Descriptive statistics
| Variables | Definition | Obs | Mean | SD | Min | Max |
|---|---|---|---|---|---|---|
| FINTECHit | The logarithm of the number of FinTech firms | 251 | 4.858 | 0.429 | 4.111 | 5.961 |
| DFSit | The logarithm of the amount of SMEs’ digital finance | 251 | 10.2 | 3 | 1.884 | 17.376 |
| ENTit | The logarithm of new business density | 179 | −0.524 | 1.551 | −4.758 | 3 |
| INSTit | Index of institutional qualities (using PCA) | 251 | 0 | 2.16 | −4.51 | 5.88 |
| GDPGit | GDP growth (%) | 251 | 3.73 | 3.60 | −20.60 | 20.72 |
| TRADEit | Trade openness (%) | 251 | 70.27 | 29.85 | 16.35 | 220.24 |
| INFit | Inflation (%) | 251 | 6.34 | 15.07 | −2.89 | 226.91 |
| Variables | Definition | Obs | Mean | SD | Min | Max |
|---|---|---|---|---|---|---|
| The logarithm of the number of FinTech firms | 251 | 4.858 | 0.429 | 4.111 | 5.961 | |
| The logarithm of the amount of SMEs’ digital finance | 251 | 10.2 | 3 | 1.884 | 17.376 | |
| The logarithm of new business density | 179 | −0.524 | 1.551 | −4.758 | 3 | |
| Index of institutional qualities (using PCA) | 251 | 0 | 2.16 | −4.51 | 5.88 | |
| GDP growth (%) | 251 | 3.73 | 3.60 | −20.60 | 20.72 | |
| Trade openness (%) | 251 | 70.27 | 29.85 | 16.35 | 220.24 | |
| Inflation (%) | 251 | 6.34 | 15.07 | −2.89 | 226.91 |
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