Table 2 Financial Efficiency and Public Credit Registries (PCR)
From: At what levels of financial development does information sharing matter?
Financial efficiency | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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: Banking System Efficiency | ||||||||||||
Constant | 94.940*** | 51.283*** | 75.054*** | 97.130*** | 108.35*** | 136.29*** | 92.993*** | 53.000*** | 74.958*** | 90.832*** | 107.44*** | 141.33*** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
PCR | 1.553*** | 1.476** | 2.380*** | 1.695*** | 1.846*** | 0.219 | 1.798*** | 1.716** | 2.513*** | 1.739*** | 1.996** | 0.406 |
(0.003) | (0.021) | (0.001) | (0.003) | (0.009) | (0.813) | (0.001) | (0.017) | (0.001) | (0.001) | (0.033) | (0.748) | |
PCR × PCR | −0.022** | −0.004 | −0.033** | −0.020 | −0.028* | −0.009 | −0.026** | −0.020 | −0.033 | −0.019 | −0.031 | −0.011 |
(0.038) | (0.738) | (0.037) | (0.146) | (0.072) | (0.605) | (0.028) | (0.182) | (0.062) | (0.100) | (0.126) | (0.677) | |
GDP growth | 0.274 | 0.754** | 0.089 | −0.416 | −0.290 | 0.604 | 0.308 | 1.295*** | 0.544 | 0.097 | −0.570 | −0.199 |
(0.459) | (0.046) | (0.836) | (0.825) | (0.589) | (0.332) | (0.394) | (0.000) | (0.202) | (0.781) | (0.425) | (0.811) | |
Inflation | −0.0008*** | 0.0008*** | 0.00009 | −0.0007*** | −0.001*** | −0.002*** | −0.035* | 0.022*** | −0.031 | −0.013* | −0.032*** | −0.058*** |
(0.000) | (0.000) | (0.650) | (0.000) | (0.000) | (0.000) | (0.064) | (0.001) | (0.091) | (0.083) | (0.003) | (0.000) | |
Public Invt. | −0.897** | −0.422 | −0.364 | −0.630* | −0.909* | −1.151*** | −0.806** | −0.461 | −0.441 | −0.593 | −0.528 | −1.307** |
(0.010) | (0.236) | (0.422) | (0.074) | (0.065) | (0.003) | (0.015) | (0.410) | (0.327) | (0.068) | (0.258) | (0.012) | |
Foreign Aid | −0.531*** | 0.094 | −0.249 | −0.334 | −0.524* | −1.244*** | −0.442** | 0.093 | −0.217 | −0.242 | −0.487 | −1.322** |
(0.007) | (0.663) | (0.364) | (0.120) | (0.075) | (0.002) | (0.018) | (0.759) | (0.412) | (0.219) | (0.143) | (0.012) | |
Trade | −0.200*** | −0.182*** | −0.243*** | −0.274*** | −0.197*** | −0.144* | −0.191*** | −0.227*** | −0.252*** | −0.229*** | −0.194** | −0.172 |
(0.000) | (0.000) | (0.000) | (0.000) | (0.004) | (0.096) | (0.000) | (0.002) | (0.000) | (0.000) | (0.016) | (0.121) | |
Net Effects | 1.505 | na | 1.632 | na | 1.785 | na | 1.741 | na | na | na | na | na |
Thresholds | −70.590 | na | −72.121 | na | −65.928 | na | −69.153 | na | na | na | na | na |
Pseudo R2/R2 | 0.123 | 0.105 | 0.107 | 0.098 | 0.065 | 0.105 | 0.136 | 0.127 | 0.121 | 0.097 | 0.079 | 0.117 |
Fisher | 12.30*** | 6.31*** | ||||||||||
Observations | 300 | 300 | 300 | 300 | 300 | 300 | 266 | 266 | 266 | 266 | 266 | 266 |
Panel B: Financial System Efficiency | ||||||||||||
Constant | 118.54*** | 52.173*** | 80.562*** | 102.34*** | 115.69*** | 172.58*** | 116.25*** | 50.204*** | 76.552*** | 99.911*** | 109.99*** | 170.07*** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
PCR | 0.725 | 1.690** | 2.147*** | 1.386*** | 1.539* | −0.676 | 0.906 | 1.993*** | 2.359*** | 1.924*** | 2.018** | −0.823 |
(0.248) | (0.016) | (0.002) | (0.003) | (0.053) | (0.747) | (0.183) | (0.008) | (0.001) | (0.000) | (0.015) | (0.778) | |
PCR × PCR | −0.006 | −0.010 | −0.027* | −0.016 | −0.023 | 0.003 | −0.008 | −0.022 | −0.031* | −0.024*** | −0.032* | 0.025 |
(0.633) | (0.460) | (0.072) | (0.137) | (0.191) | (0.942) | (0.553) | (0.168) | (0.055) | (0.006) | (0.076) | (0.681) | |
GDP growth | −0.216 | 0.851*** | 0.125 | −0.818*** | −0.999 | −0.838 | 0.053 | 1.543*** | 0.595 | 0.049 | −0.661 | −0.684 |
(0.631) | (0.005) | (0.780) | (0.008) | (0.115) | (0.464) | (0.902) | (0.000) | (0.119) | (0.849) | (0.274) | (0.681) | |
Inflation | −0.161*** | −0.148*** | −0.031 | −0.114*** | −0.172 | −0.257*** | −0.235** | −0.150** | −0.246*** | −0.291*** | −0.164*** | −0.323*** |
(0.004) | (0.000) | (0.463) | (0.003) | (0.112) | (0.001) | (0.022) | (0.014) | (0.000) | (0.000) | (0.000) | (0.004) | |
Public Invt. | −0.976** | −0.530 | −0.528 | −0.374 | −0.838 | −1.287* | −0.958** | −0.339 | −0.418 | −0.479** | −0.517 | −1.283 |
(0.020) | (0.149) | (0.223) | (0.175) | (0.130) | (0.075) | (0.023) | (0.439) | (0.318) | (0.045) | (0.317) | (0.208) | |
Foreign Aid | −1.116*** | 0.072 | −0.431* | −0.556*** | −0.510 | −1.678* | −1.045*** | 0.194 | −0.239 | −0.445*** | −0.288 | −1.637 |
(0.002) | (0.769) | (0.092) | (0.001) | (0.133) | (0.071) | (0.004) | (0.531) | (0.338) | (0.002) | (0.357) | (0.212) | |
Trade | −0.315*** | −0.172*** | −0.261*** | −0.283*** | −0.231*** | −0.288* | −0.305*** | −0.234*** | −0.250*** | −0.299*** | −0.225*** | −0.320 |
(0.000) | (0.000) | (0.000) | (0.000) | (0.002) | (0.053) | (0.000) | (0.001) | (0.000) | (0.000) | (0.002) | (0.116) | |
Net Effects | na | na | 2.088 | na | na | na | na | na | 2.292 | 1.872 | 1.949 | na |
Thresholds | na | na | −79.518 | na | na | na | na | na | −76.096 | −80.166 | −63.062 | na |
Pseudo R2/R2 | 0.127 | 0.094 | 0.114 | 0.105 | 0.054 | 0.099 | 0.126 | 0.114 | 0.117 | 0.100 | 0.060 | 0.094 |
Fisher | 8.87*** | 7.28*** | ||||||||||
Observations | 295 | 295 | 295 | 295 | 295 | 295 | 259 | 259 | 259 | 259 | 259 | 259 |