Table 6. Time fixed effects QR results...

Table 6.

Time fixed effects QR results

	Financial outreach			Financial usage			Financial inclusion
VARIABLES	0.25	0.50	0.75	0.25	0.50	0.75	0.25	0.50	0.75
financial_outreach	–1.234*** (0.425)	–0.861*** (0.226)	–0.707*** (0.260)
financial_usage				0.0831 (0.215)	–0.151 (0.112)	–0.242* (0.131)
financial_inclusion							–0.443** (0.187)	–0.346*** (0.0975)	–0.309*** (0.111)
loggdp	0.774*** (0.275)	0.654*** (0.146)	0.605*** (0.169)	0.552** (0.277)	0.537*** (0.144)	0.532*** (0.170)	0.775*** (0.278)	0.643*** (0.145)	0.593*** (0.165)
agri_area	0.0502 (0.0447)	0.0667*** (0.0237)	0.0736*** (0.0275)	0.0227 (0.0472)	0.0386 (0.0245)	0.0448 (0.0289)	0.0616 (0.0473)	0.0749*** (0.0246)	0.0799*** (0.0280)
frent	–0.0553 (0.0633)	0.0513 (0.0340)	0.0954** (0.0384)	–0.0765 (0.0643)	0.0399 (0.0331)	0.0847** (0.0382)	–0.0528 (0.0636)	0.0498 (0.0335)	0.0887** (0.0370)
trade	–0.0315*** (0.00728)	–0.0206*** (0.00389)	–0.0160*** (0.00444)	–0.0252*** (0.00749)	–0.0181*** (0.00388)	–0.0154*** (0.00456)	–0.0290*** (0.00730)	–0.0200*** (0.00382)	–0.0166*** (0.00429)
pop_growth	0.327 (0.240)	0.452*** (0.127)	0.504*** (0.147)	0.614** (0.259)	0.524*** (0.134)	0.490*** (0.158)	0.359 (0.243)	0.470*** (0.127)	0.511*** (0.144)
Observations	374	374	374	374	374	374	374	374	374

	Financial outreach			Financial usage			Financial inclusion
VARIABLES	0.25	0.50	0.75	0.25	0.50	0.75	0.25	0.50	0.75
financial_outreach	–1.234*** (0.425)	–0.861*** (0.226)	–0.707*** (0.260)
financial_usage				0.0831 (0.215)	–0.151 (0.112)	–0.242* (0.131)
financial_inclusion							–0.443** (0.187)	–0.346*** (0.0975)	–0.309*** (0.111)
loggdp	0.774*** (0.275)	0.654*** (0.146)	0.605*** (0.169)	0.552** (0.277)	0.537*** (0.144)	0.532*** (0.170)	0.775*** (0.278)	0.643*** (0.145)	0.593*** (0.165)
agri_area	0.0502 (0.0447)	0.0667*** (0.0237)	0.0736*** (0.0275)	0.0227 (0.0472)	0.0386 (0.0245)	0.0448 (0.0289)	0.0616 (0.0473)	0.0749*** (0.0246)	0.0799*** (0.0280)
frent	–0.0553 (0.0633)	0.0513 (0.0340)	0.0954** (0.0384)	–0.0765 (0.0643)	0.0399 (0.0331)	0.0847** (0.0382)	–0.0528 (0.0636)	0.0498 (0.0335)	0.0887** (0.0370)
trade	–0.0315*** (0.00728)	–0.0206*** (0.00389)	–0.0160*** (0.00444)	–0.0252*** (0.00749)	–0.0181*** (0.00388)	–0.0154*** (0.00456)	–0.0290*** (0.00730)	–0.0200*** (0.00382)	–0.0166*** (0.00429)
pop_growth	0.327 (0.240)	0.452*** (0.127)	0.504*** (0.147)	0.614** (0.259)	0.524*** (0.134)	0.490*** (0.158)	0.359 (0.243)	0.470*** (0.127)	0.511*** (0.144)
Observations	374	374	374	374	374	374	374	374	374

Note(s):

Reported standard errors in parentheses are robust to heteroskedasticity based on the White Huber sandwidth estimator; $* * * p < 0.01$ ⁠, $* * p < 0.05$ ⁠, $* p < 0.1$ ⁠; results related to quantile regression based on method of moment (QRMM) estimator across quantile 0.25, 0.50, and 0.75 following Machado and Santos Silva (2019); Time fixed-effect included, explanatory and control variables absorbed in the estimation

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