Definition of key variables
| Variable name | Variable symbols | Measurement |
|---|---|---|
| Financial inclusion index | IFI | Based on the IFI compilation above |
| Financial literacy | Literacy | Gross enrollment ratio in tertiary education |
| Technology level | Technology | Natural logarithm of the number of patent applications filed by residents |
| Regulatory quality | Quality | Assessment of supervision quality |
| Digital finance | Digitization | Proportion of services purchased using digital methods in the past year (%) |
| Gross national income per capita | Income | Natural logarithm of GNI per capita in purchasing power parity terms |
| Age | Age | Proportion of population aged 65 years and over to total population (%) |
| Urbanization rate | Urbanization | Urban population as a proportion of total population (%) |
| Capital ratio | CAR | Commercial banks’ capital as a percentage of total assets (%) |
| Social stability | Stability | Political stability and absence of terrorism assessment |
| Variable name | Variable symbols | Measurement |
|---|---|---|
| Financial inclusion index | IFI | Based on the IFI compilation above |
| Financial literacy | Literacy | Gross enrollment ratio in tertiary education |
| Technology level | Technology | Natural logarithm of the number of patent applications filed by residents |
| Regulatory quality | Quality | Assessment of supervision quality |
| Digital finance | Digitization | Proportion of services purchased using digital methods in the past year (%) |
| Gross national income per capita | Income | Natural logarithm of GNI per capita in purchasing power parity terms |
| Age | Age | Proportion of population aged 65 years and over to total population (%) |
| Urbanization rate | Urbanization | Urban population as a proportion of total population (%) |
| Capital ratio | CAR | Commercial banks’ capital as a percentage of total assets (%) |
| Social stability | Stability | Political stability and absence of terrorism assessment |
Notes: IFI = Inclusive finance index; GNI = gross national income