Table 7 The moderating role of political...

Table 7

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

Variables	(1)	(2)	(3)	(4)
Hdi	0.475***	0.349***	0.174	0.303***
Hdi	(0.079)	(0.066)	(0.108)	(0.099)
Dens	0.448*	0.525	−0.0247	1.60**
Dens	(0.259)	(0.325)	(0.501)	(0.689)
Depend	0.074	−0.171*	−0.166	−0.407***
Depend	(0.088)	(0.095)	(0.246)	(0.128)
Internet	0.097	0.233**	0.358**	0.265**
Internet	(0.100)	(0.118)	(0.166)	(0.108)
Mobile	0.0301*	0.028*	0.108	0.128*
Mobile	(0.0175)	(0.016)	(0.087)	(0.070)
Fh	0.162***	0.612**	0.739*	0.868**
Fh	(0.0324)	(0.310)	(0.449)	(0.377)
Glob	0.541*
Glob	(0.296)
Glob*Fh	0.517**
Glob*Fh	(0.209)
Globeco		0.607*
Globeco		(0.359)
Globeco*Fh		0.013*
Globeco*Fh		(0.007)
Globsoc			0.012
Globsoc			(0.009)
Globsoc*Fh			−0.016
Globsoc*Fh			(0.016)
Globpo				0.010**
Globpo				(0.005)
Globpo*Fh				0.022**
Globpo*Fh				(0.009)
Constant	−0.010	−0.214***	−0.316***	−0.114
Constant	(0.142)	(0.072)	(0.112)	(0.112)
Observations	506	506	506	506
R-squared	0.337	0.199	0.110	0.114
Kleibergen–Paap rk LM p.value	0.0006	0.0000	0.013	0.000
Kleibergen–Paap rk Wald F stat	8.078	14.955	3.951	2.875
Hansen p-value	0.142	0.804	0.251	0.297

Variables	(1)	(2)	(3)	(4)
Hdi	0.475***	0.349***	0.174	0.303***
Hdi	(0.079)	(0.066)	(0.108)	(0.099)
Dens	0.448*	0.525	−0.0247	1.60**
Dens	(0.259)	(0.325)	(0.501)	(0.689)
Depend	0.074	−0.171*	−0.166	−0.407***
Depend	(0.088)	(0.095)	(0.246)	(0.128)
Internet	0.097	0.233**	0.358**	0.265**
Internet	(0.100)	(0.118)	(0.166)	(0.108)
Mobile	0.0301*	0.028*	0.108	0.128*
Mobile	(0.0175)	(0.016)	(0.087)	(0.070)
Fh	0.162***	0.612**	0.739*	0.868**
Fh	(0.0324)	(0.310)	(0.449)	(0.377)
Glob	0.541*
Glob	(0.296)
Glob*Fh	0.517**
Glob*Fh	(0.209)
Globeco		0.607*
Globeco		(0.359)
Globeco*Fh		0.013*
Globeco*Fh		(0.007)
Globsoc			0.012
Globsoc			(0.009)
Globsoc*Fh			−0.016
Globsoc*Fh			(0.016)
Globpo				0.010**
Globpo				(0.005)
Globpo*Fh				0.022**
Globpo*Fh				(0.009)
Constant	−0.010	−0.214***	−0.316***	−0.114
Constant	(0.142)	(0.072)	(0.112)	(0.112)
Observations	506	506	506	506
R-squared	0.337	0.199	0.110	0.114
Kleibergen–Paap rk LM p.value	0.0006	0.0000	0.013	0.000
Kleibergen–Paap rk Wald F stat	8.078	14.955	3.951	2.875
Hansen p-value	0.142	0.804	0.251	0.297

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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