Replication Data for: Democracy and Reserve (doi:10.7910/DVN/UWVQRG)

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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 Reserve

Identification Number:

doi:10.7910/DVN/UWVQRG

Distributor:

Harvard Dataverse

Date of Distribution:

2020-02-05

Version:

Bibliographic Citation:

Son, Byunghwan, 2020, "Replication Data for: Democracy and Reserve", https://doi.org/10.7910/DVN/UWVQRG, Harvard Dataverse, V1, UNF:6:Ay1MYBXcn7A7P4QuZ9QQag== [fileUNF]

Study Description

Citation

Title:

Replication Data for: Democracy and Reserve

Identification Number:

doi:10.7910/DVN/UWVQRG

Authoring Entity:

Son, Byunghwan (George Mason University)

Distributor:

Harvard Dataverse

Access Authority:

Son, Byunghwan

Depositor:

Son, Byunghwan

Date of Deposit:

2019-05-22

Holdings Information:

https://doi.org/10.7910/DVN/UWVQRG

Study Scope

Keywords:

Social Sciences

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--f3431928

File: reserve_replication.tab

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

Notes:

UNF:6:Ay1MYBXcn7A7P4QuZ9QQag==

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

f3431928 Location:

Variable Format: character

Notes: UNF:6:jbUwSN6IxQQydVLQFGWAWw==

Year

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:lrbC80aQju5JoM2YZL4xLw==

Democracy

f3431928 Location:

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

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

Variable Format: numeric

Notes: UNF:6:mpz5zSXHDNJGOw9+qeLL2Q==

Executive Electoral Competitiveness

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:0g07JopyXsIGnsNYfmFNZg==

Political Constraints Index V

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:SI5g7P32k8kPaPpsxK6NjQ==

Point estimate of the HRV index

f3431928 Location:

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

Variable Format: numeric

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

ICRG Indicator of Quality of Government

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:VwnAh7ypYR+t3ayW4S8N5Q==

Current account balance

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:D1DGpDI8ZFtNiirLLLpVlA==

Revised Combined Polity Score

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:jBhsbkqI2KqT4/psZ3zI3w==

Exports of goods and services (% of GDP)

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:MHKHagghDvY52YcsOYCuSA==

Manufactures exports (% of merchandise exports)

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:c7akyvH5jx54tIA2yRjcNQ==

GDP growth (annual %)

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:nr/Hu8XBmR0EfoLSpGhfPg==

country

f3431928 Location:

Variable Format: character

Notes: UNF:6:NSROyZWQVtmowI0MRQ5dyg==

code

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:8jYClUaXSRPv2BJ8Npf71A==

Region Code

f3431928 Location:

Variable Format: character

Notes: UNF:6:slMxc8E8OBo8wkiowIRErA==

Total reserves in months of imports

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:VB5rT9WduTn81gN55cdO/w==

Inflation, consumer prices (annual %)

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:xxlcQpKXBDZGzOqbuJURGQ==

res_xg

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:f8rDPbAm1hPk6GVRT37tgg==

CBI Garriga (weighted)

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:f8cZWobbOVFVQQtZQDt9XQ==

CBI Bodea-Hicks IO

f3431928 Location:

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

Variable Format: numeric

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

Regime Type (simplified)

f3431928 Location:

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

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

Variable Format: numeric

Notes: UNF:6:zhQzR6epkdeFVvQENlxu2g==

Electoral democracy index

f3431928 Location:

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

Variable Format: numeric

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

noCrisis

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:lN5oc0VJFJHwL6ZB6iM2pA==

noCrisis2

f3431928 Location:

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

Variable Format: numeric

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

noCrisis3

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:gBhtvBcoccWwvhCjNk/X0g==

all past crises

f3431928 Location:

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

Variable Format: numeric

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

lnres

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:scTfR/NIsrew3YcFl26qyw==

lngdppc

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:9Wx0yoWRYJuz9tGjQtcRGA==

lngdp

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:P0eY/MQuPIfa9drSFy7f8w==

lngold

f3431928 Location:

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

Variable Format: numeric

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

usinter

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:nxOU8PEgvsoLKNJegV0+jw==

res_gdp

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:f61oCCNwQkoitw8t2EDcrg==

Eurozone

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:pny7MKjWD2f48RyvUSmtJw==

err_rr== 1.0000

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:sgo8WJbTKtxivcChLKOhrw==

err_rr== 2.0000

f3431928 Location:

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

Variable Format: numeric

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

err_rr== 3.0000

f3431928 Location:

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

Variable Format: numeric

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

err_rr== 4.0000

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:OLMEZtS4C6k7qr+d7RMcJQ==

err_rr== 5.0000

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:pBOnOiKXS0zLj/EVn75GWQ==

err_rr== 6.0000

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:VTLhfguQiDsP2muA3EkiFQ==

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

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:wGUa5mL22uqsfKZafYp2ng==

financial

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:jh36kwlaLkr7Zk0rHeUyyA==

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:z2tigP1jrG6qnQBm5kpHQA==

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:FRP6AWE5bleaawS8fcA5ZA==

manufactoring export (/% GDP)

f3431928 Location:

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

Variable Format: numeric

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

reserve_money

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:AtRPS6hWNnnhdRQwtVmWuQ==

lnexport

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:ajxyg6eNDEoa5kTQ2ixI+g==

election

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:pwAmu9qLDszSWnW3cUcRxg==

opec

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:ynuWtwDBuKrXLug9rKcwRw==

fh2

f3431928 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==

nohi

f3431928 Location:

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

Variable Format: numeric

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

DPI

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:0g07JopyXsIGnsNYfmFNZg==

FreedomHouse

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:FZmv4DIOu0pg0bU8Kd6hFA==

VDem

f3431928 Location:

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

Variable Format: numeric

Notes: UNF:6:2DA2vkdXIkMEnohfh8cADw==

Other Study-Related Materials

Label:

README-2.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