Regression results of credit composition and income inequality with interaction variables
| Explanatory variables | 1 | 2 | 3 | 4 |
|---|---|---|---|---|
| C-CRED | 0.0022*** (4.23) | 0.0021*** (4.13) | ||
| P-CRED | −0.0011*** (3.92) | −0.0012*** (3.89) | ||
| RGDPPC | 0.0021* (1.97) | 0.0020* (1.75) | 0.0019 (1.62) | 0.0019 (1.72) |
| EDU | −0.0323*** (−3.57) | −0.0322*** (−3.67) | −0.0328*** (−3.60) | −0.0325*** (−3.64) |
| INF | 0.0039*** (3.52) | 0.0038*** (3.47) | 0.0040*** (3.31) | 0.0040*** (3.21) |
| OPEN | −0.0001 (−0.57) | −0.0001 (−0.58) | −0.0001 (−0.66) | −0.0001 (−0.67) |
| GEX | 0.0007 (1.12) | 0.0007 (1.13) | 0.0007 (1.13) | 0.0007 (1.18) |
| FDI | −0.002*** (−3.62) | −0.002*** (−3.59) | −0.0021*** (−3.63) | −0.0021*** (−3.65) |
| PCI | −0.023*** (−3.87) | −0.022*** (−3.76) | −0.022*** (−3.79) | −0.022*** (−3.81) |
| C-CRED* EDU | 0.002 (1.23) | |||
| C-CRED* PCI | 0.034 (1.21) | |||
| P-CRED* EDU | 0.004*** (3.46) | |||
| P-CRED* PCI | 0.005*** (3.53) | |||
| No. of observations | 415 | 415 | 415 | 415 |
| No. of instrument | 21 | 21 | 21 | 21 |
| AR(1) | 0.000 | 0.000 | 0.000 | 0.000 |
| AR(2) | 0.780 | 0.790 | 0.842 | 0.832 |
| Hansen test | 0.305 | 0.306 | 0.287 | 0.256 |
| Explanatory variables | 1 | 2 | 3 | 4 |
|---|---|---|---|---|
| C-CRED | 0.0022*** (4.23) | 0.0021*** (4.13) | ||
| P-CRED | −0.0011*** (3.92) | −0.0012*** (3.89) | ||
| RGDPPC | 0.0021* (1.97) | 0.0020* (1.75) | 0.0019 (1.62) | 0.0019 (1.72) |
| EDU | −0.0323*** (−3.57) | −0.0322*** (−3.67) | −0.0328*** (−3.60) | −0.0325*** (−3.64) |
| INF | 0.0039*** (3.52) | 0.0038*** (3.47) | 0.0040*** (3.31) | 0.0040*** (3.21) |
| OPEN | −0.0001 (−0.57) | −0.0001 (−0.58) | −0.0001 (−0.66) | −0.0001 (−0.67) |
| GEX | 0.0007 (1.12) | 0.0007 (1.13) | 0.0007 (1.13) | 0.0007 (1.18) |
| FDI | −0.002*** (−3.62) | −0.002*** (−3.59) | −0.0021*** (−3.63) | −0.0021*** (−3.65) |
| PCI | −0.023*** (−3.87) | −0.022*** (−3.76) | −0.022*** (−3.79) | −0.022*** (−3.81) |
| C-CRED* EDU | 0.002 (1.23) | |||
| C-CRED* PCI | 0.034 (1.21) | |||
| P-CRED* EDU | 0.004*** (3.46) | |||
| P-CRED* PCI | 0.005*** (3.53) | |||
| No. of observations | 415 | 415 | 415 | 415 |
| No. of instrument | 21 | 21 | 21 | 21 |
| AR(1) | 0.000 | 0.000 | 0.000 | 0.000 |
| AR(2) | 0.780 | 0.790 | 0.842 | 0.832 |
| Hansen test | 0.305 | 0.306 | 0.287 | 0.256 |
Note(s): numbers in bracket indicate t-statistics, and asterisk marks with *, ** and *** indicate the estimated coefficients are statistically significant at level of 10, 5 and 1%, respectively
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