At what levels of financial development does information sharing matter?

Asongu, Simplice A.; Nwachukwu, Jacinta C.

doi:10.1186/s40854-017-0061-1

Financial Innovation

Table 4 Financial Size and Public Credit Registries (PCR)

From: At what levels of financial development does information sharing matter?

	Financial size
	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
Constant	80.591***	49.414***	73.926***	93.805***	98.821***	95.953***	79.225***	41.011***	75.023***	91.065***	97.709***	98.665***
	(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	1.201***	1.514	1.489***	0.660*	0.330**	0.173	1.329***	2.956***	1.422***	0.755**	0.321***	0.142
	(0.000)	(0.171)	(0.000)	(0.092)	(0.027)	(0.134)	(0.000)	(0.000)	(0.000)	(0.029)	(0.008)	(0.349)
PCR × PCR	−0.021***	−0.018	−0.026***	−0.010	−0.006*	−0.004*	−0.025***	−0.081***	−0.026***	−0.016	−0.006**	−0.003
	(0.000)	(0.360)	(0.002)	(0.269)	(0.051)	(0.090)	(0.000)	(0.000)	(0.005)	(0.103)	(0.011)	(0.284)
GDP growth	−0.293	−0.358	−0.761***	−0.361	−0.294***	−0.002	−0.098	−0.023	−0.571*	−0.246	−0.024	−0.131*
	(0.242)	(0.669)	(0.006)	(0.185)	(0.000)	(0.956)	(0.700)	(0.974)	(0.085)	(0.232)	(0.684)	(0.074)
Inflation	−0.087***	−0.022	−0.084***	−0.118***	−0.076***	−0.074***	0.0004***	0.001***	0.0005***	0.0001*	−0.00005*	−0.0003***
	(0.006)	(0.713)	(0.001)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.062)	(0.067)	(0.000)
Public Invt.	0.756***	0.693	0.466*	0.569**	0.377***	0.424***	0.700***	0.768**	0.314	0.562***	0.302***	0.241***
	(0.000)	(0.153)	(0.083)	(0.019)	(0.000)	(0.000)	(0.000)	(0.010)	(0.109)	(0.006)	(0.000)	(0.000)
Foreign Aid	−0.844***	−0.629*	−1.088***	−1.020***	−0.938***	−0.487***	−0.767***	−0.256	−0.942***	−0.968***	−0.884***	−0.417***
	(0.000)	(0.096)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.157)	(0.000)	(0.000)	(0.000)	(0.000)
Trade	0.021	0.139	0.080**	−0.024	−0.006	0.022**	0.029	0.136**	0.077**	0.001	−0.004	0.004
	(0.489)	(0.224)	(0.026)	(0.497)	(0.624)	(0.010)	(0.358)	(0.038)	(0.046)	(0.959)	(0.715)	(0.647)
Net Effects	1.155	na	1.432	na	0.317	na	1.275	2.781	1.365	na	0.308	na
Thresholds	−57.190	na	−57.269	na	−55.000	−43.250	−53.160	−36.493	−54.962	na	−53.500	na
Pseudo R²/R²	0.271	0.120	0.208	0.203	0.210	0.121	0.239	0.122	0.186	0.190	0.177	0.097
Fisher	22.27***						23.61***
Observations	296	296	296	296	296	296	264	264	264	264	264	264

*,**,***: significance levels of 10, 5 and 1% respectively. GDPg GDP growth rate, Public Invt public investment, OLS ordinary least squares. R² for OLS and Pseudo R² for quantile regression. Lower quantiles (e.g., Q 0.1) signify nations where financial size is least. na not applicable because corresponding estimates needed for computation are not significant. P values in parenthesis

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