Table 3 Financial Activity and Public Credit Registries (PCR)
From: At what levels of financial development does information sharing matter?
Financial activity | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 Activity | ||||||||||||
Constant | 30.823*** | 8.230*** | 11.792*** | 13.919*** | 34.575*** | 77.176*** | 30.625*** | 8.482*** | 11.204*** | 12.937*** | 32.985*** | 78.545*** |
(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 | 0.962** | −0.298* | 0.404** | 2.059*** | 2.207*** | 2.246* | 1.232** | 0.238** | 0.967*** | 2.255*** | 2.477*** | 2.588** |
(0.044) | (0.072) | (0.038) | (0.000) | (0.000) | (0.053) | (0.015) | (0.029) | (0.000) | (0.000) | (0.000) | (0.018) | |
PCR × PCR | 0.008 | 0.026*** | 0.021*** | −0.011** | −0.017* | −0.027 | 0.005 | 0.001 | 0.012*** | −0.010 | −0.024*** | −0.035 |
(0.382) | (0.000) | (0.000) | (0.011) | (0.068) | (0.248) | (0.636) | (0.357) | (0.009) | (0.109) | (0.003) | (0.121) | |
GDP growth | −0.247 | −0.036 | −0.162 | −0.221* | −0.250 | −1.261** | −0.160 | −0.027 | −0.156 | −0.062 | −0.153 | −1.315*** |
(0.209) | (0.806) | (0.317) | (0.082) | (0.318) | (0.010) | (0.463) | (0.810) | (0.408) | (0.663) | (0.407) | (0.003) | |
Inflation | −0.057*** | 0.010 | −0.004 | −0.017 | −0.048* | −0.168*** | −0.079*** | 0.008 | −0.005 | −0.018 | −0.068*** | −0.203*** |
(0.001) | (0.234) | (0.744) | (0.258) | (0.050) | (0.001) | (0.004) | (0.443) | (0.754) | (0.127) | (0.000) | (0.000) | |
Public Invt. | −0.225 | 0.156* | 0.173 | 0.281** | −0.158 | −0.039 | −0.249 | 0.090 | 0.191 | 0.141 | −0.305* | −0.693* |
(0.172) | (0.076) | (0.289) | (0.013) | (0.445) | (0.926) | (0.154) | (0.159) | (0.310) | (0.226) | (0.053) | (0.096) | |
Foreign Aid | −0.691*** | −0.058 | −0.149* | −0.171** | −0.630*** | −1.503** | −0.686*** | −0.057 | −0.045 | −0.129* | −0.449*** | −1.297** |
(0.000) | (0.380) | (0.054) | (0.014) | (0.001) | (0.021) | (0.000) | (0.235) | (0.609) | (0.095) | (0.002) | (0.014) | |
Trade | −0.044* | −0.046*** | −0.035* | −0.016 | −0.060* | −0.205*** | −0.040 | −0.049*** | −0.042* | −0.004 | −0.045* | −0.170** |
(0.096) | (0.000) | (0.076) | (0.351) | (0.072) | (0.009) | (0.163) | (0.000) | (0.063) | (0.821) | (0.080) | (0.014) | |
Net Effects | na | −0.241 | 0.449 | 2.183 | 2.170 | na | na | na | 0.992 | na | 2.425 | na |
Thresholds | na | 11.461 | Synergy | −187.181 | −129.823 | na | na | na | Synergy | na | −103.208 | na |
Pseudo R2/R2 | 0.286 | 0.059 | 0.065 | 0.140 | 0.221 | 0.281 | 0.291 | 0.056 | 0.070 | 0.144 | 0.226 | 0.284 |
Fisher | 28.97*** | 16.35*** | ||||||||||
Observations | 295 | 295 | 295 | 295 | 295 | 295 | 259 | 259 | 259 | 259 | 259 | 259 |
Panel B: Financial System Activity | ||||||||||||
Constant | 41.611*** | 7.677*** | 11.309*** | 13.722*** | 35.390*** | 78.668*** | 41.452*** | 7.924*** | 10.568*** | 13.352*** | 34.324*** | 79.159*** |
(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 | 0.570 | −0.142 | 0.522*** | 2.066*** | 2.409*** | 2.257 | 0.822 | 0.193 | 0.912*** | 2.175*** | 2.553*** | 2.631 |
(0.316) | (0.371) | (0.002) | (0.000) | (0.000) | (0.186) | (0.183) | (0.173) | (0.000) | (0.000) | (0.000) | (0.175) | |
PCR × PCR | 0.016 | 0.020*** | 0.020*** | −0.011*** | −0.023* | −0.027 | 0.014 | 0.004 | 0.013*** | −0.007 | −0.026*** | −0.036 |
(0.163) | (0.000) | (0.000) | (0.007) | (0.064) | (0.421) | (0.324) | (0.101) | (0.000) | (0.259) | (0.008) | (0.372) | |
GDP growth | −0.349 | −0.012 | −0.125 | −0.230* | −0.219 | −1.256** | −0.258 | −0.035 | −0.185 | −0.088 | −0.177 | −1.325* |
(0.179) | (0.927) | (0.356) | (0.055) | (0.468) | (0.045) | (0.364) | (0.812) | (0.148) | (0.551) | (0.454) | (0.087) | |
Inflation | −0.073*** | 0.015* | 0.001 | −0.015 | −0.046 | −0.168*** | −0.101*** | 0.011 | −0.036* | −0.018 | −0.068*** | −0.202** |
(0.000) | (0.050) | (0.877) | (0.300) | (0.135) | (0.008) | (0.003) | (0.441) | (0.089) | (0.145) | (0.001) | (0.017) | |
Public Invt. | −0.178 | 0.174** | 0.233* | 0.312*** | −0.227 | −0.080 | −0.220 | 0.141 | 0.263* | 0.183 | −0.359* | −0.567 |
(0.420) | (0.037) | (0.083) | (0.004) | (0.408) | (0.885) | (0.354) | (0.423) | (0.096) | (0.163) | (0.081) | (0.397) | |
Foreign Aid | −1.032*** | −0.026 | −0.049 | −0.170** | −0.643*** | −1.506* | −1.026*** | −0.011 | −0.020 | −0.141* | −0.428** | −1.273 |
(0.000) | (0.675) | (0.451) | (0.010) | (0.009) | (0.073) | (0.000) | (0.862) | (0.767) | (0.083) | (0.020) | (0.171) | |
Trade | −0.105** | −0.052*** | −0.054*** | −0.018 | −0.060 | −0.217** | −0.100** | −0.048*** | −0.036** | −0.008 | −0.054 | −0.184 |
(0.010) | (0.000) | (0.001) | (0.273) | (0.169) | (0.032) | (0.023) | (0.000) | (0.045) | (0.657) | (0.102) | (0.132) | |
Net Effects | na | na | 0.565 | 2.042 | 2.359 | na | na | na | 0.940 | na | 2.496 | na |
Thresholds | na | 7.100 | Synergy | −187.181 | −104.739 | na | na | na | Synergy | na | −98.192 | na |
Pseudo R2/R2 | 0.187 | 0.054 | 0.059 | 0.119 | 0.174 | 0.213 | 0.186 | 0.051 | 0.063 | 0.122 | 0.178 | 0.210 |
Fisher | 19.41*** | 11.35*** | ||||||||||
Observations | 297 | 297 | 297 | 297 | 297 | 297 | 261 | 261 | 261 | 261 | 261 | 261 |