Replication Data for: Democracy and Reserves (doi:10.7910/DVN/4CJC6I)

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Part 1: Document Description
Part 2: Study Description
Part 3: Data Files Description
Part 4: Variable Description
Part 5: Other Study-Related Materials
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Document Description

Citation

Title:

Replication Data for: Democracy and Reserves

Identification Number:

doi:10.7910/DVN/4CJC6I

Distributor:

Harvard Dataverse

Date of Distribution:

2024-05-28

Version:

Bibliographic Citation:

Son, Byunghwan, 2024, "Replication Data for: Democracy and Reserves", https://doi.org/10.7910/DVN/4CJC6I, Harvard Dataverse, V1, UNF:6:65FYNyaX69t+EJ/gNmqQmg== [fileUNF]

Study Description

Citation

Title:

Replication Data for: Democracy and Reserves

Identification Number:

doi:10.7910/DVN/4CJC6I

Authoring Entity:

Son, Byunghwan (George Mason University)

Distributor:

Harvard Dataverse

Access Authority:

Son, Byunghwan

Depositor:

Son, Byunghwan

Date of Deposit:

2019-02-11

Holdings Information:

https://doi.org/10.7910/DVN/4CJC6I

Study Scope

Keywords:

Social Sciences, Foreign Exchange Reserves

Abstract:

Abstract: Does democracy affect foreign exchange reserves? This paper identifies four possible explanations for the determinants of foreign exchange reserves. Using the relationship between public goods provision and political regime types as a conceptual centerpiece, it offers a theoretical framework in which these four arguments are pit against each other. The `insurance' and `social cost' arguments posit monotonously positive and negative relationships between democracy and reserves, respectively, each citing democratic governments' propensity to provide public goods such as financial stability and public spending. The mercantilist and rentier state arguments together put forth a conditional hypothesis that autocracies serve particularistic interests of outwardly (inwardly) oriented elites more than democracies do through weak-currency/large-reserve (strong-currency/small-reserve) policies. Utilizing panel data covering 127 countries from 1975 to 2012, the paper finds that more democratic regimes are associated with larger (smaller) volumes of reserves when the size of exporting sectors is considerably small (large).

Methodology and Processing

Sources Statement

Data Access

Notes:

Other Study Description Materials

File Description--f3356442

File: reserve_replication.tab

Number of cases: 17334
No. of variables per record: 53
Type of File: text/tab-separated-values

Notes:

UNF:6:65FYNyaX69t+EJ/gNmqQmg==

Variable Description

List of Variables:

cname - Country Name
year - Year
chga_demo - Democracy
dpi_eipc - Executive Electoral Competitiveness
h_polcon5 - Political Constraints Index V
hrv_index - Point estimate of the HRV index
icrg_qog - ICRG Indicator of Quality of Government
imf_ab - Current account balance
p_polity2 - Revised Combined Polity Score
wdi_expgsgdp - Exports of goods and services (% of GDP)
wdi_expman - Manufactures exports (% of merchandise exports)
wdi_gdpgr - GDP growth (annual %)
country
code
regioncode - Region Code
total_res_imp - Total reserves in months of imports
inflation - Inflation, consumer prices (annual %)
res_xg
Garriga - CBI Garriga (weighted)
Bodea_Hicks - CBI Bodea-Hicks IO
ht_regtype1 - Regime Type (simplified)
vdem_polyarchy - Electoral democracy index
noCrisis
noCrisis2
noCrisis3
t_Crisis - all past crises
lnres
lngdppc
lngdp
lngold
usinter
res_gdp
euro - Eurozone
RR1 - err_rr== 1.0000
RR2 - err_rr== 2.0000
RR3 - err_rr== 3.0000
RR4 - err_rr== 4.0000
RR5 - err_rr== 5.0000
RR6 - err_rr== 6.0000
exgro2 - $\Delta$ Export{t-2}$, 3-year avg
financial
t
t2
manu - manufactoring export (/% GDP)
reserve_money
lnexport
election
opec
fh2
nohi
DPI
FreedomHouse
VDem

Variables

Country Name

f3356442 Location:

