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Table 5 Financial Depth and Private Credit Bureaus (PCB)

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

  1. *,**,***: 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 depth is least. na not applicable because corresponding estimates needed for computation are not significant