_peg |
==1 if country enters a peg this year |
exit_peg |
==1 if country exits a peg the following year |
time0 |
|
time1 |
|
_merge |
|
_st |
|
_d |
|
_origin |
|
_t |
|
_t0 |
|
ifs |
IFS code from IMF |
year |
Year |
month |
Month |
exfine |
Fine classification from Ilzetzki, Reinhart and Rogoff (2008) |
imf_areaer_a |
Fine classifications from IMF, but annual values only |
excoarse |
Coarse classification from Ilzetzki, Reinhart and Rogoff (2008) |
imf_coarse_a |
Coarse classifications from IMF, but annual values only |
era |
ER classification (1, 2, 9 or 10) |
arr |
ER classification (1-9) |
exrate |
Another exchange rate classification? |
dualmult |
ER dummy (1: dual/multiple regimes) |
devaluation |
ER dummy (1: devaluation) |
foat |
ER dummy (1: ??) |
exratencunitsperus |
Ex Rate (n.c. units per US$) |
exratechange |
Change in exchange rate (1970-2004 data, with exratedepapp appended for 1960-197 |
exratedepapp |
Index of changes in exchange rate (1960-1994 data) |
rer |
Real exchange rate (1960-1994) |
rer2 |
Real exchange rate, alternate measure (1960-1994) |
stdevrer2 |
Standard deviation of real exchange rate (1960-1994) |
xr_at |
|
xr_af2 |
|
prices |
Index of price level: 2000 = 100 (1970-2004) |
inflation |
Inflation (1970-2004) |
inflation2 |
Inflation (1960-1994) - measured differently (TBD) |
money |
Money |
quasimoney |
Quasi Money |
reserves |
Reserves (1960-2004) |
resimp |
Reserves to imports (1970-2004) |
m2reserves |
M2 to reserves ratio (%) (1960-1994) - maybe inverted |
gdp |
GDP annual, in current US$ m (1970-2004) |
lngdp_a |
log(GDP). |
gdpmlocc |
GDPM LOC(C) |
gdpmlock |
GDPM LOC (K) |
gdpmlock90 |
GDPM LOC(K90) |
gdp_old |
GDP semi-annual, in constant LCU (1960-1994) |
gni_old |
GNI (current US$) |
exports |
|
exportsusdc |
Exports (USD C) |
exports_old |
Exports of goods and services (constant LCU) |
exportslocc |
EXPORTS LOC(C) |
exportslock |
EXPORTS LOC (K) |
exportslock90 |
EXPORTS LOC(K90) |
imports |
|
importsusdc |
Imports (USD C) |
imports_old |
Imports of goods and services (constant LCU) |
importslocc |
IMPORTS LOC(C) |
importslock |
IMPORTS LOC (K) |
importslock90 |
IMPORTS LOC(K90) |
tradegdp |
Trade as a percent of GDP (annual values, 1970-2004) |
tradebalanceusdc |
Trade balance in current US$, 1960-1994 |
currentaccountusdc |
Current account balance in current US$, 1960-1994 |
avgtar |
Average applied tariffs, (1981-2003, World Bank) |
sw |
Trade openness binary variable, (1970-2004, Welch and Wacziarg) |
finopen |
Chinn-Ito index of financial openness, (1970-2004) |
extdebt |
External debt, % GDP, (1970-2004, WDI) |
portasset |
Portfolio equity assets, % GDP, (1970-2004, Lane and Milesi-Ferretti) |
portliab |
Portfolio equity liabilities, % GDP, (1970-2004, Lane and Milesi-Ferretti) |
fdiasset |
FDI assets, % GDP (1970-2004, Lane and Milesi-Ferretti) |
fdiliab |
FDI liabilities, % GDP (1970-2004, Lane and Milesi-Ferretti) |
debtasset |
Debt assets (portfolio debt + other investment), % GDP (1970-2004, Lane and Mile |
debtliab |
Debt liabilities (portfolio debt + other investment), % GDP (1970-2004, Lane and |
fdasset |
Financial derivatives (assets), % GDP (1970-2004, Lane and Milesi-Ferretti) |
fdliab |
Financial derivatives (liabilities), % GDP (1970-2004, Lane and Milesi-Ferretti) |
fdinetinflow |
Net FDI inflows, % GDP (1970-2004, Lane and Milesi-Ferretti) |
fdiinflows_old |
Foreign direct investment, net inflows (BoP, current US$) |
fdinet_old |
Foreign direct investment, net (BoP, current US$) |
netltcapitalflow_old |
Net Long Term Capital Flow |
othercapitalflows_old |
Capital flows not elsewhere included (BoP, current US$) |
totalasset |
