Table 6 The moderating role of political...

Table 6

The moderating role of political regime (polity2) in the relationship between globalization and financial inclusion

Variables	(1)	(2)	(3)	(4)
Hdi	0.389***	0.495***	0.276**	0.369***
Hdi	(0.121)	(0.165)	(0.116)	(0.0845)
Dens	0.288	0.00422*	0.00350	0.0108**
Dens	(0.477)	(0.00247)	(0.00241)	(0.00466)
Depend	−0.019	0.00292	0.00169	0.00416***
Depend	(0.129)	(0.00364)	(0.00137)	(0.00125)
Internet	0.135***	0.000373***	0.000731	0.00166
Internet	(0.033)	(0.0000)	(0.00144)	(0.00157)
Mobile	8.88e−03	0.000163***	−0.000129	0.000947*
Mobile	(0.0351)	(0.00002)	(0.000496)	(0.000529)
Polity2	0.015***	0.982	0.321***	1.094***
Polity2	(0.005)	(1.246)	(0.063)	(0.389)
Glob	−0.158
Glob	(0.06)
Glob*polity2	0.001***
Glob*polity2	(0.000)
Globeco		0.018*
Globeco		(0.009)
Globeco*polity2		0.025**
Globeco*polity2		(0.010)
Globsoc			0.004**
Globsoc			(0.002)
Globsoc*polity2			0.009*
Globsoc*polity2			(0.005)
Globpo				0.021***
Globpo				(0.008)
Globpo*polity2				0.030***
Globpo*polity2				(0.010)
Constant	−0.057	0.309	−0.072	0.235
Constant	(0.660)	(0.535)	(0.218)	(0.191)
Observations	506	506	506	506
R-squared	0.345	0.122	0.404	0.114
Kleibergen–-Paap rk LM p.value	0.021	0.001	0.000	0.029
Kleibergen–Paap rk Wald F stat	3.843	7.253	8.201	3.574
Hansen p-value	0.256	0.102	0.379	0.182

Variables	(1)	(2)	(3)	(4)
Hdi	0.389***	0.495***	0.276**	0.369***
Hdi	(0.121)	(0.165)	(0.116)	(0.0845)
Dens	0.288	0.00422*	0.00350	0.0108**
Dens	(0.477)	(0.00247)	(0.00241)	(0.00466)
Depend	−0.019	0.00292	0.00169	0.00416***
Depend	(0.129)	(0.00364)	(0.00137)	(0.00125)
Internet	0.135***	0.000373***	0.000731	0.00166
Internet	(0.033)	(0.0000)	(0.00144)	(0.00157)
Mobile	8.88e−03	0.000163***	−0.000129	0.000947*
Mobile	(0.0351)	(0.00002)	(0.000496)	(0.000529)
Polity2	0.015***	0.982	0.321***	1.094***
Polity2	(0.005)	(1.246)	(0.063)	(0.389)
Glob	−0.158
Glob	(0.06)
Glob*polity2	0.001***
Glob*polity2	(0.000)
Globeco		0.018*
Globeco		(0.009)
Globeco*polity2		0.025**
Globeco*polity2		(0.010)
Globsoc			0.004**
Globsoc			(0.002)
Globsoc*polity2			0.009*
Globsoc*polity2			(0.005)
Globpo				0.021***
Globpo				(0.008)
Globpo*polity2				0.030***
Globpo*polity2				(0.010)
Constant	−0.057	0.309	−0.072	0.235
Constant	(0.660)	(0.535)	(0.218)	(0.191)
Observations	506	506	506	506
R-squared	0.345	0.122	0.404	0.114
Kleibergen–-Paap rk LM p.value	0.021	0.001	0.000	0.029
Kleibergen–Paap rk Wald F stat	3.843	7.253	8.201	3.574
Hansen p-value	0.256	0.102	0.379	0.182

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

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