Table 2 Explanatory variables.

GDPP

GDP per capita

World Bank WDI database

Jensen and Blanc-Brude (2006) IMF (2006) (Rao 2020)

IRIMP

International reserves to imports ratio

World Bank WDI database

IMF (2006) Sharma (2011) Kumar (2019)

INF

Consumer price index

World Bank WDI database, Reserve Bank of Zimbabwe

IMF (2006) Sharma (2011) Rao (2020) Kumar (2019)

FDI

Net FDI to GDP (%)

World Bank WDI database

Marozva and Makoni (2018); Chikaza and Simatele (2021)

SMC

Stock market capitalisation to GDP (%)

World Bank WDI database

Ba et al. (2010); Ba et al. (2017)

DBC

Domestic bank credit to GDP (%)

World Bank WDI database

Ba et al. (2010); Ba et al. (2017)

BCD

Bank credit to bank deposits (%)

Reserve Bank of Zimbabwe

Pan et al. (2020)

NPL

Non-performing loans to bank assets (%)

Reserve Bank of Zimbabwe

Telang and Prakash (2015); Kamau (2016); Rao (2020)

CC

Control of corruption percentile rank

World Bank WGI database

Jensen and Blanc-Brude (2005); Benerjee, Oetzel and Ranganathan (2006); Moszoro et al., (2015); Nxumalo (2020)

RQ

Regulatory quality percentile rank

World Bank WGI database

Benerjee, Oetzel and Ranganathan (2006); Moszoro et al. (2015); Taguchi and Sinouchi (2019); Nxumalo (2020)

RL

Rule of law percentile rank

World Bank WGI database

Jensen and Blanc-Brude (2005); Benerjee, Oetzel and Ranganathan (2006); Moszoro et al. (2015); Nxumalo (2020)

VA

Voice and accountability percentile rank

World Bank WGI database

Benerjee, Oetzel and Ranganathan (2006); Taguchi and Sinouchi (2019); Fleta-Asin and Munoz (2021); Nxumalo (2020)

PS

Political stability percentile rank

World Bank WGI database

Jensen and Blanc-Brude (2005); Benerjee, Oetzel and Ranganathan (2006); Moszoro et al. (2015); Nxumalo (2020)

GE

Government effectiveness percentile rank

World Bank WGI database

Jensen and Blanc-Brude (2005); Benerjee, Oetzel and Ranganathan (2006); Taguchi and Sinouch (2019); Nxumalo (2020)