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Matteo Ruzzante and Nelson Sobrinho

most cases, the financial assets are typically held by the Central or the General Government. The data do not include international reserves held at central banks. Despite compiling asset data from multiple sources, the information available covers only one quarter of the country-years in our panel or 171 countries. A.II Governance Indicator We rely on multiple sources to construct a governance indicator with wider coverage of country-years compared to the existing indicators. Our starting point and core source is the Kaufmann et al. (2010) ’s Worldwide