Table 2: Descriptive statistics.

Descriptive statistics
SeriesObsMeanStd. dev.MinMax

GDP growth7500.02330.0287−0.13020.11639
GDP volatility7500.02320.01470.00360.0957
Consumption volatility7500.01860.01420.00220.0987
Investment volatility7500.07980.04760.00790.323
Government consumption volatility7500.01620.01000.0020.0646
Investment share of GDP75028.815.636716.042253.5848
Education75042.2313.679.7673.42
Population growth7500.0060.0050−0.00460.0241
Initial level of GDP75022541.938156.533980.2366065.33