Total assets, % GDP (1970-2004, Lane and Milesi-Ferretti) |
totalliab |
Total liabilities, % GDP (1970-2004, Lane and Milesi-Ferretti) |
netexpos |
Net external position, % GDP (1970-2004, Lane and Milesi-Ferretti) |
sdtot |
Standard deviation of terms of trade over whole period, (1970-2004, Ghosh, Gulde |
tot_old |
Net barter terms of trade index |
reservesassets |
Reserves/Assets |
publenassets |
PubLen/Assets |
cons_old |
General government final consumption expenditure (constant LCU) |
gdfi_old |
GDFI - public sector (constant LCU) |
manu |
Manufacturing, value added, % of GDP (1970-2004, WDI) |
agri |
Agriculture, value added, % of GDP (1970-2004, WDI) |
vagdp |
Value added GDP (LC constant, 1960-1994) |
vamanufacturinglcconstant |
Value added manufacturing (LC constant, 1960-1994) |
vaagriculturelcconstant |
Value added agriculture (LC constant, 1960-1994) |
vamininglcconstant |
Value added mining (LC constant, 1960-1994) |
vaelectricitygaswaterlcconstant |
Value added electricity, gas and water (LC constant, 1960-1994) |
vaconstructionlcconstant |
Value added construction (LC constant, 1960-1994) |
vatouristlcconstant |
Value added tourism (LC constant, 1960-1994) |
vaserviceslcconstant |
Value added services (LC constant, 1960-1994) |
legelec |
Legislative election dummy (1960-2004, DPI) |
exelec |
Executive election dummy (1960-2004, DPI) |
coups |
Coups (1960-1994) |
cumulativeelections |
Cumulative elections (1960-1994) |
governmentalchange |
Governmental change (1960-1994) |
nonconstitutionalchanges |
Non constitutional changes (1960-1994) |
polity |
Polity 2 score (1970-2004, Polity IV) |
democ |
Democracy dummy, for polity scores of 7 or greater (1970-2004, Polity IV) |
autoc |
Autocracy dummy, for polity scores of -6 or less (1970-2004, Polity IV) |
govstrength |
Percentage of seats held by the government in the first chamber (1975-2004, DPI) |
govfrac |
Government fractionalization (1975-2004, DPI) |
leftexec |
Dummy for left executive, 1=Left, 0= R, C, N/A (1975-2004, DPI) |
rightexec |
Dummy for right executive, 1=Right, 0=L, C, N/A (1975-2004, DPI) |
checks |
Number of veto players (1975-2004, DPI) |
cbi |
Central bank governor turnover rate (per 5 years) (1970-1999, Ghosh, Gulde, and |
system |
Presidential = 0, Assembly-elected President=1, Parliamentary = 2 (1975-2004, DP |
view6 |
View 6 |
view8 |
View 8 |
view6w |
View 6 W |
view8w |
View 8 W |
df_er_alt2_a |
De facto ER regime |
df_peg1_a |
De facto ER regime (1: fixed, 0: floating) |
annual_fine_a |
|
annual_coarse_a |
|
dj_a |
De jure classification, 3 point scale. 3=pegged, 2=intermediate, 1=floating. |
djbinary_a |
De jure classification, 2 point scale. 1=fixed, 0 = intermediate/fixed |
dflys_a |
De facto classification from LY&S, 3 point scale. 3=pegged, 2=intermediate, 1=f |
dflysbinary_a |
De facto classification from LY&S, 2 point scale. 1=fixed, 0=intermediate/float |
dfrrbinary_a |
De facto classification from Reinhart and Rogoff. 2 point scale. 1=fixed, 0=fl |
arrangem_old_a |
|
regime_old_a |
REGIME |
regime1_old_a |
|
importsplusexportsofgdp_a |
Imports plus exports (% of GDP) |
cabalance_gdp_a |
Current account balance (% of GDP) |
tradebalance_gdp_a |
Trade balance/ GDP |
open_old_a |
Open |
tot_index_a |
Net barter terms of trade index (2000 = 100) |
gdpcurrentusd_a |
GDP (current US$) |
exportsusd_a |
Exports of goods and services (current US$) |
exportsofgoodsmillionusd_a |
Total exports (US$ m) |
importsusd_a |
Imports of goods and services (current US$) |
population_a |
Population (m) |
domesticcredittops_gdp_a |
Domestic credit to private sector (% of GDP) |
domesticbankcredit_gdp_a |
Domestic credit provided by banking sector (% of GDP) |
kaopen_a |
Chinn-Ito index of capital account openness |
externaldebtgdpinpercent_a |
External debt stocks, total (DOD, % of GDP) |
inflation_a |
Inflation, consumer prices (annual %) |
loginfl_a |
Log of inflation + 1 (linear transform) |
loginfl_old_a |
Log of inflation + 1 (linear transform), lagged one year |
high_a |
High inflation, dummy for when inflation > 50 % |
hyper_a |
Hyperinflation, dummy for when inflation > 200 % |
hyper_old_a |
Hyperinflation, dummy for when inflation > 1000 % (old) |
ag_empl_a |
Employment in agriculture (% of total employment) |
ag_empl_bk_a |
Employment in agriculture (% of total employment) |
agri_pc_gdp_a |
Agriculture, value added (% of GDP) |
agrl_old_a |
Agrl |
manuf_empl_a |
Employment in manufacturing (% of total employment) |
manuf_pc_gdp_a |
Manufacturing, value added (% of GDP) |
manugdpl_old_a |
Manufl |
ind_empl_a |
Employment in industry (% of total employment) |
minl_old_a |
Minl |
polity2_a |
Democracy (Polity II) |
polariz_a |
Polarization Index |
frac_a |
Fractionalization Index |
yrsoffc_a |
Chief Executive Years in Office |
yrcurnt_a |
Years Left in Current Term |
externalbalance_gdp_a |
External balance on goods and services (% of GDP) |
resimp_old_a |
Reserves (including gold) / Imports (goods and services) |
tradegdp_a |
Trade (exports + imports) / GDP |
avgtar_a |
Average applied tariffs. |
sw_a |
Trade openness binary variable |
finopen_a |
Chinn-Ito index of financial openness |
sdtot_a |
Standard deviation of terms of trade for particular country over whole period. |
gdp_a |
GDP, current million USD. |
fdinetinflow_a |
FDI, net inflows, % of GDP. |
extdebt_a |
External debt, % GDP. |
portasset_a |
Portfolio equity assets, % GDP. |
portliab_a |
Portfolio equity liabilities, % GDP. |
fdiasset_a |
FDI assets, % GDP |
fdiliab_a |
FDI liabilities, % GDP. |
debtasset_a |
Debt assets (portfolio debt + other investment), % GDP. |
debtliab_a |
Debt liabilities (portfolio debt + other investment), % GDP. |
fdasset_a |
Financial derivatives (assets), % GDP |
fdliab_a |
Financial derivatives (liabilities), % GDP. |
totalasset_a |
Total assets, % GDP. |
totalliab_a |
Total liabilities, % GDP. |
netexpos_a |
Net external position, % GDP |
democ_a |
Democracy dummy, for polity2 scores of 6 or greater |
autoc_a |
Autocracy dummy, for polity2 scores of -6 or less |
govstrength_a |
|
govfrac_a |
Probability that two deputies picked at random from among the government parties |
leftexec_a |
Dummy for left party executive. 1=Left, 0= R, C, not applicable |
rightexec_a |
Dummy for right party executive. 1=Right, 0=L, C, not applicable. |
cbi_a |
Central bank governor turnover rate (per 5 years) |
system_a |
Categorical variable. Presidential = 0, Assembly-elected President=1, Parliamen |
checks_a |
number of veto players |
legelec_a |
Legislative election dummy |
exelec_a |
Executive election dummy |
election_a |
Either legislative or executive, dummy |
viewdj_a |
Percent of countries in world with a fixed exchange rate in a given year. |
viewlys_a |
% of countries in world with a fixed exchange rate in a given year. |
viewrr_a |
% of countries in world with a fixed exchange rate in a given year. |
inf10m_old_a |
|
inf50p_old_a |
|
covatot_old_a |
TOT volatility |
volat_old_a |
coef of var tot * openness |
resKA_old_a |
Capital controls1 |
capcon_old_a |
capital controls summary variab |
view6_old_a |
|
resm2_old_a |
Reserves/m2 |
polinst_old_a |
|
govseats_old_a |
Govseats |
efpart_old_a |
Efpart |
dict_old_a |
|
dict2_old_a |
autocrac>=7 |
tardum_old_a |
Low tariff |
resdum_old_a |
|
gdp_pc_usd_a |
GDP per capita (current US$) |
gdp_pc_ppp_a |
