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Table 3 Descriptive statistics

From: How can states benefit from the equity premium puzzle? Debt as revenue source for Swiss cantons

Variable Source Mean Std. dev. Min. Max.
Interest rate (in basis points) Own calculations based on data of the Swiss federal finance administration 336.043 122.71 8.297 783.488
Risk-free rate [lowest cantonal interest rate per annum] (in basis points) Own calculations based on data of the Swiss federal finance administration 149.071 70.467 0.371 238.63
Interest spread (in basis points) Own calculations based on data of the Swiss federal finance administration 186.972 84.343 1.453 581.618
Debt (in 1000 CHF per capita) Swiss federal statistical office 6.083 5.621 0.405 36.066
Cantonal overall fiscal balance (1000 CHF per capita) Swiss federal finance administration − 0.076 0.538 − 4.636 2.692
Cantonal equity (1000 CHF per capita)a Swiss federal finance administration 0.838 3.501 − 17.025 20.584
Cantonal non-administrative assets (1000 CHF per capita)a Swiss federal finance administration 4.421 3.187 0.722 21.295
Interest receivable (1000 CHF per capita) Swiss federal finance administration 0.278 0.239 0.038 1.759
Tax revenue (in 1000 CHF per capita) Swiss federal finance administration 3.467 2.271 0.718 14.486
Municipal overall fiscal balance (1000 CHF per capita) Swiss federal finance administration − 0.018 0.221 − 0.814 0.943
Nominal GDP (in 1000 CHF per capita) BAK Basel Economics 51.005 19.903 17.235 162.389
Log (population) Swiss federal statistical office 12.023 1.125 9.456 14.185
Population growth (in %) Swiss federal statistical office 0.754 0.736 − 1.569 6.960
Elderly (as % of total population) Swiss federal statistical office 15.141 2.196 10.183 21.756
Young (as % of total population) Swiss federal statistical office 23.948 3.415 16.102 33.584
Unemployment (in %) Swiss federal statistical office 2.252 1.725 0.000 7.800
Bourgeois parties in executive (as % of all members) Swiss federal statistical office 43.518 20.394 0.000 100.000
Referendum stringency (index; 1 [hard] to 6 [easy]) Frey and Stutzer (2000) 3.856 1.296 0.000 6.000
Accounting standard (index; 1 [poor] to 3 [strong]) Own inquiry 1.090 0.354 1.000 3.000
Debt brake (index; 1 [poor] to 3 [restrictive]) Feld and Kirchgässner (2008) 0.572 0.978 0.000 3.000
No bailout (dummy = 1 after 2003)   0.321 0.467 0.000 1.000
  1. n = 841 (unbalanced panel with t = 34 and N = 26)
  2. an = 618