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 | 25.192*** | 7.428*** | 12.450*** | 17.646*** | 25.475*** | 27.240*** | 25.625*** | 8.163*** | 11.685*** | 17.506*** | 26.786*** | 30.470*** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.005) | |
PCB | 0.367 | 0.531*** | 0.363** | −0.028 | 1.619*** | 1.501** | 0.073 | 0.595*** | 0.256 | −0.151 | 0.637* | 1.123 |
(0.368) | (0.000) | (0.018) | (0.919) | (0.000) | (0.048) | (0.853) | (0.000) | (0.154) | (0.558) | (0.032) | (0.204) | |
PCB × PCB | 0.001 | −0.003** | −0.0004 | 0.010** | −0.015*** | −0.017 | 0.006 | −0.004*** | 0.001 | 0.012*** | 0.002 | −0.010 |
(0.859) | (0.014) | (0.858) | (0.039) | (0.006) | (0.239) | (0.330) | (0.001) | (0.551) | (0.006) | (0.686) | (0.485) | |
GDP growth | −0.211 | −0.024 | −0.146 | −0.301 | −0.583*** | −1.163*** | −0.106 | −0.046 | −0.049 | −0.167 | −0.357* | −1.283*** |
(0.266) | (0.835) | (0.179) | (0.151) | (0.005) | (0.001) | (0.633) | (0.708) | (0.805) | (0.378) | (0.057) | (0.002) | |
Inflation | −0.066*** | 0.010 | −0.005 | −0.024 | −0.048** | −0.156*** | −0.101** | −0.001 | −0.072*** | −0.027* | −0.072*** | −0.195*** |
(0.002) | (0.162) | (0.612) | (0.345) | (0.028) | (0.000) | (0.025) | (0.897) | (0.004) | (0.092) | (0.000) | (0.000) | |
Public Invt. | −0.193 | 0.152** | 0.037 | 0.284 | 0.260 | −0.057 | −0.250 | 0.093 | 0.107 | 0.084 | −0.010 | −0.141 |
(0.318) | (0.027) | (0.706) | (0.122) | (0.170) | (0.887) | (0.227) | (0.222) | (0.543) | (0.618) | (0.953) | (0.786) | |
Foreign Aid | −0.510*** | −0.026 | −0.103 | −0.114 | −0.336** | −0.684 | −0.528*** | −0.047 | −0.088 | −0.063 | −0.343** | −0.721 |
(0.000) | (0.643) | (0.108) | (0.337) | (0.039) | (0.133) | (0.000) | (0.380) | (0.304) | (0.545) | (0.032) | (0.204) | |
Trade | 0.007 | −0.044*** | −0.039*** | −0.050* | −0.005 | 0.361*** | 0.014 | −0.041*** | −0.029 | −0.039 | 0.011 | 0.374*** |
(0.830) | (0.000) | (0.009) | (0.068) | (0.850) | (0.000) | (0.682) | (0.000) | (0.166) | (0.121) | (0.708) | (0.000) | |
Net Effects | na | 0.518 | na | na | 1.555 | na | na | 0.578 | na | na | na | na |
Thresholds | na | −177.000 | na | 2.800 | −107.933 | na | na | −148.750 | na | −12.583 | na | na |
Pseudo R2/R2 | 0.239 | 0.136 | 0.113 | 0.130 | 0.193 | 0.275 | 0.245 | 0.136 | 0.108 | 0.131 | 0.193 | 0.279 |
Fisher | 12.67*** | 12.30*** | ||||||||||
Observations | 296 | 296 | 296 | 296 | 296 | 296 | 260 | 260 | 260 | 260 | 260 | 260 |
Panel B: Financial System Activity | ||||||||||||
Constant | 30.696*** | 7.516*** | 11.177*** | 16.807*** | 23.312*** | 30.262*** | 30.778*** | 7.726*** | 9.975*** | 16.269*** | 25.055*** | 31.868*** |
(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 | −0.144 | 0.550*** | 0.426*** | −0.103 | 0.863*** | 1.963*** | −0.690 | 0.615*** | 0.287* | −0.147 | 0.462 | 1.636*** |
(0.798) | (0.000) | (0.004) | (0.676) | (0.007) | (0.000) | (0.211) | (0.000) | (0.058) | (0.569) | (0.160) | (0.001) | |
PCB × PCB | 0.018* | −0.004** | −0.002 | 0.011*** | 0.012** | −0.002 | 0.029*** | −0.005*** | 0.001 | 0.012*** | 0.021*** | 0.003 |
(0.097) | (0.026) | (0.431) | (0.009) | (0.028) | (0.810) | (0.009) | (0.004) | (0.672) | (0.006) | (0.000) | (0.642) | |
GDP growth | −0.194 | −0.052 | −0.155 | −0.324* | −0.633*** | −0.848** | −0.069 | −0.043 | −0.052 | −0.190 | −0.416* | −0.824** |
(0.393) | (0.677) | (0.171) | (0.058) | (0.003) | (0.021) | (0.796) | (0.816) | (0.750) | (0.317) | (0.065) | (0.046) | |
Inflation | −0.067*** | 0.012 | −0.002 | −0.022 | −0.042* | −0.149*** | −0.107** | −0.021* | −0.084*** | −0.024 | −0.069*** | −0.178*** |
(0.003) | (0.141) | (0.844) | (0.330) | (0.052) | (0.001) | (0.031) | (0.081) | (0.000) | (0.122) | (0.001) | (0.000) | |
Public Invt. | −0.183 | 0.165** | 0.161 | 0.269 | 0.453** | −0.278 | −0.251 | 0.103 | 0.208 | 0.215 | 0.088 | −0.373 |
(0.403) | (0.035) | (0.210) | (0.104) | (0.025) | (0.522) | (0.291) | (0.232) | (0.153) | (0.204) | (0.671) | (0.461) | |
Foreign Aid | −0.617*** | −0.020 | −0.041 | −0.052 | −0.265 | −0.695 | −0.636*** | −0.010 | −0.024 | −0.022 | −0.263 | −0.689 |
(0.000) | (0.753) | (0.524) | (0.623) | (0.121) | (0.155) | (0.000) | (0.861) | (0.728) | (0.829) | (0.116) | (0.189) | |
Trade | −0.048 | −0.048*** | −0.038** | −0.046* | −0.007 | 0.346*** | −0.036 | −0.040*** | −0.019 | −0.037 | 0.014 | 0.348*** |
(0.211) | (0.000) | (0.012) | (0.063) | (0.821) | (0.000) | (0.371) | (0.001) | (0.251) | (0.146) | (0.673) | (0.000) | |
Net Effects | na | 0.533 | na | na | 0.913 | na | na | 0.593 | na | na | na | na |
Thresholds | 8.000 | −137.500 | na | 9.363 | Synergy | na | 23.793 | −123.000 | na | 12.250 | Synergy | na |
Pseudo R2/R2 | 0.347 | 0.117 | 0.098 | 0.111 | 0.196 | 0.388 | 0.377 | 0.117 | 0.094 | 0.110 | 0.210 | 0.394 |
Fisher | 7.46*** | 7.14*** | ||||||||||
Observations | 298 | 298 | 298 | 298 | 298 | 298 | 262 | 262 | 262 | 262 | 262 | 262 |