Table 8. Generalized QR results....

Table 8.

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*** (0.166)	–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

Note(s):

Standard errors in parentheses; $* * * p < 0.01$ ⁠, $* * p < 0.05$ ⁠, $* p < 0.1$ ⁠; 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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