# **7. Appendix**

<u>Table A.1: Data Description</u>

|**Variable**<br>**Rl ffti**|<br>**Monthly indicators**<br> REER f BIS 19941 d dd ith INS dt|<br>**Additionalyearly indicators.**|
|---|---|---|
|**ea eecve**<br>**exchange rate**<br>**(REER)**|**reer:**rom (:m onwars), appene w aa<br>(1979:m12-1993:m12). Both use CPI-adjusted nominal effective<br>exchange rate. Source: BIS, INS.<br>**reer_adj:**REER as above, adjusted by cummulated difference<br>between official and unofficial CPI inflation for 2007:m12 onwards.<br>Source: BIS, INS, IFS, INDEC, PriceStats, and own calculations.||
|**Terms of trade**|**psoy_cpiae:**soybean price deflated by advanced economy CPI.<br>Source: IFS.|**tot:**terms of trade index. Source: WDI.|
|**Productivity**<br>**differential**|**psoy_cpiw:**soybeanprice deflated byworld CPI. Source: IFS.<br>**cpi_ppi:**ratio of consumer price index to producer price index<br>relative to main trade partners. Source: INDEC.<br>**cpi_ppi_adj:**ratio of consumer price index to producer price index,<br>relative to main trade partners, adjusted upward by a cummulative<br>30% over 2008-2015. Source: INDEC and own calculations.|**tbY:**trade balance as%of GDP.Source: WDI.<br>**tw_gdppc**GDP per capita rel. to trade partners. Source: WEO,<br>DOTS.<br> <br>**tw_gdppc_adj:**GDP per worker rel. to trade partners (adjusted for<br>Argentina by Pricestats deflator from 2008 onwards). Source:<br>WEO, DOTS, PriceStats.|
||**cpi_ppi_adj_large:**ratio of consumer to producer price index,<br>relative to main trade partners, adjusted upward by a cummulative<br>70% over 2008-2015. Source: INDEC and own calculations.<br>**cpi_wpi:**ratio of consumer price index to wholesale price index.<br>Source: INDEC.|**agr_tw:**agriculture value added per worker (constant US$) relative<br>to trade partners.(**agr_tw_xchn**excludes China.) Source: WDI,<br>DOTS, GGDC, OECD.<br>**tnt_ag_ind:**ratio of tradables (agric + other) value added (constant<br>domestic prices) per worker to nontradables value added per<br>worker, rel. to trade partners. Source: GGDC, WDI, DG ECFIN<br>AMECO, OECD, DOTS. (**tnt_ag_ind_xchn**excludes China from<br>trade partners.)|
||**ip_rel**: industrial production rel. to Brazil. Source: INDEC.<br>**ip_rel_adj:**industrial production (adjusted by OJF industrial<br>production growth since 2008) rel. to Brazil. Source: INDEC, OJF,<br>d llti|**tnt_ag:**ratio of agiculture value added (constant domestic prices)<br>per worker to nontradables value added per worker, rel. to trade<br>partners. Source: GGDC, WDI, DG ECFIN AMECO, OECD,<br>DOTS. (**tnt_ag_xchn**excludes China from trade partners.)<br>**tnt_ag_xchn2**and**tnt_ag_xchn3**: use different classifications of<br>nontradables sectors.|
|**International**<br>|an own cacuaons.<br>**res_cpi:**reserves in US$ deflated by US CPI. Source: IFS.|**res_extdebt:**reserves as % of external debt. Source: WDI.|
|**reserves**|**res_imp:**reserves as % of imports. Source: IFS, INDEC.|**resY:**reserves as % of GDP. Source: WDI.<br>|
|||**res_imp**: reserves as % of imports. Source: WDI, INDEC.|
|**Trade openness**|**trade_cpi:**total trade (exports plus imports) in US$, deflated by US<br>CPI. Source: INDEC, IFS.<br>**imp_cpi:**total imports in US$, deflated by US CPI. Source:<br>|<br>**tradeY:**total trade (exports plus imports) as % of GDP. Source:<br>WDI.<br>**impY:**total imports as % of GDP.|
||INDEC, IFS.|**impvol:**totalvolumeof imports.Source:WDI.|
|**Money supply**|**m2_cpi:**M2 deflated by official CPI. Source: IFS, INDEC.<br>**m2_cpi_adj:**M2 deflated by unofficial CPI. Source: IFS, INDEC,<br>PriceStatsand own calculations|**_** <br>**m2Y:**M2 as % of GDP. Source: WDI.<br>**m2_res:**M2 as % of reserves. Source: WDI.|
|**Net foreign assets**|,.<br>**nfa_cpi:**net foreign asset position in pesos deflated by official CPI.<br>Source: IFS Banking and Monetary surveys, INDEC, IFS, and own<br>calculations Starts in 1990|**cab_cpi, cabY:**current account balance in US$ deflated by US<br>CPI; current account balance as % of GDP.|
||. .<br>**nfa_cpi_adj:**net foreign asset position in pesos deflated by<br>unofficial CPI. Source: IFS Banking and Monetary surveys,<br>INDEC, IFS, PriceStats, and own calculations. Starts in 1990.|**xdebt_cpi, xdebtY, xdebt_exp:**stock of external debt in US$ deflated by US CPI, as % of GDP, and as % of exports.<br>|
|**Government**<br>**spending**|**ggcons_cpi**: nonfinancial public sector primary expenditure in<br>pesos, deflated by CPI. Source: MECON. Starts in 1993.<br>**ggcons_cpi_adj:**nonfinancial public sector primary expenditure in<br>pesos, deflated by unofficial CPI. Source: MECON, PriceStats, and<br>own calculations. Starts in 1993.|**nfaY:**netforeignassets as % ofGDP.<br>**ggconsY:**government consumption as % of GDP. Source: Oxford<br>Economics.<br>**ggcons_cpi:**real government consumption. Source: Oxford<br>Economics.|
|**Real interest rate**<br>**differential**|**r_rel: n**ominal interest rate minus official CPI inflation rel. to<br>Brazil. Source: IFS, INDEC.<br>**r_rel_usa:**nominal interest rate minus official CPI inflation rel. to<br>US. Source: IFS, INDEC.<br>**r_rel_adj:**nominal interest rate minus unofficial CPI inflation rel.<br>to Brazil. Source: IFS, INDEC, PriceStats.<br>**r_rel_adj_usa:**nominal interest rate minus unofficial CPI inflation<br>rel. to US. Source: IFS, INDEC, Pricestats.<br>**usa_r:**US nominal interest rate minus CPI inflation. Source: IFS.||

33