... occurred over the period of the analysis, as well as for economic and monetary regime changes, such as the creation of the monetary union and the introduction of the euro. A list of the variables ... (iii) the level of taxation (proxied by total government revenue as a share of GDP); (iv) the depth of the financial system and other financial indicators, as proxied by the share of domestic private ... ratio of the other countries and use this variable as an instrument. As such, this instrument has the advantage of not having a direct causation effect on the growth rate, at least if one assumes...