Variable Format: character

Notes: UNF:6:jbUwSN6IxQQydVLQFGWAWw==

Year

f3356442 Location:

Summary Statistics: Valid 17334.0; Mean 1979.5981308411217; Min. 1940.0; Max. 2017.0; StDev 22.0941255195812

Variable Format: numeric

Notes: UNF:6:lrbC80aQju5JoM2YZL4xLw==

Democracy

f3356442 Location:

Value	Label	Frequency	Text
1.	1. Democracy	2759
0.	0. Dictatorship	3999

Summary Statistics: Max. 1.0; Valid 6758.0; Mean 0.40825688073394556; StDev 0.49154750848095957; Min. 0.0

Variable Format: numeric

Notes: UNF:6:mpz5zSXHDNJGOw9+qeLL2Q==

Executive Electoral Competitiveness

f3356442 Location:

Summary Statistics: Mean 5.178609625668446; StDev 2.161451492387699; Max. 7.0; Valid 5610.0; Min. 1.0

Variable Format: numeric

Notes: UNF:6:0g07JopyXsIGnsNYfmFNZg==

Political Constraints Index V

f3356442 Location:

Summary Statistics: Valid 7235.0; Mean 0.32160855100387925; Max. 0.894320011138916; StDev 0.33333019525317376; Min. 0.0;

Variable Format: numeric

Notes: UNF:6:SI5g7P32k8kPaPpsxK6NjQ==

Point estimate of the HRV index

f3356442 Location:

Summary Statistics: StDev 2.2450007081362506; Valid 3720.0; Mean 1.2396308231176927; Min. -7.052286694865824; Max. 9.98110279339043

Variable Format: numeric

Notes: UNF:6:v/o+1B2H+QtGyYHkg3ntLw==

ICRG Indicator of Quality of Government

f3356442 Location:

Summary Statistics: Mean 0.5441018454316012; Min. 0.0416666679084301; Max. 1.0; Valid 3595.0; StDev 0.22218697792776698

Variable Format: numeric

Notes: UNF:6:VwnAh7ypYR+t3ayW4S8N5Q==

Current account balance

f3356442 Location:

Summary Statistics: Max. 106.836; Mean -2.743876018498127; Valid 4541.0; StDev 11.316503843654; Min. -242.188;

Variable Format: numeric

Notes: UNF:6:D1DGpDI8ZFtNiirLLLpVlA==

Revised Combined Polity Score

f3356442 Location:

Summary Statistics: Mean 0.6535709464020685; Min. -10.0; Max. 10.0; StDev 7.4795523138138975; Valid 7407.0

Variable Format: numeric

Notes: UNF:6:jBhsbkqI2KqT4/psZ3zI3w==

Exports of goods and services (% of GDP)

f3356442 Location:

Summary Statistics: Mean 33.63742341903204; Max. 523.462956614086; Min. 0.182968803942039; StDev 25.03941337664238; Valid 6340.0

Variable Format: numeric

Notes: UNF:6:MHKHagghDvY52YcsOYCuSA==

Manufactures exports (% of merchandise exports)

f3356442 Location:

Summary Statistics: Min. 0.0; Max. 97.6931608814633; Valid 4974.0; StDev 30.62109811352015; Mean 38.51258135737754;

Variable Format: numeric

Notes: UNF:6:c7akyvH5jx54tIA2yRjcNQ==

GDP growth (annual %)

f3356442 Location:

Summary Statistics: Min. -51.0308630389015; Valid 6321.0; Max. 106.279809220986; StDev 6.147744165906142; Mean 3.9071669734420014

Variable Format: numeric

Notes: UNF:6:nr/Hu8XBmR0EfoLSpGhfPg==

country

f3356442 Location:

Variable Format: character

Notes: UNF:6:kSaDkK7di0B4EQsiJrYI7w==

code

f3356442 Location:

Summary Statistics: Mean 129.94014227055968; Min. 1.0; StDev 111.71608002426998; Max. 804.0; Valid 17291.0

Variable Format: numeric

Notes: UNF:6:8jYClUaXSRPv2BJ8Npf71A==

Region Code

f3356442 Location:

Variable Format: character

Notes: UNF:6:slMxc8E8OBo8wkiowIRErA==

Total reserves in months of imports

f3356442 Location:

Summary Statistics: Min. -0.09186877310276031; StDev 4.022356431578518; Mean 3.9684840153332313; Valid 5420.0; Max. 79.23722076416016

Variable Format: numeric

Notes: UNF:6:VB5rT9WduTn81gN55cdO/w==

Inflation, consumer prices (annual %)

f3356442 Location:

Summary Statistics: StDev 516.0622103054975; Max. 24411.03125; Min. -35.83667755126953; Mean 37.945358786699394; Valid 6399.0;

Variable Format: numeric

Notes: UNF:6:xxlcQpKXBDZGzOqbuJURGQ==

res_xg

f3356442 Location:

Summary Statistics: Min. 0.0; Mean 1.819285777963054E10; Max. 3.84301794E12; Valid 6445.0; StDev 1.2245745081447523E11

Variable Format: numeric

Notes: UNF:6:f8rDPbAm1hPk6GVRT37tgg==

CBI Garriga (weighted)

f3356442 Location:

Summary Statistics: Mean 0.4899116373155247; Valid 5840.0; Max. 0.9789999723434448; Min. 0.01666666753590107; StDev 0.20363773611445135

Variable Format: numeric

Notes: UNF:6:f8cZWobbOVFVQQtZQDt9XQ==

CBI Bodea-Hicks IO

f3356442 Location:

Summary Statistics: Mean 0.4894456354346574; Valid 2316.0; StDev 0.2101107087127922; Max. 0.9595; Min. 0.09087499999999998

Variable Format: numeric

Notes: UNF:6:8hocJr/qoGU04tmnxjLpMg==

Regime Type (simplified)

f3356442 Location:

Value	Label	Frequency
6.	Military-multi	0
9.	No-party	36
12.	Rebel regime	0
3.	One-party	839
1.	Monarchy	524
11.	Military noparty	0
5.	Multi-monarchy	0
10.	No-party mon	0
4.	Multi-party	1496
7.	Military-one	0
2.	Military	966
99.	Other	269
100.	Democracy	3174

Summary Statistics: Max. 100.0; Min. 1.0; Valid 7304.0; Mean 48.646221248630674; StDev 48.43246494781187

Variable Format: numeric

Notes: UNF:6:zhQzR6epkdeFVvQENlxu2g==

Electoral democracy index

f3356442 Location:

Summary Statistics: Valid 9269.0; Mean 0.433231785590055; Min. 0.00963634084188245; StDev 0.28497800186187994; Max. 0.947093592544717;

Variable Format: numeric

Notes: UNF:6:rZq/6ZzshYqRLyBkdSvhVQ==

noCrisis

f3356442 Location:

Summary Statistics: Min. 0.0; Mean 2.6523557776099373; Valid 17213.0; Max. 52.0; StDev 5.990986417372721

Variable Format: numeric

Notes: UNF:6:lN5oc0VJFJHwL6ZB6iM2pA==

noCrisis2

f3356442 Location:

Summary Statistics: Valid 17213.0; Mean 42.9248242607336; Min. 0.0; Max. 2704.0; StDev 173.12032563698494

Variable Format: numeric

Notes: UNF:6:2xwPfsHKq0sncwh/mj9QrA==

noCrisis3

f3356442 Location:

Summary Statistics: Valid 17213.0; Mean 1032.058618486044; StDev 6620.2436866730695; Min. 0.0; Max. 140608.0;

Variable Format: numeric

Notes: UNF:6:gBhtvBcoccWwvhCjNk/X0g==

all past crises

f3356442 Location:

Summary Statistics: StDev 16.920632621644756; Max. 78.0; Valid 17213.0; Mean 28.886945912972706; Min. 1.0

Variable Format: numeric

Notes: UNF:6:6m+fJ4St0/gW9JC5Yt27AA==

lnres

f3356442 Location:

Summary Statistics: StDev 2.744985443552341; Mean 20.58818701809927; Valid 6445.0; Max. 28.977279663085938; Min. 0.0

Variable Format: numeric

Notes: UNF:6:scTfR/NIsrew3YcFl26qyw==

lngdppc

f3356442 Location:

Summary Statistics: Mean 7.7507359693409725; Valid 6264.0; Max. 11.381868362426758; StDev 1.5883069602066155; Min. 3.9128668308258057

Variable Format: numeric

Notes: UNF:6:9Wx0yoWRYJuz9tGjQtcRGA==

lngdp

f3356442 Location:

Summary Statistics: StDev 2.2311053939413834; Mean 23.726975127040305; Max. 30.286483764648438; Valid 6273.0; Min. 18.46070671081543

Variable Format: numeric

Notes: UNF:6:P0eY/MQuPIfa9drSFy7f8w==

lngold

f3356442 Location:

Summary Statistics: Min. 3.365074396133423; Valid 4538.0; Max. 19.813846588134766; Mean 13.040679471247937; StDev 2.832094155653193

Variable Format: numeric

Notes: UNF:6:8Soh3/SgM5hrl7mw+Gvk0A==

usinter

f3356442 Location:

Summary Statistics: Mean 3.9322118018869268; StDev 2.320834130130991; Min. -1.2814157009124756; Max. 8.721832275390625; Valid 11897.0

Variable Format: numeric

Notes: UNF:6:nxOU8PEgvsoLKNJegV0+jw==

res_gdp

f3356442 Location:

Summary Statistics: Max. 1.826643705368042; Valid 4720.0; Mean 0.113695127723454; StDev 0.16061680367577325; Min. 0.0;

Variable Format: numeric

Notes: UNF:6:f61oCCNwQkoitw8t2EDcrg==

Eurozone

f3356442 Location:

Summary Statistics: StDev 0.12220438012550923; Valid 17213.0; Max. 1.0; Min. 0.0; Mean 0.015162958229244856

Variable Format: numeric

Notes: UNF:6:pny7MKjWD2f48RyvUSmtJw==

err_rr== 1.0000

f3356442 Location:

Summary Statistics: StDev 0.4974685546929889; Valid 8986.0; Min. 0.0; Mean 0.5505230358335168; Max. 1.0

Variable Format: numeric

Notes: UNF:6:sgo8WJbTKtxivcChLKOhrw==

err_rr== 2.0000

f3356442 Location:

Summary Statistics: Valid 8986.0; Min. 0.0; StDev 0.38545711912731506; Max. 1.0; Mean 0.18150456265301532

Variable Format: numeric

Notes: UNF:6:27acWuFfTGyFuVe+KqaByQ==

err_rr== 3.0000

f3356442 Location:

Summary Statistics: Mean 0.16369908746939663; StDev 0.37002288162376695; Valid 8986.0; Max. 1.0; Min. 0.0

Variable Format: numeric

Notes: UNF:6:9Y7bv/PPELR2ieC3NhT8LQ==

err_rr== 4.0000

f3356442 Location:

Summary Statistics: Max. 1.0; Min. 0.0; StDev 0.1493161114235099; Mean 0.02281326507901159; Valid 8986.0;

Variable Format: numeric

Notes: UNF:6:OLMEZtS4C6k7qr+d7RMcJQ==

err_rr== 5.0000

f3356442 Location:

Summary Statistics: Valid 8986.0; StDev 0.22553679628869774; Mean 0.053750278210549; Max. 1.0; Min. 0.0;

Variable Format: numeric

Notes: UNF:6:pBOnOiKXS0zLj/EVn75GWQ==

err_rr== 6.0000

f3356442 Location:

Summary Statistics: Valid 8986.0; StDev 0.1641491331248433; Max. 1.0; Min. 0.0; Mean 0.02770977075450822

Variable Format: numeric

Notes: UNF:6:VTLhfguQiDsP2muA3EkiFQ==

$\Delta$ Export{t-2}$, 3-year avg

f3356442 Location:

Summary Statistics: Max. 227.79627990722656; StDev 24.253083156865216; Min. 0.24053920805454254; Valid 5996.0; Mean 33.453864751837315;

Variable Format: numeric

Notes: UNF:6:wGUa5mL22uqsfKZafYp2ng==

financial

f3356442 Location:

