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 | 38.016*** | 19.796*** | 21.722*** | 23.010*** | 36.259*** | 36.275*** | 38.973*** | 20.436*** | 23.215*** | 22.705*** | 34.242*** | 54.493*** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.001) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
PCB | 0.489 | 0.285 | 0.096 | 0.104 | 0.146 | 2.616** | 0.215 | 0.177 | 0.077 | 0.155 | 0.216 | 0.775 |
(0.347) | (0.253) | (0.602) | (0.604) | (0.805) | (0.041) | (0.658) | (0.544) | (0.723) | (0.627) | (0.691) | (0.628) | |
PCB × PCB | −0.007 | 0.001 | 0.003 | 0.002 | −0.002 | −0.046* | −0.002 | 0.003 | 0.004 | 0.001 | −0.003 | −0.019 |
(0.395) | (0.717) | (0.242) | (0.562) | (0.843) | (0.055) | (0.740) | (0.511) | (0.290) | (0.796) | (0.753) | (0.523) | |
GDP growth | −0.557** | −0.153 | −0.470*** | −0.702*** | −0.562 | −0.252 | −0.465 | −0.206 | −0.385* | −0.607** | −0.694** | −0.548 |
(0.035) | (0.556) | (0.001) | (0.000) | (0.106) | (0.590) | (0.119) | (0.451) | (0.060) | (0.013) | (0.047) | (0.358) | |
Inflation | −0.079*** | 0.017 | −0.001 | −0.028 | −0.066* | −0.166*** | −0.113*** | 0.012 | −0.011 | −0.043** | −0.105*** | −0.222*** |
(0.000) | (0.240) | (0.919) | (0.140) | (0.077) | (0.001) | (0.006) | (0.503) | (0.465) | (0.036) | (0.002) | (0.002) | |
Public Invt. | 0.266 | 0.012 | 0.595*** | 0.974*** | 0.917*** | −0.013 | 0.177 | −0.027 | 0.423** | 0.736*** | 0.799** | 0.086 |
(0.431) | (0.953) | (0.000) | (0.000) | (0.009) | (0.979) | (0.621) | (0.905) | (0.019) | (0.001) | (0.034) | (0.898) | |
Foreign Aid | −0.697*** | −0.030 | −0.102 | −0.247*** | −0.768** | −0.977 | −0.724*** | −0.112 | −0.147 | −0.169 | −0.678** | −1.296 |
(0.000) | (0.793) | (0.194) | (0.004) | (0.011) | (0.110) | (0.000) | (0.380) | (0.119) | (0.221) | (0.031) | (0.147) | |
Trade | 0.033 | −0.063** | −0.046** | 0.026 | 0.064 | 0.526*** | 0.040 | −0.048 | −0.037 | 0.050 | 0.140** | 0.395*** |
(0.432) | (0.015) | (0.014) | (0.187) | (0.225) | (0.000) | (0.362) | (0.109) | (0.106) | (0.129) | (0.014) | (0.001) | |
Net Effects | na | na | na | na | na | 2.421 | na | na | na | na | na | na |
Thresholds | na | na | na | na | na | −56.869 | na | na | na | na | na | na |
Pseudo R2/R2 | 0.111 | 0.099 | 0.094 | 0.115 | 0.094 | 0.229 | 0.115 | 0.099 | 0.085 | 0.105 | 0.096 | 0.215 |
Fisher | 9.92*** | 10.05*** | ||||||||||
Observations | 296 | 296 | 296 | 296 | 296 | 296 | 260 | 260 | 260 | 260 | 260 | 260 |
Panel B: Financial System Depth (Liquid Liabilities) | ||||||||||||
Constant | 28.531*** | 13.335*** | 16.601*** | 13.681*** | 24.483*** | 29.317*** | 29.251*** | 15.609*** | 17.954*** | 14.476*** | 26.685*** | 43.948*** |
(0.000) | (0.005) | (0.000) | (0.000) | (0.000) | (0.002) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.001) | |
PCB | 0.435 | 0.262 | 0.150 | 0.060 | 1.188** | 1.789* | 0.144 | 0.306 | −0.051 | −0.015 | 0.358 | 0.498 |
(0.337) | (0.459) | (0.301) | (0.819) | (0.013) | (0.060) | (0.732) | (0.257) | (0.778) | (0.956) | (0.522) | (0.707) | |
PCB × PCB | −0.002 | 0.003 | 0.004 | 0.007 | −0.012 | −0.028 | 0.002 | 0.002 | 0.009*** | 0.009* | 0.001 | −0.009 |
(0.734) | (0.540) | (0.066) | (0.130) | (0.161) | (0.118) | (0.704) | (0.514) | (0.002) | (0.074) | (0.861) | (0.718) | |
GDP growth | −0.371 | −0.122 | −0.366*** | −0.479** | −0.621** | −0.082 | −0.301 | −0.149 | −0.331* | −0.339 | −0.530 | −0.757* |
(0.131) | (0.729) | (0.008) | (0.018) | (0.023) | (0.833) | (0.280) | (0.691) | (0.080) | (0.100) | (0.131) | (0.085) | |
Inflation | −0.050*** | 0.030 | 0.008 | −0.006 | −0.041 | −0.139*** | −0.077** | 0.025 | 0.001 | −0.019 | −0.067* | −0.206*** |
(0.004) | (0.147) | (0.409) | (0.800) | (0.166) | (0.000) | (0.015) | (0.321) | (0.897) | (0.266) | (0.062) | (0.001) | |
Public Invt. | 0.329 | 0.111 | 0.532*** | 1.032*** | 0.984*** | 0.012 | 0.283 | 0.087 | 0.363** | 0.985*** | 0.729* | 0.196 |
(0.281) | (0.658) | (0.000) | (0.000) | (0.000) | (0.978) | (0.395) | (0.763) | (0.033) | (0.000) | (0.051) | (0.723) | |
Foreign Aid | −0.599*** | −0.213 | −0.115* | −0.134 | −0.427* | −0.899* | −0.628*** | −0.170 | −0.058 | −0.151 | −0.461 | −1.178* |
(0.000) | (0.147) | (0.072) | (0.234) | (0.067) | (0.051) | (0.000) | (0.256) | (0.488) | (0.188) | (0.155) | (0.060) | |
Trade | 0.034 | −0.049 | −0.040** | 0.034 | 0.048 | 0.481*** | 0.041 | −0.067* | −0.048** | 0.036 | 0.071 | 0.410*** |
(0.389) | (0.171) | (0.015) | (0.192) | (0.251) | (0.000) | (0.324) | (0.073) | (0.027) | (0.185) | (0.222) | (0.000) | |
Net Effects | na | na | na | na | na | na | na | na | na | na | na | na |
Thresholds | na | na | na | na | na | na | na | na | 5.666 | 1.666 | na | na |
Pseudo R2/R2 | 0.158 | 0.111 | 0.113 | 0.146 | 0.158 | 0.212 | 0.166 | 0.105 | 0.108 | 0.152 | 0.159 | 0.201 |
Fisher | 18.25*** | 20.16*** | ||||||||||
Observations | 296 | 296 | 296 | 296 | 296 | 296 | 260 | 260 | 260 | 260 | 260 | 260 |