Robustness using alternative estimation technique and alternative measure of financial inclusion
| Variables | (1) | (2) |
|---|---|---|
| Estimation technique: system GMM | ||
| Outloan (−1) | 0.716*** | 0.857*** |
| (0.217) | (0.319) | |
| Hdi | 43.9*** | 21.6 |
| (13.1) | (25.9) | |
| Dens | 2.517*** | 1.483* |
| (0.593) | (0.835) | |
| Depend | −0.579*** | −0.705*** |
| (0.065) | (0.107) | |
| Internet | 0.923*** | 1.123*** |
| (0.037) | (0.083) | |
| Mobile | 0.111*** | 0.134*** |
| (0.033) | (0.032) | |
| Democracy | 0.119*** | 0.365* |
| (0.028) | (0.208) | |
| Trade | 0.010*** | 0.596* |
| (0.001) | (0.305) | |
| c.Trade#c.Democracy | 0.842** | |
| (0.396) | ||
| Constant | 0.624*** | 0.457 |
| (0.117) | (0.389) | |
| Instruments | 25 | 25 |
| Countries | 36 | 36 |
| Observations | 359 | 359 |
| AR(1) | 0.007 | 0.002 |
| AR(2) | 0.141 | 0.118 |
| Hansen test p-value | 0.645 | 0.625 |
| Variables | (1) | (2) |
|---|---|---|
| Estimation technique: system GMM | ||
| Outloan (−1) | 0.716*** | 0.857*** |
| (0.217) | (0.319) | |
| Hdi | 43.9*** | 21.6 |
| (13.1) | (25.9) | |
| Dens | 2.517*** | 1.483* |
| (0.593) | (0.835) | |
| Depend | −0.579*** | −0.705*** |
| (0.065) | (0.107) | |
| Internet | 0.923*** | 1.123*** |
| (0.037) | (0.083) | |
| Mobile | 0.111*** | 0.134*** |
| (0.033) | (0.032) | |
| Democracy | 0.119*** | 0.365* |
| (0.028) | (0.208) | |
| Trade | 0.010*** | 0.596* |
| (0.001) | (0.305) | |
| c.Trade#c.Democracy | 0.842** | |
| (0.396) | ||
| Constant | 0.624*** | 0.457 |
| (0.117) | (0.389) | |
| Instruments | 25 | 25 |
| Countries | 36 | 36 |
| Observations | 359 | 359 |
| AR(1) | 0.007 | 0.002 |
| AR(2) | 0.141 | 0.118 |
| Hansen test | 0.645 | 0.625 |
Note(s): Standard errors in parentheses
***p < 0.01, **p < 0.05, *p < 0.1
Source(s): Authors’ estimation
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