Table 5 The effect of globalization on...

Table 5

The effect of globalization on financial inclusion

Variables	(1)	(2)	(3)	(4)
Hdi	0.497***	0.460***	0.824***	0.409***
Hdi	(0.085)	(0.0723)	(0.233)	(0.060)
Dens	0.512*	0.355	0.378	0.296
Dens	(0.281)	(0.258)	(0.321)	(0.271)
Depend	0.0119	−0.029	−0.162*	0.015
Depend	(0.036)	(0.048)	(0.098)	(0.055)
Internet	0.115***	0.122**	0.119***	0.127***
Internet	(0.029)	(0.053)	(0.039)	(0.048)
Mobile	0.0379*	6.99e−03	0.116**	9.29e−03
Mobile	(0.020)	(0.175)	(0.050)	(0.028)
Fh	0.106***	0.089***	0.118***	0.071***
Fh	(0.024)	(0.017)	(0.030)	(0.010)
polity2	0.022***	0.015***	0.047**	0.008***
polity2	(0.003)	(0.001)	(0.024)	(0.002)
Glob	0.431*
Glob	(0.223)
Globeco		0.002**
Globeco		(0.001)
Glosoc			0.010**
Glosoc			(0.005)
Globpo				0.001
Globpo				(0.001)
Constant	−0.016	−0.041	0.085	−0.143*
Constant	(0.093)	(0.078)	(0.128)	(0.084)
Observations	506	506	506	506
R-squared	0.372	0.348	0.275	0.349
Kleibergen–Paap rk LM p.value	0.000	0.000	0.002	0.000
Kleibergen–Paap rk Wald F stat	23.663	39.560	6.479	11.239
Hansen p-value	0.257	0.426	0.141	0.298

Variables	(1)	(2)	(3)	(4)
Hdi	0.497***	0.460***	0.824***	0.409***
Hdi	(0.085)	(0.0723)	(0.233)	(0.060)
Dens	0.512*	0.355	0.378	0.296
Dens	(0.281)	(0.258)	(0.321)	(0.271)
Depend	0.0119	−0.029	−0.162*	0.015
Depend	(0.036)	(0.048)	(0.098)	(0.055)
Internet	0.115***	0.122**	0.119***	0.127***
Internet	(0.029)	(0.053)	(0.039)	(0.048)
Mobile	0.0379*	6.99e−03	0.116**	9.29e−03
Mobile	(0.020)	(0.175)	(0.050)	(0.028)
Fh	0.106***	0.089***	0.118***	0.071***
Fh	(0.024)	(0.017)	(0.030)	(0.010)
polity2	0.022***	0.015***	0.047**	0.008***
polity2	(0.003)	(0.001)	(0.024)	(0.002)
Glob	0.431*
Glob	(0.223)
Globeco		0.002**
Globeco		(0.001)
Glosoc			0.010**
Glosoc			(0.005)
Globpo				0.001
Globpo				(0.001)
Constant	−0.016	−0.041	0.085	−0.143*
Constant	(0.093)	(0.078)	(0.128)	(0.084)
Observations	506	506	506	506
R-squared	0.372	0.348	0.275	0.349
Kleibergen–Paap rk LM p.value	0.000	0.000	0.002	0.000
Kleibergen–Paap rk Wald F stat	23.663	39.560	6.479	11.239
Hansen p-value	0.257	0.426	0.141	0.298

Note(s): Robust standard errors in parentheses

***p < 0.01, **p < 0.05, *p < 0.1

We used one instrument in this study such as: personal remittances received (% of GDP). This variable is extracted from the World Bank

Source(s): Authors’ calculation

Sharing Unavailable