Table 1 Financial Depth and Public Credit Registries (PCR)
From: At what levels of financial development does information sharing matter?
Financial Depth | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Contemporary | Non-Contemporary | |||||||||||
OLS | Q.10 | Q.25 | Q.50 | Q.75 | Q.90 | OLS | Q.10 | Q.25 | Q.50 | Q.75 | Q.90 | |
Panel A: Overall Economic Depth (Money Supply) | ||||||||||||
Constant | 38.302*** | 19.220*** | 22.628*** | 21.499*** | 37.550*** | 75.910*** | 38.659*** | 19.908*** | 20.312*** | 20.804*** | 40.514*** | 72.342*** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.003) | |
PCR | 1.188** | −0.945*** | 0.303 | 1.137*** | 2.119*** | 3.145** | 1.362** | −0.014 | 1.398*** | 1.373*** | 1.845*** | 2.696 |
(0.032) | (0.000) | (0.159) | (0.000) | (0.000) | (0.029) | (0.014) | (0.959) | (0.000) | (0.000) | (0.000) | (0.194) | |
PCR × PCR | 0.003 | 0.052*** | 0.024*** | 0.004 | −0.014 | −0.047 | 0.0009 | 0.013** | 0.002 | 0.011 | −0.010 | −0.040 |
(0.770) | (0.000) | (0.000) | (0.403) | (0.190) | (0.141) | (0.935) | (0.021) | (0.631) | (0.307) | (0.401) | (0.405) | |
GDP growth | −0.476* | −0.216 | −0.610*** | −0.684*** | −0.527** | 0.161 | −0.392 | −0.224 | −0.432* | −0.542** | −0.620** | 0.048 |
(0.056) | (0.374) | (0.000) | (0.000) | (0.037) | (0.806) | (0.158) | (0.457) | (0.053) | (0.029) | (0.011) | (0.961) | |
Inflation | −0.056*** | 0.012 | −0.012 | −0.025 | −0.049* | −0.118 | −0.079*** | 0.011 | −0.010 | −0.037* | −0.088*** | −0.146 |
(0.002) | (0.390) | (0.380) | (0.191) | (0.051) | (0.135) | (0.008) | (0.698) | (0.603) | (0.070) | (0.000) | (0.219) | |
Public Invt. | 0.222 | 0.030 | 0.366** | 0.870*** | 1.139*** | −0.254 | 0.172 | −0.048 | 0.310 | 0.768*** | 1.019*** | −0.226 |
(0.468) | (0.880) | (0.045) | (0.000) | (0.000) | (0.672) | (0.600) | (0.845) | (0.157) | (0.000) | (0.000) | (0.780) | |
Foreign Aid | −0.635*** | −0.034 | −0.100 | −0.234*** | −0.761*** | −1.375 | −0.653*** | −0.087 | −0.068 | −0.243* | −0.743*** | −1.314 |
(0.000) | (0.743) | (0.256) | (0.008) | (0.000) | (0.171) | (0.000) | (0.477) | (0.514) | (0.068) | (0.001) | (0.298) | |
Trade | −0.012 | −0.038 | −0.016 | 0.042* | −0.023 | −0.115 | −0.005 | −0.037 | −0.002 | 0.060* | −0.012 | −0.054 |
(0.734) | (0.111) | (0.482) | (0.053) | (0.547) | (0.393) | (0.891) | (0.205) | (0.917) | (0.070) | (0.746) | (0.775) | |
Net Effects | na | −0.832 | na | na | na | na | na | na | na | na | na | na |
Thresholds | na | 18.173 | Synergy | na | na | na | na | 1.076 | na | na | na | na |
Pseudo R2/R2 | 0.222 | 0.054 | 0.072 | 0.146 | 0.211 | 0.233 | 0.223 | 0.047 | 0.068 | 0.145 | 0.200 | 0.224 |
