After a first blog on the Global Macro Database, let me update the code to download the whole database:
The file for replicating this blog is available on my own GitHub:
**# First tests of the Global Macroeconomic Database by
*Müller, Xu, Lehbib, and Chen (2025)
*April 2025
**# Start of Program
cd C:\Users\jamel\Dropbox\stata\gmd
capture log close _all
log using GDM_Mar25.log, name(GDM_Mar25) text replace
clear
*adoupdate
ssc install gmd
global CS1 "nGDP rGDP rGDP_pc rGDP_USD deflator cons rcons cons_GDP inv inv_GDP finv finv_GDP exports exports_GDP imports imports_GDP CA CA_GDP USDfx REER govexp govexp_GDP govrev govrev_GDP govtax govtax_GDP govdef govdef_GDP govdebt govdebt_GDP HPI CPI infl pop unemp strate ltrate cbrate M0 M1 M2 M3 M4 SovDebtCrisis CurrencyCrisis BankingCrisis"
gmd $CS1, country() version(2025_03)
des
encode ISO3, generate(cn)
xtset cn year
tsfill, full
order cn, first
decode cn, generate(iso3c)
order cn iso3c, first
kountry iso3c, from(iso3c)
rename NAMES_STD country
order cn iso3c country, first
drop countryname ISO3
xtdescribe
summ $CS1
tabstat $CS1, stat(count)
tabstat $CS1, stat(count) by(cn) save
qui return list
putexcel set "tabstat", replace sheet(Stats)
putexcel set "tabstat", modify sheet(Stats)
forvalues v=1(1)243 {
qui putexcel (A`v') = (r(name`v'))
qui putexcel (B`v') = matrix(r(Stat`v'))
}
*https://www.statalist.org/forums/forum/general-stata-discussion/general/1473382-exporting-variable-label-with-putexcel
putexcel set filename, replace
local row = 1
foreach x of varlist $CS1 {
describe `x'
local varlabel : var label `x'
qui putexcel A`row' = ("`varlabel'")
local row = `row'+1
}
gen LREER=log(REER)
gen LrGDP_pc=log(rGDP_pc)
areg CA_GDP L5.LREER L5.LrGDP_pc, absorb(cn year) rob
kountry iso3c, from(iso3c) to(imfn)
rename _IMFN_ imfcode
rename cn cn_
rename imfcode cn
qui group_dummy
areg CA_GDP L5.LREER L5.LrGDP_pc if ssa==1, ///
absorb(cn year) rob
tabstat $CS1 if ssa==1, stat(count) by(cn_) save
save GDM_Mar25.dta, replace
putexcel set "tabstat_ssa", modify sheet(Stats)
forvalues v=1(1)243 {
qui putexcel (A`v') = (r(name`v'))
qui putexcel (B`v') = matrix(r(Stat`v'))
}
log close _all
exit
**# End of ProgramThe descriptive statistics are the following:
Variable | Obs Mean Std. dev. Min Max
-------------+---------------------------------------------------------
nGDP | 19,553 1.97e+08 8.16e+09 1.08e-13 7.17e+11
rGDP | 22,712 4.24e+07 4.64e+08 5.42e-08 1.66e+10
rGDP_pc | 22,224 1.72e+07 1.11e+08 4.51e-08 1.77e+09
rGDP_USD | 16,173 205182.8 1039259 .077203 2.42e+07
deflator | 19,004 3.41e+09 3.78e+11 7.06e-16 5.10e+13
-------------+---------------------------------------------------------
cons | 12,820 5.27e+07 1.15e+09 1.96e-10 9.04e+10
rcons | 14,237 4.95e+07 4.78e+08 1.64e-06 1.03e+10
cons_GDP | 12,733 82.44329 22.43109 8.835807 298.3758
inv | 15,328 8.76e+07 3.27e+09 -6848830 2.51e+11
inv_GDP | 15,252 22.91494 11.27086 -21.54602 243.1756
-------------+---------------------------------------------------------
finv | 14,067 2.05e+07 4.75e+08 -20231 3.84e+10
finv_GDP | 13,987 21.87318 10.32057 -4.968716 157.8736
exports | 25,156 2.70e+07 7.77e+08 1.34e-14 4.65e+10
exports_GDP | 16,595 37.01969 56.87245 1.75e-11 1168.42
imports | 24,476 2.49e+07 6.54e+08 9.65e-15 4.00e+10
-------------+---------------------------------------------------------
imports_GDP | 16,277 39.99109 32.58367 2.03e-11 624.5701
CA | 12,975 6805663 3.01e+08 -7.62e+08 2.15e+10
CA_GDP | 12,975 -2.693354 13.05521 -240.495 311.7461
USDfx | 23,235 190.6948 1478.997 3.49e-16 42000
REER | 11,585 242.1952 3539.28 .3823057 279940.5
-------------+---------------------------------------------------------
govexp | 19,276 1.23e+07 2.28e+08 5.76e-15 1.45e+10
govexp_GDP | 14,897 24.10222 34.06604 1.23e-06 3341.202
govrev | 20,295 1.03e+07 1.85e+08 2.82e-22 1.15e+10
govrev_GDP | 14,728 42.52399 616.3299 2.47e-11 23977.27
govtax | 14,140 3666900 5.34e+07 6.48e-14 2.15e+09
-------------+---------------------------------------------------------
govtax_GDP | 9,466 15.16603 13.33653 .0000628 910.5263
govdef | 13,661 -7468088 2.58e+08 -1.67e+10 2.37e+08
govdef_GDP | 13,756 -208.0327 6274.573 -309875.5 2451.805
govdebt | 13,965 1.03e+08 3.42e+09 0 2.55e+11
govdebt_GDP | 14,649 52.57505 51.19932 0 2092.92
-------------+---------------------------------------------------------
HPI | 3,536 57.02474 94.70208 2.56e-12 3093.807
CPI | 18,722 3.03e+09 2.45e+11 1.73e-15 2.75e+13
infl | 19,878 5602113 7.51e+08 -99.97137 1.06e+11
pop | 51,938 13.39953 67.90833 3.75e-06 1534.732
unemp | 7,659 7.43133 5.98458 .0013352 70
-------------+---------------------------------------------------------
strate | 7,383 9.705481 83.74302 -.8191667 6404.965
ltrate | 7,747 7.201801 5.928785 -.5238333 209.6
cbrate | 8,759 23.08225 1109.123 -.75 103484.2
M0 | 14,453 6.41e+12 7.70e+14 1.43e-17 9.26e+16
M1 | 11,024 1.11e+07 1.38e+08 5.92e-18 4.83e+09
-------------+---------------------------------------------------------
M2 | 10,504 4.78e+12 4.90e+14 5.27e-18 5.02e+16
M3 | 3,221 4.94e+07 4.05e+08 3.94e-12 7.94e+09
M4 | 288 635671 1975027 .022 1.49e+07
SovDebtCri~s | 19,069 .0145786 .1198618 0 1
CurrencyCr~s | 19,596 .0279139 .1647303 0 1
-------------+---------------------------------------------------------
BankingCri~s | 19,933 .0181608 .1335362 0 1
You can also have the coverage per country in this Excel file:
I made a small regression for the current account reaction to the exchange rate and to the GDP per capita:
gen LREER=log(REER)
gen LrGDP_pc=log(rGDP_pc)
areg CA_GDP L5.LREER L5.LrGDP_pc, absorb(cn year) rob
And, for sub-Saharan African countries:
