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Table 7 Financial Activity and Private Credit Bureaus (PCB)

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

  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 activity is least. na not applicable because corresponding estimates needed for computation are not significant