GDP per capita, PPP (constant 2005 int'l $, thousands) |
resm2_a |
Money and quasi money (M2) to total reserves ratio |
resimp_a |
Total reserves in months of imports |
fdiliabilities_a |
FDI stock (current US$ m) (Lane and Milesi-Ferretti, 2007) |
exportstoUS_comtrade_a |
Exports to US (Comtrade) |
exportstotal_comtrade_a |
Exports to World (Comtrade) |
expperUSA_a |
Exports to US (% of total) |
foreignassets_pc_gdp_a |
Total assets in foreign currency as a % of GDP (Lane-Shambaugh) |
foreignliabilities_pc_gdp_a |
Total liabilities in foreign currency as a % of GDP (Lane-Shambaugh) |
foreigndebtassets_pc_gdp_a |
Foreign debt assets in foreign currency as a % of GDP (Lane-Shambaugh) |
foreigndebtliabilities_pc_gdp_a |
Foreign debt liabilities in foreign currency as a % of GDP (Lane-Shambaugh) |
gov1vote_a |
Vote Share of Largest Government Party |
ulvote_a |
Vote Share of Non-Aligned Parties |
numvote_a |
Vote Share of Government Parties |
oppvote_a |
Vote Share of Opposition Parties |
oppfrac_a |
Opposition Fractionalization Index |
latam_a |
Dummy for major Latin American economies |
centr_a |
Dummy for smaller Central American and Caribbean economies |
resm2_inv_a |
Reserves to broad money (M2) |
fdiliabilities_pc_gdp_a |
FDI stock (% of GDP) |
expUSA_a |
Exports to US / GDP |
liberaliz_dummy_a |
Dummy for trade liberalization (Sachs and Warner (1995) & Warziarg and Welch (20 |
ag_emplXlib_a |
Employment in agriculture X Liberalization dummy |
manuf_emplXlib_a |
Employment in manufacturing X Liberalization dummy |
agri_pc_gdpXlib_a |
Agriculture value added X Liberalization dummy |
manuf_pc_gdpXlib_a |
Manufacturing value added X Liberalization dummy |
polity2_d0_a |
Dummy if Polity II score < 0 |
polity2_d3_a |
Dummy if Polity II score < 3 |
polity2_d6_a |
Dummy if Polity II score < 6 |
presidential_a |
Presidential system |
parliamentary_a |
Parliamentary system |
dgdp_a |
|
importsplusexportsofgdp |
|
election |
Any election, DPI (1975-2010) |
exfixed2 |
Fixed exchange rate, coarse classifications 1 being fixed |
3 EU
3.1 Download
3.2.1 Note
All data updated through 1998 unless otherwise noted.
3.2.2 Dependent Variables
Coefficient of Variation (COV)
coefficient of variation over
12-month period Jan-Dec exchange rates (currency vs DM). Calculated as standard deviation/mean, from IMF, International Financial Statistics Yearbook, various years. COV2 is COV*100.
Depreciation (DEPREC)
annual depreciation of country currency vs
DM. Calculated as (XRT – 1)*100 (see below).
3.2.3 Macroeconomic Variables
Lagged Growth Rate of GDP (GDPGRLAG)
Growth rate of GDP, lagged one
year. Data for 1971-1979 figures from Economic Survey of Europe, 1984-1985; for 1980-1993 from OECD Historical Studies: 1960-1993. Updated with OECD Economic Outlook, 1999.
Lagged Unemployment Rate (UNEMPLAG) - Percentage of the labor force unemployed, lagged one year (Standardized Rate used except for Greece). Data taken from OECD Main Economic Indicators, Historical Studies:Prices, Labor and Wages 1962-1991, OECD Economic Outlook 1995 (volume 58) and 1999 (volume 62), OECD Main Economic Indicators, Historical Studies: 1960-1979, and Economic Survey of Europe, 1984-1985.
Lagged Current Account as a Percent of GDP (CURACLAG)
Current
account balance as a percentage of GDP, lagged one year. Data from OECD Economic Outlook, various years.
Difference in Terms of Trade Relative to Germany (DIFFTOFT)
Percentage point change in the terms of trade over the previous year, relative to Germany's. An increase in this figure signifies an improvement in Germany's terms of trade relative to the country in question. Data from IMF International Financial Statistics Yearbook, various years.
