3.2. Measuring economic conditions
To measure prior economic conditions we use standard macroeconomic
aggregates (the raw data are in Table 3). We use the versions of these data
published by two investment banks, J.P. Morgan (Emerging Markets: Economic
Indicators, Dec. 5, 1997) and Goldman Sachs (Emerging Markets Biweekly, Dec.
10, 1997). Both of these organizations build their databases using the available
information from national statistical o$ces and international organizations,
most notably the IMF and the World Bank, but they also put a great deal of
e!ort into ensuring that the data are comparable across countries. In addition,
3.2. Measuring economic conditionsTo measure prior economic conditions we use standard macroeconomicaggregates (the raw data are in Table 3). We use the versions of these datapublished by two investment banks, J.P. Morgan (Emerging Markets: EconomicIndicators, Dec. 5, 1997) and Goldman Sachs (Emerging Markets Biweekly, Dec.10, 1997). Both of these organizations build their databases using the availableinformation from national statistical o$ces and international organizations,most notably the IMF and the World Bank, but they also put a great deal ofe!ort into ensuring that the data are comparable across countries. In addition,
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