Table III.

Factor analysis

VariablesAverage
PeruBrazil
Bank development−1.025 (0.11)−0.499 (0.15)
Institutional quality−0.252 (0.07)0.080 (0.08)

Notes:

Std. dev. between parentheses. In Peru and Brazil, there are 385 and 891 observations, respectively

Source: Own elaboration
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