Table 1 Description of variables.
From: How volatility in the oil market and uncertainty shocks affect Saudi economy: a frequency approach
Variables | Definition | Measurement scale | Source | Unit |
|---|---|---|---|---|
MCGDP | Financial development (From a financial market perspective) | The stock market capitalisation-to-GDP Ratio. | World Development Indicators (WDI) | % |
FIAIX | Financial development (From a banking sector perspective) | The financial institutions access indices | The World’s Economic Database (DBnomics) | % |
EG | Economic growth | The annual percentage growth rate of GDP at market prices is based on constant local currency. | World Development Indicators (WDI) | % |
GPR | Geopolitical Risk Index | The total number of newspaper articles covering geopolitical events and tensions | % of articles | |
WUI | World uncertainty index | The total number of words in each report for 143 countries from 1996 onwards using frequency counts of “uncertainty” (and its variants) in the quarterly Economist Intelligence Unit (EIU) country reports. | % of articles | |
VTOIL | Crude oil volatility | The conditional variance of crude oil return generated by the TGARCH model | International Energy Agency | % |
GEXP | Government expenditure | General government final consumption expenditure | World Development Indicators (WDI) | USD |
LOCINVEST | Local Investment | Gross fixed capital formation | World Development Indicators (WDI) | USD |
FORINVEST | Foreign direct investment | Foreign direct investment, net outflows | World Development Indicators (WDI) | USD |
