Table 6 Financial Efficiency and Private Credit Bureaus (PCB)
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 | 88.443*** | 44.574*** | 80.573*** | 93.307*** | 98.604*** | 109.59*** | 87.666*** | 45.151*** | 76.586*** | 90.431*** | 102.67*** | 111.74*** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
PCB | 0.741 | 0.808 | 0.612 | 0.748 | 0.847* | 1.229 | 0.560 | 0.695 | −0.481 | 0.111 | 0.806 | 0.829 |
(0.155) | (0.053) | (0.275) | (0.123) | (0.099) | (0.465) | (0.351) | (0.201) | (0.402) | (0.832) | (0.186) | (0.563) | |
PCB × PCB | −0.004 | −0.009 | −0.003 | −0.0007 | −0.004 | −0.013 | −0.001 | −0.005 | 0.016 | 0.009 | −0.004 | −0.008 |
(0.633) | (0.194) | (0.760) | (0.928) | (0.628) | (0.638) | (0.873) | (0.582) | (0.126) | (0.342) | (0.705) | (0.724) | |
GDP growth | 0.355 | 0.695*** | 0.591 | −0.177 | −0.396 | 0.094 | 0.407 | 1.104*** | 0.694 | −0.0003 | −0.396 | 0.353 |
(0.312) | (0.002) | (0.202) | (0.621) | (0.354) | (0.927) | (0.234) | (0.001) | (0.127) | (0.999) | (0.392) | (0.700) | |
Inflation | −0.0007*** | 0.0008*** | 0.00004 | −0.0004*** | −0.001*** | −0.002*** | −0.035* | 0.017 | −0.036* | −0.013 | −0.033*** | −0.051*** |
(0.000) | (0.000) | (0.844) | (0.003) | (0.000) | (0.000) | (0.074) | (0.134) | (0.075) | (0.135) | (0.000) | (0.000) | |
Public Invt. | −0.787** | −0.349 | −1.099** | 0.163 | −0.249 | −1.021 | −0.760** | −0.394 | −0.966** | 0.101 | −0.361 | −1.337 |
(0.030) | (0.218) | (0.018) | (0.601) | (0.408) | (0.490) | (0.033) | (0.314) | (0.048) | (0.749) | (0.295) | (0.140) | |
Foreign Aid | −0.255 | 0.141 | −0.430 | −0.426** | −0.341 | 0.029 | −0.221 | 0.132 | −0.113 | −0.329 | −0.432** | −0.369 |
(0.178) | (0.551) | (0.128) | (0.041) | (0.101) | (0.962) | (0.220) | (0.679) | (0.799) | (0.138) | (0.045) | (0.397) | |
Trade | −0.165*** | −0.104** | −0.241*** | −0.290*** | −0.115** | −0.041 | −0.152*** | −0.118* | −0.238*** | −0.249*** | −0.130** | 0.050 |
(0.001) | (0.028) | (0.000) | (0.000) | (0.020) | (0.776) | (0.003) | (0.089) | (0.001) | (0.000) | (0.014) | (0.646) | |
Net Effects | na | na | na | na | na | na | na | na | na | na | na | na |
Thresholds | na | na | na | na | na | na | na | na | na | na | na | na |
Pseudo R2/R2 | 0.154 | 0.107 | 0.090 | 0.091 | 0.112 | 0.138 | 0.146 | 0.115 | 0.094 | 0.074 | 0.109 | 0.141 |
Fisher | 12.43*** | 5.92*** | ||||||||||
Observations | 301 | 301 | 301 | 301 | 301 | 301 | 267 | 267 | 267 | 267 | 267 | 267 |
Panel B: Financial System Efficiency | ||||||||||||
Constant | 102.50*** | 38.143*** | 82.274*** | 104.06*** | 112.69*** | 127.76*** | 100.61*** | 40.685*** | 77.337*** | 101.21*** | 109.93*** | 114.81*** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.00) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
PCB | −0.047 | 1.317*** | 0.665 | 0.142 | 0.179 | −2.391*** | −0.628 | 1.024* | 0.106 | 0.072 | −0.311 | −2.035** |
(0.949) | (0.000) | (0.216) | (0.699) | (0.753) | (0.000) | (0.421) | (0.052) | (0.866) | (0.686) | (0.558) | (0.012) | |
PCB × PCB | 0.023 | −0.017*** | −0.003 | 0.015** | 0.035*** | 0.094*** | 0.034** | −0.011 | 0.005 | 0.016** | 0.044*** | 0.086*** |
(0.122) | (0.002) | (0.718) | (0.021) | (0.000) | (0.000) | (0.031) | (0.204) | (0.655) | (0.040) | (0.000) | (0.000) | |
GDP growth | 0.079 | 1.002*** | 0.710 | −0.594** | −0.928 | −0.142 | 0.392 | 1.403*** | 0.927* | −0.069 | −0.733 | 0.163 |
(0.851) | (0.000) | (0.123) | (0.029) | (0.100) | (0.921) | (0.341) | (0.000) | (0.062) | (0.826) | (0.136) | (0.885) | |
Inflation | −0.136** | 0.006 | −0.251*** | −0.103*** | −0.161* | −0.130 | −0.220* | −0.133*** | −0.430*** | −0.393*** | −0.172*** | −0.191** |
(0.027) | (0.781) | (0.000) | (0.002) | (0.099) | (0.165) | (0.071) | (0.008) | (0.000) | (0.000) | (0.000) | (0.029) | |
Public Invt. | −0.934** | −0.149 | −1.189*** | 0.010 | −0.057 | −0.934 | −0.968** | −0.235 | −0.953* | −0.026 | −0.270 | −0.789 |
(0.033) | (0.561) | (0.007) | (0.967) | (0.906) | (0.617) | (0.031) | (0.503) | (0.082) | (0.925) | (0.395) | (0.372) | |
Foreign Aid | −0.411* | 0.265 | −0.384 | −0.545*** | −0.351 | −0.355 | −0.389* | 0.276 | −0.283 | −0.396** | −0.336 | −0.129 |
(0.063) | (0.194) | (0.166) | (0.001) | (0.234) | (0.650) | (0.064) | (0.379) | (0.392) | (0.031) | (0.204) | (0.856) | |
Trade | −0.274*** | −0.099*** | −0.248*** | −0.343*** | −0.267*** | −0.198 | −0.255*** | −0.115* | −0.202** | −0.312*** | −0.216*** | −0.114 |
(0.000) | (0.007) | (0.000) | (0.000) | (0.000) | (0.274) | (0.000) | (0.092) | (0.023) | (0.000) | (0.000) | (0.492) | |
Net Effects | na | 1.245 | na | na | na | −1.994 | na | na | na | na | na | −1.671 |
Thresholds | na | −195.117 | na | Synergy | Synergy | 25.436 | 18.470 | na | na | Synergy | 7.068 | 23.662 |
Pseudo R2/R2 | 0.346 | 0.105 | 0.089 | 0.114 | 0.207 | 0.374 | 0.365 | 0.107 | 0.095 | 0.104 | 0.219 | 0.399 |
Fisher | 7.55*** | 6.60*** | ||||||||||
Observations | 296 | 296 | 296 | 296 | 296 | 296 | 260 | 260 | 260 | 260 | 260 | 260 |