Summary Statistics: Min. 0.0; Max. 1.0; Valid 6265.0; Mean 0.24837184927374303; StDev 0.21127304221735568;

Variable Format: numeric

Notes: UNF:6:jh36kwlaLkr7Zk0rHeUyyA==

f3356442 Location:

Summary Statistics: Min. -36.0; StDev 22.094125519581237; Mean 3.5981308411215274; Valid 17334.0; Max. 41.0

Variable Format: numeric

Notes: UNF:6:z2tigP1jrG6qnQBm5kpHQA==

f3356442 Location:

Summary Statistics: Min. 0.0; StDev 464.946770683542; Mean 501.0687665859007; Valid 17334.0; Max. 1681.0

Variable Format: numeric

Notes: UNF:6:FRP6AWE5bleaawS8fcA5ZA==

manufactoring export (/% GDP)

f3356442 Location:

Summary Statistics: Mean 0.14812124912192395; Max. 1.8634854555130005; StDev 0.1942135966087949; Valid 4712.0; Min. 0.0

Variable Format: numeric

Notes: UNF:6:bqP5TbyB++in6tob+bKQ8A==

reserve_money

f3356442 Location:

Summary Statistics: Valid 5966.0; Mean 0.3913128809429694; Max. 16.50038719177246; Min. -0.02681512013077736; StDev 0.5282476947414917

Variable Format: numeric

Notes: UNF:6:AtRPS6hWNnnhdRQwtVmWuQ==

lnexport

f3356442 Location:

Summary Statistics: Valid 6950.0; Max. 28.348281860351562; Min. 13.30468463897705; StDev 2.5431235538934844; Mean 21.454513343975677

Variable Format: numeric

Notes: UNF:6:ajxyg6eNDEoa5kTQ2ixI+g==

election

f3356442 Location:

Summary Statistics: Max. 1.0; Min. 0.0; Mean 0.24088240526596666; Valid 5621.0; StDev 0.427657116300844

Variable Format: numeric

Notes: UNF:6:pwAmu9qLDszSWnW3cUcRxg==

opec

f3356442 Location:

Summary Statistics: Min. 0.0; Valid 17334.0; Max. 1.0; StDev 0.1961867842214697; Mean 0.040094611745703

Variable Format: numeric

Notes: UNF:6:ynuWtwDBuKrXLug9rKcwRw==

fh2

f3356442 Location:

Summary Statistics: StDev 4.023132343084627; Valid 5915.0; Min. 0.0; Mean 6.041927303465775; Max. 12.0;

Variable Format: numeric

Notes: UNF:6:FZmv4DIOu0pg0bU8Kd6hFA==

nohi

f3356442 Location:

Summary Statistics: Min. -87.14913940429688; Mean 38.146974032909355; Valid 2580.0; StDev 28.638923979910626; Max. 97.66487884521484;

Variable Format: numeric

Notes: UNF:6:8CjbG8ipZTu27kRVaW+hog==

DPI

f3356442 Location:

Summary Statistics: Mean 5.178609625668446; Valid 5610.0; StDev 2.161451492387699; Min. 1.0; Max. 7.0

Variable Format: numeric

Notes: UNF:6:0g07JopyXsIGnsNYfmFNZg==

FreedomHouse

f3356442 Location:

Summary Statistics: Max. 12.0; Mean 6.041927303465775; Min. 0.0; Valid 5915.0; StDev 4.023132343084627

Variable Format: numeric

Notes: UNF:6:FZmv4DIOu0pg0bU8Kd6hFA==

VDem

f3356442 Location:

Summary Statistics: StDev 0.28497800182617267; Valid 9269.0; Max. 0.9470936059951782; Mean 0.4332317856677679; Min. 0.009636340662837029

Variable Format: numeric

Notes: UNF:6:2DA2vkdXIkMEnohfh8cADw==

Other Study-Related Materials

Label:

README.txt

Notes:

text/plain

Other Study-Related Materials

Label:

reserve_log.pdf

Notes:

application/pdf

Other Study-Related Materials

Label:

reserve_replication.do

Notes:

application/x-stata-syntax