Supply-side indicators of financial inclusion (Results of control variables in panel B and UQR can be obtained from authors)
| Access | Depth/size | Efficient | Composite measures | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VARIABLES | 0.25 | 0.50 | 0.75 | 0.25 | 0.50 | 0.75 | 0.25 | 0.50 | 0.75 | 0.25 | 0.50 | 0.75 |
| Panel A: Financial institutions | ||||||||||||
| Fia | –1.476*** (0.143) | –0.425 (1.158) | –3.397*** (0.275) | |||||||||
| fid | 2.416*** (0.473) | 0.204 (2.209) | –3.482*** (0.291) | |||||||||
| fie | 0.230 (1.070) | –1.701*** (0.0914) | –1.482*** (0.383) | |||||||||
| fi | –0.483*** (0.0419) | –4.267*** (1.002) | –6.378*** (0.296) | |||||||||
| loggdp | 0.578*** (0.0104) | 0.523*** (0.0794) | 0.752*** (0.0161) | 0.418*** (0.0945) | 0.941*** (0.0383) | 0.326*** (0.0386) | 0.754*** (0.220) | 0.559*** (0.0322) | 0.330*** (0.0117) | 0.380*** (0.00692) | 0.863*** (0.134) | 0.356*** (0.0737) |
| agri_area | 0.0944*** (0.00154) | 0.129*** (0.00631) | 0.0496*** (0.00441) | –0.0530*** (0.00936) | –0.0514 (0.104) | 0.155*** (0.0132) | –0.00201 (0.0532) | 0.0822*** (0.00353) | 0.0473*** (0.00333) | 0.113*** (0.00148) | 0.145*** (0.0179) | 0.225*** (0.00663) |
| frent | –0.109*** (0.00188) | 0.0562*** (0.0122) | 0.127*** (0.00164) | –0.0336* (0.0186) | 0.0169 (0.0266) | 0.0586*** (0.0191) | –0.0561** (0.0274) | 0.0812*** (0.00353) | 0.0666*** (0.00522) | –0.118*** (0.000961) | 0.0578** (0.0262) | 0.0744*** (0.0120) |
| trade | –0.0338*** (0.000273) | –0.0324*** (0.00254) | –0.0141*** (0.000264) | –0.0308*** (0.00102) | –0.0263*** (0.00313) | –0.0145*** (0.000564) | –0.0104 (0.00792) | –0.0195*** (0.000663) | –0.0148*** (0.000987) | –0.0347*** (0.000156) | –0.0323*** (0.000481) | –0.0181*** (0.000771) |
| pop_growth | 0.507*** (0.0142) | 0.504*** (0.0851) | 0.475*** (0.00755) | 0.138 (0.169) | 0.569** (0.232) | 0.473*** (0.0493) | 0.0231 (0.293) | 0.620*** (0.0539) | 0.525*** (0.0285) | 0.511*** (0.00650) | 0.152*** (0.0393) | 0.603*** (0.0319) |
| Panel B: Financial markets | ||||||||||||
| fma | 5.797*** (0.153) | 3.317*** (0.220) | 1.259*** (0.0140) | |||||||||
| fmd | –1.665 (6.539) | –5.895*** (1.869) | –4.434*** (0.681) | |||||||||
| fme | 3.361*** (0.114) | –0.139*** (0.0251) | 0.107 (0.260) | |||||||||
| fm | 10.31*** (0.187) | 4.908*** (0.268) | 3.341*** (0.0533) | |||||||||
| Observations | 374 | 374 | 374 | 374 | 374 | 374 | 374 | 374 | 374 | 374 | 374 | 374 |
| Access | Depth/size | Efficient | Composite measures | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VARIABLES | 0.25 | 0.50 | 0.75 | 0.25 | 0.50 | 0.75 | 0.25 | 0.50 | 0.75 | 0.25 | 0.50 | 0.75 |
| Fia | –1.476 | –0.425 (1.158) | –3.397 | |||||||||
| fid | 2.416 | 0.204 (2.209) | –3.482 | |||||||||
| fie | 0.230 (1.070) | –1.701 | –1.482 | |||||||||
| fi | –0.483 | –4.267 | –6.378 | |||||||||
| loggdp | 0.578 | 0.523 | 0.752 | 0.418 | 0.941 | 0.326 | 0.754 | 0.559 | 0.330 | 0.380 | 0.863 | 0.356 |
| agri_area | 0.0944 | 0.129 | 0.0496 | –0.0530 | –0.0514 (0.104) | 0.155 | –0.00201 (0.0532) | 0.0822 | 0.0473 | 0.113 | 0.145 | 0.225 |
| frent | –0.109 | 0.0562 | 0.127 | –0.0336 | 0.0169 (0.0266) | 0.0586 | –0.0561 | 0.0812 | 0.0666 | –0.118 | 0.0578 | 0.0744 |
| trade | –0.0338 | –0.0324 | –0.0141 | –0.0308 | –0.0263 | –0.0145 | –0.0104 (0.00792) | –0.0195 | –0.0148 | –0.0347 | –0.0323 | –0.0181 |
| pop_growth | 0.507 | 0.504 | 0.475 | 0.138 (0.169) | 0.569 | 0.473 | 0.0231 (0.293) | 0.620 | 0.525 | 0.511 | 0.152 | 0.603 |
| fma | 5.797 | 3.317 | 1.259 | |||||||||
| fmd | –1.665 (6.539) | –5.895 | –4.434 | |||||||||
| fme | 3.361 | –0.139 | 0.107 (0.260) | |||||||||
| fm | 10.31 | 4.908 | 3.341 | |||||||||
| Observations | 374 | 374 | 374 | 374 | 374 | 374 | 374 | 374 | 374 | 374 | 374 | 374 |
Standard errors in parentheses; , , ; fi and fm denoted composite measures of financial institutions and markets, fia, fid, fie, fma, fmd, fme respectively denoted financial institutions and markets access, depth or size, and efficiency
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