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Structural Variables

Economic 
- Per capita Income
- Income Inequality
- Commodity dependence
    (% of exports, GDP, or tax
        revenues)
- Local currency as Reserve currency
- International banking center

IMF World Economic Outlook

​Political 
- Voice & Accountability
- Rule of Law
- Political Stability
- Control of Corruption
- Governmental Efficacy
- Regulatory Quality

world bank
​governance indicators

​Business Climate
-  Index:  Ease of Doing Business
-  Components

world bank
​ ease of doing business

Sector Variables

Fiscal
- Budget balance
   (primary, overall, &
       cyclically adjusted)​
- Revenue & expenditure trends
- Public debt
   (% of GDP, % in fx / short-term)

IMF-tested VARIABLES

IMF DEBT "HEAT MAP"

​Banking & Financial
- Capital ratios
​   (simple & Risk-weighted)
- Leverage ratios
- Credit growth (% yoy & as % GDP)
- Non-performing loans
​   (% loans, and net of provisions
​       as % capital)
-  Liquidity risk
-  Asset prices and risk

macro-prudential data (BIS)

EFSB* banking variabiles

  * European Financial Stability Board

​External
- Trade (volume % and % of global
      total)
​- Current account (% GDP and
      trends)
- External financing sources
- FX reserves 
​- External debt (% of GDP, % short-
       term)

external imbalances

reserve adequacy

Macro Trend Variables

Growth
Real GDP, % change yoy 
Real GDP, % change, projected 
Positive or negative output gap
​
Inflation
CPI, annual % change

Interest & Exchange Rates
Domestic v. foreign interest rates
Real Effective Exchange Rate, REER

Unemployment
Unemployment rate (% labor force) 

IMF Article IV country Reviews