Generalized QR results.
| Financial inclusion | Financial outreach | Financial usage | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Variables | 0.25 | 0.50 | 0.75 | 0.25 | 0.50 | 0.75 | 0.25 | 0.50 | 0.75 |
| financial_inclusion | –0.648*** (0.166) | –0.173*** (0.0426) | –0.206*** (0.00413) | ||||||
| financial_outreach | –1.593*** (0.110) | 0.0783 (0.181) | –0.191 (0.129) | ||||||
| financial_usage | 0.115** (0.0456) | –0.0844 (0.104) | –0.127*** (0.0143) | ||||||
| loggdp | 0.813*** (0.0773) | 0.810*** (0.0614) | 0.514*** (0.00616) | 0.800*** (0.142) | 0.230 (0.285) | 0.657*** (0.0944) | 0.452*** (0.0353) | 0.0663 (0.0993) | 0.569*** (0.0290) |
| agri_area | –0.0332 (0.0525) | 0.0559*** (0.00765) | 0.0554*** (0.000969) | 0.0893*** (0.0179) | 0.206*** (0.0269) | 0.123*** (0.0152) | 0.0524*** (0.0140) | 0.0911*** (0.0172) | 0.0240*** (0.00387) |
| frent | –0.105*** (0.0110) | 0.0420*** (0.00673) | 0.117*** (0.000748) | –0.0769*** (0.0270) | 0.0105 (0.0461) | 0.114*** (0.00545) | –0.114*** (0.00545) | 0.0217 (0.0147) | 0.125*** (0.00314) |
| trade | –0.0350*** (0.00450) | –0.0240*** (0.00246) | –0.0138*** (0.000239) | –0.0389*** (0.00203) | –0.0112* (0.00662) | –0.0195*** (0.000813) | –0.0326*** (0.00204) | –0.00896*** (0.00272) | –0.0118*** (0.000277) |
| pop_growth | 0.275* (0.158) | 0.309*** (0.0425) | 0.652*** (0.00536) | –0.205 (0.204) | 0.690*** (0.251) | 0.646*** (0.0926) | 0.570*** (0.0223) | 0.643*** (0.0678) | 0.582*** (0.0136) |
| Observations | 374 | 374 | 374 | 374 | 374 | 374 | 374 | 374 | 374 |
| Number of countries | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 |
| Financial inclusion | Financial outreach | Financial usage | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Variables | 0.25 | 0.50 | 0.75 | 0.25 | 0.50 | 0.75 | 0.25 | 0.50 | 0.75 |
| financial_inclusion | –0.648 | –0.173 | –0.206 | ||||||
| financial_outreach | –1.593 | 0.0783 (0.181) | –0.191 (0.129) | ||||||
| financial_usage | 0.115 | –0.0844 (0.104) | –0.127 | ||||||
| loggdp | 0.813 | 0.810 | 0.514 | 0.800 | 0.230 (0.285) | 0.657 | 0.452 | 0.0663 (0.0993) | 0.569 |
| agri_area | –0.0332 (0.0525) | 0.0559 | 0.0554 | 0.0893 | 0.206 | 0.123 | 0.0524 | 0.0911 | 0.0240 |
| frent | –0.105 | 0.0420 | 0.117 | –0.0769 | 0.0105 (0.0461) | 0.114 | –0.114 | 0.0217 (0.0147) | 0.125 |
| trade | –0.0350 | –0.0240 | –0.0138 | –0.0389 | –0.0112 | –0.0195 | –0.0326 | –0.00896 | –0.0118 |
| pop_growth | 0.275 | 0.309 | 0.652 | –0.205 (0.204) | 0.690 | 0.646 | 0.570 | 0.643 | 0.582 |
| Observations | 374 | 374 | 374 | 374 | 374 | 374 | 374 | 374 | 374 |
| Number of countries | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 |
Standard errors in parentheses; , , ; results related to quantile regression for panel data across different quantile 0.25, 0.5, and 0.75, all exogenous explanatory and instrumental variables included as instruments to handle the endogeneity problem in the panel data; Time-fixed effect included with MCMC optimization technique, 1000 draws performed, 300 burn-in period dropped, and 0.5 acceptance rate (the findings for quantiles from 0.1, 0.2, 0.3, 0.4, 0.5, 0.6, 0.7, 0.8, and 0.9 are available upon request from the author)
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