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standardized before computing it's a 2-year rolling window standard deviation. All variables were transformed into their natural logarithms and introduced as first differences (denoted by the prefix dln ) in order to ensure their stationarity properties

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Monitor) 2024 ), some variables, for example, those concerning the motivations of starting a new business venture, were merged into one using the prefix ‘cons’ ( Table 1 ). Table 1. Description of the variables analysed Variable name Variable label Scale

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