Table A1 Variables names, definitions,...

Table A1

Variables names, definitions, measurements and sources

Code	Variable name	Definition	Measurement	Source
Dependent variable
FII	Financial inclusion index	Based on Sarma (2016), we use three dimensions namely penetration, availability and usage of financial services to construct the index	0–1	Construction (FAS, GFDD)
Control variables
Hdi	Human development index	Human development index, based on key dimensions of human development: a long and healthy life, a good education and a decent standard of living	0–1	UNDP
DENS	Population density	Population density	people per sq. km of land area)	WDI
Depend	Age dependence ratio	Age dependence ratio, in % of working-age population	%	WDI
Internet	Individual using the Internet	Individuals who have used the internet (from any location) in the last 3 months	%	WDI
Mobile	Mobile phone subscriptions	Subscriptions to a public mobile telephone service that provide access to the PSTN using cellular technology	%	WDI
Globalization variables of interest
Glob	Overall Globalization	Average value of economic, social and political indexes	0–100	KOF Swiss Economic Institute Gygli et al. (2019)
Globeco	Economic globalization	Average value of trade and financial globalization indexes	0–100	KOF Swiss Economic Institute Gygli et al. (2019)
Globsoc	Social globalization	Average value of interpersonal, informational and cultural globalization indexes	0–100	KOF Swiss Economic Institute Gygli et al. (2019)
Globpo	Political globalization	Aggregated and weighted data on the number of embassies and high commissioners in a country, number of country’s membership in international organization, participation in the UN peacekeeping missions and the number of international treaties signed by a country	0–100	KOF Swiss Economic Institute Gygli et al. (2019)
Political Regime variables of interest
Polity2	Polity2	Normalized between 0 and 1 to capture pure democracy or pure autocracy	0–1	http://www.cidcm.umd.edu/polity
Fh	Freedom house	Normalized between 0 and 1 to capture pure democracy or pure autocracy	0–1	http://www.freedomhouse.org/ratings
Dependent and Independent variables of interest: robustness
Democracy	Democracy index	combines information on the extent to which open, multi-party and competitive elections choose a chief executive who faces comprehensive institutional constraints, and political participation is competitive	0–1	Polity V
Outloan	Financial inclusion	Outstanding loan from commercial banks	%	Financial Access Survey
Trade	Globalization	Trade	%	WDI
List of countries
Angola, Botswana, Burkina-Faso, Burundi, Cabo Verde, Cameroon, Chad, Comoros, Congo, Côte d’Ivoire, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Lesotho, Madagascar, Malawi, Mali, Mauritania, Mauritius, Mozambique, Namibia, Niger, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, Tanzania, Togo, Uganda, Zambia, Zimbabwe

Code	Variable name	Definition	Measurement	Source
Dependent variable
FII	Financial inclusion index	Based on Sarma (2016), we use three dimensions namely penetration, availability and usage of financial services to construct the index	0–1	Construction (FAS, GFDD)
Control variables
Hdi	Human development index	Human development index, based on key dimensions of human development: a long and healthy life, a good education and a decent standard of living	0–1	UNDP
DENS	Population density	Population density	people per sq. km of land area)	WDI
Depend	Age dependence ratio	Age dependence ratio, in % of working-age population	%	WDI
Internet	Individual using the Internet	Individuals who have used the internet (from any location) in the last 3 months	%	WDI
Mobile	Mobile phone subscriptions	Subscriptions to a public mobile telephone service that provide access to the PSTN using cellular technology	%	WDI
Globalization variables of interest
Glob	Overall Globalization	Average value of economic, social and political indexes	0–100	KOF Swiss Economic Institute Gygli et al. (2019)
Globeco	Economic globalization	Average value of trade and financial globalization indexes	0–100	KOF Swiss Economic Institute Gygli et al. (2019)
Globsoc	Social globalization	Average value of interpersonal, informational and cultural globalization indexes	0–100	KOF Swiss Economic Institute Gygli et al. (2019)
Globpo	Political globalization	Aggregated and weighted data on the number of embassies and high commissioners in a country, number of country’s membership in international organization, participation in the UN peacekeeping missions and the number of international treaties signed by a country	0–100	KOF Swiss Economic Institute Gygli et al. (2019)
Political Regime variables of interest
Polity2	Polity2	Normalized between 0 and 1 to capture pure democracy or pure autocracy	0–1	http://www.cidcm.umd.edu/polity
Fh	Freedom house	Normalized between 0 and 1 to capture pure democracy or pure autocracy	0–1	http://www.freedomhouse.org/ratings
Dependent and Independent variables of interest: robustness
Democracy	Democracy index	combines information on the extent to which open, multi-party and competitive elections choose a chief executive who faces comprehensive institutional constraints, and political participation is competitive	0–1	Polity V
Outloan	Financial inclusion	Outstanding loan from commercial banks	%	Financial Access Survey
Trade	Globalization	Trade	%	WDI
List of countries
Angola, Botswana, Burkina-Faso, Burundi, Cabo Verde, Cameroon, Chad, Comoros, Congo, Côte d’Ivoire, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Lesotho, Madagascar, Malawi, Mali, Mauritania, Mauritius, Mozambique, Namibia, Niger, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, Tanzania, Togo, Uganda, Zambia, Zimbabwe

Source(s): Authors

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