NOTE: Updated with OECD data (percent change in export prices – percent change in import prices). The original description above says that a positive number indicates an increase in Germany's TOFT, but the reverse data (i.e., country X's chgTOFT – Germany's chgTOFT) matches the old data most closely. However, discrepancies do exist, so see the shaded columns in the dataset, which show my new calculations. I have left these as separate columns, rather than integrate them into the original DIFFTOFT variable.
Industrial Correlation with Germany (INDCOR)
Correlation coefficient comparing the percent contribution to GDP of each ISIC 1-digit category and 2-digit categories for manufacturing (ISIC code 3). Because industrial structure changes slowly, the correlation coefficient is calculated for 1970, 1980, and 1990 only. Data from the OECD's Industrial Structure Statistics, various years. Where data were missing from the OECD statistics, data were taken from the UN Yearbook of Industrial Statistics, various years.
NOTE: Since these data change only each decade, data were held constant for 1995-1998 at 1994 levels.
Change in Consumer Prices (CPI) (%)
from IMF, /International
Financial Statistics Yearbook/, various years.
Terms of Trade (TOFT)
% change in export prices - % change in import prices, over the previous year. From IMF, International Financial Statistics. Some country data unavailable.
Trade correlation (TRACOR)
correlation coefficient computed using exports in the country by sector (see INDCOR) and comparing with Germany's figure.
NOTE: As with INDCOR, 1994 numbers held constant for 1995-1998.
Exchange rate against the DM (XRT)
End-of-year exchange rate of currency vs DM at time t (12/31/t), divided by exchange rate at time t-1. From IMF, International Financial Statistics Yearbook, various years.
Exchange rate against the Dollar (EXCHRATE)
average exchange rate of currency vs $ at time t, when t denotes the current year.
Exports to the EC as percent of GDP (ECX)
data from IMF, Direction of Trade Statistics, various years.
Exports to the DM Zone as percent of GDP (DMX)
data from IMF, Direction of Trade Statistics, various years.
Deposit Restrictions (DEPRES)
dummy for deposit restrictions, from Rose and IMF, Exchange Arrangements, various years.
Bilateral Payments with non-members (BIPAYNM)
dummy variable (1=yes), from Rose and IMF, Exchange Arrangements, various years.
Bilateral Payments with members (BIPAYM)
dummy variable (1=yes), from Rose and IMF, Exchange Arrangements, various years.
Capital Restrictions (CAPRES)
dummy variable (1=yes), from Rose and IMF, Exchange Arrangements, various years.
Capital Controls (CAPCTRL)
sum of the four previous variables, an index of capital controls (1-4, with 4 highest), from Rose and IMF, Exchange Arrangements, various years.
Trade balance (TRADE_B1)
Trade balance in millions of dollars. Data from IMF, International Financial Statistics Yearbook, various years.
Trade balance as % of GDP (TBALGDP)
Data from IMF, International Financial Statistics Yearbook, various years.
Change in trade balance as % of GDP (TBALCHG)
Change in the trade balance from the previous year, in percentage terms. Constructed from data for trade balance and GDP in IMF, International Financial Statistics Yearbook, various years. Calculated as trade balance at time t – trade balance at time t-1, as percentage of GDP.
GDP
GDP in billions of local currency.
GDP_BIL
GDP in billions of dollars.
GDP_MIL
GDP in millions of dollars.
Government Deficit as % of GDP (DEFGDP)
Data updated from OECD Economic Outlook, general government financial balances, 1999.
3.2.4 Political Variables
Cabinet Center of Gravity (CABCG)
Party composition of the cabinet, weighted by ideological scores using a scale constructed by Geoffrey Garrett. Data through 1991 provided by Geoff Garrett; updated using European Journal of Political Research Political Data Yearbooks, various years. Parties classified using codings by Castles and Mairs (1984, EJPR 12: 73-88). /NOTE: 1=far left, 2=social democratic, 3=Christian Democratic, 4=mainstream conservative, 5=far right./
Election
Number of parliamentary elections per year (usually 1 or 0). Data obtained from Mackie, Thomas T. and Richard Rose International Almanac of Electoral History (Washington D.C.: Congressional Quarterly, 1991), National Elections (various years), and the European Journal of Political Research (various years).**
% of Seats Held by Government Parties
Percentage of legislative seats won by the government parties in the election at time t, where t denotes the current observation (SEATT) and at time t-1 (SEATT1). Constructed in G. Bingham Powell, Jr. and Guy D. Whitten, “ A Cross-National Analysis of Economic Voting,” American Journal of Political Science 37(2): 391-414, 1993; updated using European Journal of Political Research, various years, and election data available at: http://www-public.rz.uni-duesseldorf.de/~nordsiew/indexe.html.//
Number of Government Parties (GOVPTYS)
Number of parties in government (cabinet). Constructed in G. Bingham Powell, , Jr. and Guy D. Whitten, “A Cross-National Analysis of Economic Voting,” American Journal of Political Science 37(2): 391-414, 1993; updated using European Journal of Political Research, Political Data Yearbook, various years. Updated through 1997.
Endogenous Election (ENDELECT)
dummy if the parliamentary election at time t was endogenous.
Exogenous Election (EXELECTN)
dummy if the parliamentary election at time t was exogenous.
Legislative Center of Gravity (LEGISCG)
see CABCG above. Same scale applied to entire parliament at time t, based on number of seats won by each party in the most recent election. In election years, data were calculated as the weighted average of the pre-election parliament and the post-election parliament. Data calculated from European Journal of Political Research Political Data Yearbook, various years, and election/seat data available at: http://www-public.rz.uni-duesseldorf.de/~nordsiew/indexe.html. Updated through 1997.
Government Ideology (GOVIDEO)
Constructed by Powell and Whitten (AJPS 37: 391-414) from average ratings of parties on a left-right scale in Castles and Mair's survey of country experts (EJPR 12: 73-88). For coalition governments, each party's score was weighted by the % of legislative seats it held in the cabinet. Data calculated from European Journal of Political Research Political Data Yearbook, various years. For years with multiple governments, data were calculated as a weighted average of the “old” and “new” governments. Updated through 1997.
Government Ideology Gap (GOVGAP)
Difference between the government parties with the lowest and highest Castles and Mairs ratings. Again, for years with multiple governments, data calculated as weighted average of old and new governments. Updated through 1997.
VOTET, VOTETM1, VOTETM2
Percentage of legislative seats won by the governments parties in the elections at times t, t-1, and t-2 (the three most recent elections). For election years, data are calculated as the weighted average of the outgoing and incoming governments' scores for all three variables. Updated through 1997.
BICAMOPP
dummy =1 when governing party did NOT control majority in second legislative chamber. Constructed from Powell and Whitten.
OPPCHAIR
dummy=1 when legislature had strong committee system with proportionate sharing. Constructed from Powell and Whitten.
WEAKPTY
dummy=1 if major parties lack internal cohesion in voting behavior. Constructed from Powell and Whitten.
3.2.5 Political Economy Variables
Union Density (UNDENS)
union density, adjusted for unemployment and self-employment. Data is Visser, from ADD G&W LINK. This data is available through 1992-3, and replaces the old data, which was net union density (adjusted only for self-employment, not unemployment) and was available only through 1990.
Member of Snake/ERM (SNAKEMS)
Dichotomous variable = 1 if country is a member of either Snake or ERM, 0 if not. Data obtained from the BIS Annual Reports, various years, and updated using data available at http://www.ft.com/euro
Central Bank Independence (CBI)
An index of central bank independence, running from 0 (least independent to 1 (most independent). Data from Cukierman, Webb and Neyapti (1992).
3.2.6 VARIABLES NOT YET UPDATED
Capital Controls (CLOSED)
A measure of capital controls constructed by Dennis Quinn, described in Dennis Quinn, “The Correlates of Change in International Financial Regulation” in American Political Science Review 91(3): 531-552, 1997. His 15 point-scale measures “openness;” it is inverted here so that a higher number means more capital controls. Data obtained from the author. NOTE: not yet updated.
Manufactured Exports to DM Zone as % of GDP
Value of manufactured (SITC codes 6-8) exports to Germany, Belgium, Luxembourg and the Netherlands as a percentage of GDP. Data supplied by the UN from various years of their Yearbook of International Trade Statistics. NOTE: not yet updated.
Government Duration (GOVDUR)
number of months government was in office. NOTE: current data are incorrect – need to update.
Manufactured exports to the DM Zone (DMMFG1)
Value of manufactured (SITC codes 6-8) exports to Germany and Benelux as % of GDP.
Manufactured exports to the EC/EU (ECMFG1)
Value of manufactured (SITC codes 6-8) exports to the EC/EU as % of GDP.
Public sector employment (PUBEMP)
emailing Garrett for info on updated data availability.
Public sector unionization (PUBUNION)
emailing Garrett for info on updated data availability.
Foreign direct investment data
ECFDI and DMFDI
us_files.zip | 3.3 MB | |
la_files.zip | 3.57 MB | |
eu_files.zip | 142 KB |