International Reserve Holdings with Sovereign Risk and Costly Tax Collection

27 Jan 2012

&##160;Data names and definitions
d=country indicator.

There are 137 countries, listed in the same order as the table of contents of World Deb t Tables/Global Development Finance (GDF).

See below for specifics.
year = 1970-1999; Estimation is over the 1980-96 period
rmg = reserves minus gold, mil$ (IFS)
usp=US gdp deflator, 1995=100 (WEO)
gpc=real gdp per capita, 1995 $ (World Development Indicators,WDI)
gdp=gdp, mil home currency, IFS 99b
pop=total population (WDI)
imy=imports/GDP, % (WDI)
rf=average exchange rate, HC/$, (WDI)
tot=terms of trade volatility, computed from unpublished World Bank data
neer=nominal effective exchange rate volatility, computed from info systems data, IMF
exm = real export volatility, computed from monthly data, IFS
cpix= volatility of the national cpi index, computed from IFS data
def=volatility of the national gdp deflator, computed from IFS data
pol1=probability of no leadership change, Leblang
pol2=probability of constitutional leadership change, Leblang
pol3=probability of unconstitutional leadership change, Leblang
mm=M2, local currency units (WDI)
imp=imports of goods and services, mil$, (GDF)
tan=corruption index constructed by Tanzi-Davoodi, IMF
1980,1981 from Mauro, corruption data
1982,1983 spliced Mauro or International Country Risk Guide (ICRG) or Mauro-
ICRG average
1984-1995, ICRG. Note ICRG rescaled to 10. A ten means least corrupt.

Note that Oct 1995 value used for 1995.
exa2=real export volatility computed based on annual data (IFS)
rate=national interest rate based on maximum availability (IFS)
most rates are 60L (IFS code), exceptions: used 60B for India, Maldive, Pakistan,
Tunisia; used 60P for Burundi; used 60C for Kazakhstan, Kyrgyz Republic and
Moldova; note: these rates, especially in the 1980s, are often not market
determined rates
usrt=united states interest rate corresponding to the national interest rate in "rate"
tdebt=total external debt, US$, (GDF)

Generated variables:
lrrmg=log(rmg/usp)
lpop=log(pop)
lgpc=log(gpc)
limy=log(imy)
lneer=log(neer)
lresimp2=log(rmg/(imp/12))
lexa2=log(exa2)
lresmm2=log(rmg/((mm/rf)/1000000))
lrestd2=log(rmg/(tdebt/1000000))
dif=log((1+rate)/(1+usrt))
tan1=(-1)*tan

d country name Note: Countries are all 137 listed in Global Development Finance
1 Albania
2 Algeria
3 Angola
4 Argentina
5 Armenia
6 Azerbaijan
7 Bangladesh
8 Barbados
9 Belarus
10 Belize
11 Benin
12 Bhutan
13 Bolivia
14 Bosnia and Herzegovina
15 Botswana
16 Brazil
17 Bulgaria
18 Burkina Faso
19 Burundi
20 Cambodia
21 Cameroon
22 Cape Verde
23 Central African Republic
24 Chad
25 Chile
26 China
27 Colombia
28 Comoros
29 Congo, Dem Rep
30 Congo, Rep
31 Costa Rica
32 Cote d''Ivoire
33 Croatia
34 Czech Republic
35 Djibouti
36 Dominica
37 Dominican Republic
38 Ecuador
39 Egypt
40 El Salvador
41 Equatorial Guinea
42 Eritrea
43 Estonia
44 Ethiopia
45 Fiji
46 Gabon
47 Gambia
48 Georgia
49 Ghana
50 Grenada
51 Guatemala
52 Guinea
53 Guinea-Bissau
54 Guyana
55 Haiti
56 Honduras
57 Hungary
58 India
59 Indonesia
60 Iran
61 Jamaica
62 Jordan
63 Kazakhstan
64 Kenya
65 Korea, South
66 Kyrgyz Republic
67 Lao People''s Dem Republic
68 Latvia
69 Lebanon
70 Lesotho
71 Liberia
72 Lithuania
73 Macedonia
74 Madagascar
75 Malawi
76 Malaysia
77 Maldives
78 Mali
79 Mauritania
80 Mauritius
81 Mexico
82 Moldova
83 Mongolia
84 Morocco
85 Mozambique
86 Myanmar
87 Nepal
88 Nicaragua
89 Niger
90 Nigeria
91 Oman
92 Pakistan
93 Panama
94 Papua New Guinea
95 Paraguay
96 Peru
97 Philippines
98 Poland
99 Romania
100 Russia
101 Rwanda
102 Samoa
103 Sao Tome
104 Senegal
105 Seychelles
106 Slovak Republic
107 Republic
108 Solomon Islands
109 Somalia
110 South Africa
111 Sri Lanka
112 St Kitts
113 St Lucia
114 St Vincent
115 Sudan
116 Swaziland
117 Syria
118 Tajikistan
119 Tanzania
120 Thailand
121 Togo
122 Tonga
123 Trinidad and Tobago
124 Tunisia
125 Turkey
126 Turkmenistan
127 Uganda
128 Ukraine
129 Uruguay
130 Uzbekistan
131 Vanuatu
132 Venezuela
133 Vietnam
134 Yemen, Republic
135 Yugoslavia (Serbia & Montenegro)
136 Zambia
137 Zimbabwe


Stata commands for Table 1
areg lrrmg lpop lgpc lexa limy lneer, absorb(d) cluster(d)
areg lrrmg lpop lgpc lexa limy lneer tan1 pol2, absorb(d) cluster(d)
areg lrestd2 lpop lgpc lexa limy lneer, absorb(d) cluster(d)
areg lrestd2 lpop lgpc lexa limy lneer tan1 pol2, absorb(d) cluster(d)
areg lresmm2=lpop lgpc lexa limy lneer, absorb(d) cluster(d)
areg lresmm2=lpop lgpc lexa limy lneer tan1 pol2, absorb(d) cluster(d)

Download resdatEJ1.zip