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1. Disposable personal income (DPI) The best known model that uses this variable is the Hibbs model.
However, this variable is not measurable.
This variable is a dummy variable.
However, this variable is unavailable to us.
This variable is evaluated through Eq. (43).
This variable is introduced in two ways.
This variable is more heterogeneous among countries.
This variable is negatively correlated with the debt ratios.
This variable is used to capture the general acculturation effect.
This variable is of course not a perfect measure.
This variable is positively correlated with the debt ratios.
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