Fisher | 27.88*** | 15.21*** | ||||||||||
Observations | 295 | 295 | 295 | 295 | 295 | 295 | 259 | 259 | 259 | 259 | 259 | 259 |
Panel B: Financial System Depth (Liquid Liabilities) | ||||||||||||
Constant | 32.242*** | 13.860*** | 14.292*** | 13.412*** | 37.863*** | 60.561*** | 32.423*** | 12.728*** | 13.787*** | 14.585*** | 37.179*** | 61.396*** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.001) | (0.000) | (0.000) | (0.000) | (0.000) | |
PCR | 0.738 | −0.889*** | −0.203 | 0.394 | 2.083*** | 2.283* | 0.903 | −0.758** | 0.804*** | 0.236 | 1.811** | 1.938* |
(0.166) | (0.008) | (0.198) | (0.143) | (0.001) | (0.052) | (0.107) | (0.013) | (0.000) | (0.508) | (0.016) | (0.078) | |
PCR × PCR | 0.013 | 0.050*** | 0.033*** | 0.018*** | −0.016 | −0.033 | 0.011 | 0.046*** | 0.014*** | 0.041*** | −0.010 | −0.029 |
(0.226) | (0.000) | (0.000) | (0.003) | (0.245) | (0.207) | (0.383) | (0.000) | (0.001) | (0.000) | (0.536) | (0.235) | |
GDP growth | −0.362 | −0.192 | −0.443*** | −0.443** | −0.747** | −0.497 | −0.305 | −0.229 | −0.343* | −0.374* | −0.355 | −0.577 |
(0.139) | (0.518) | (0.000) | (0.014) | (0.022) | (0.352) | (0.260) | (0.486) | (0.059) | (0.085) | (0.302) | (0.282) | |
Inflation | −0.039** | 0.023 | 0.002 | −0.007 | −0.059* | −0.124* | −0.055** | 0.018 | 0.003 | −0.025 | −0.075** | −0.172** |
(0.014) | (0.189) | (0.830) | (0.740) | (0.068) | (0.052) | (0.022) | (0.413) | (0.817) | (0.180) | (0.028) | (0.016) | |
Public Invt. | 0.315 | 0.105 | 0.513*** | 0.999*** | 0.966*** | 0.358 | 0.300 | 0.013 | 0.321** | 0.934*** | 0.880*** | 0.006 |
(0.278) | (0.662) | (0.000) | (0.000) | (0.001) | (0.461) | (0.350) | (0.959) | (0.046) | (0.000) | (0.000) | (0.989) | |
Foreign Aid | −0.690*** | −0.223* | −0.065 | −0.219** | −0.882*** | −1.380* | −0.705*** | −0.213* | −0.010 | −0.281** | −0.776** | −1.254 |
(0.000) | (0.075) | (0.314) | (0.029) | (0.002) | (0.092) | (0.000) | (0.084) | (0.886) | (0.021) | (0.013) | (0.108) | |
Trade | −0.012 | −0.031 | 0.003 | 0.054** | −0.025 | 0.010 | −0.005 | −0.004 | 0.0003 | 0.063** | −0.021 | 0.082 |
(0.710) | (0.271) | (0.850) | (0.031) | (0.617) | (0.924) | (0.880) | (0.888) | (0.985) | (0.034) | (0.720) | (0.449) | |
Net Effects | na | −0.781 | na | na | na | na | na | −0.568 | 0.834 | na | na | na |
Thresholds | na | 17.78 | 6.151 | Synergy | na | na | na | 16.478 | Synergy | Synergy | na | na |
Pseudo R2/R2 | 0.231 | 0.049 | 0.060 | 0.127 | 0.200 | 0.246 | 0.228 | 0.041 | 0.055 | 0.124 | 0.195 | 0.238 |
Fisher | 20.46*** | 12.07*** | ||||||||||
Observations | 295 | 295 | 295 | 295 | 295 | 295 | 259 | 259 | 259 | 259 | 259 | 259 |