Table A1

List of countries in the study

Panel A: List of countries in the study
AfghanistanChinaKuwaitQatar
AlbaniaCosta RicaLesothoRomania
AngolaColombiaMauritaniaRwanda
AlgeriaDjiboutiMadagascarSenegal
ArmeniaEgyptMexicoSerbia
ArgentinaEstoniaMongoliaSeychelles
BangladeshEswatiniMontenegroSouth-Africa
BarhainEthiopiaMoldovaTajikistan
BeninEcuadorMoroccoTanzania
BelizeGhanaMozambiqueThaïland
BotswanaGuatemalaNepalTurkey
BolivieGeorgiaNicaraguaTunisia
Bukina FasoIndonesiaNigerTogo
BurundiIndiaNigeriaUganda
BrazilIranOmanUkraine
CambodiaIraqPanamaVietnam
Cape VerdeIvory CoastParaguayUruguay
CameroonJamaicaPakistanVenezuela
ChadKazakhstanPeruZambia
ChileKenyaPhilippinesZimbabwe
Panel B: Definition of variables
VariablesDefinitionsData sources
Bank concentration (C3)the total assets held by a country's three largest banksGFDD
Bank concentration (C5)the total assets held by a country's five largest banksGFDD
Women's education
  • -

    Enrolment in primary education, female

  • -

    Enrolment in secondary education, female

  • -

    female government spending on primary education

  • -

    female government spending on secondary education

UNESCO
DemocracyMeasured by the democracy index. It provides an indication of the constraints on the executivePolity IV
ElectricityMeasured by access to electricity for a given populationWDI
CorruptionMeasured by the level of corruptionICRG
UrbanizationMeasured by the proportion of the total population living in urban areas compared to the rural populationWDI
Trade opennessMeasured by the sum of exports and imports of goods and services in relation to GDP.WDI
InflationMeasured by the level of inflation in an economyWDI
FDIMeasured by net inflows and outflowsWDI
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