Financial Innovation

Table 4 Correlation matrix

From: Size, efficiency, market power, and economies of scale in the African banking sector

Lerner	GDPpcg	Infl.	Popden	L/A	D/A	B.Brchs	IRM	BkSize	ES
1.000	0.002	−0.001	0.011	0.099	0.054	0.046	−0.171	0.016	0.083	Lerner
	1.000	−0.034	−0.081	0.030	0.048	−0.057	0.033	0.077	0.029	GDPpcg
		1.000	−0.052	−0.090	0.057	−0.012	0.024	−0.057	0.011	Infl.
			1.000	−0.014	0.126	0.350	0.062	0.008	−0.119	Popden
				1.000	−0.064	0.150	−0.165	0.064	0.309	L/A
					1.000	0.028	0.293	0.159	0.285	D/A
						1.000	−0.149	0.086	−0.157	B.Brchs
							1.000	0.238	0.151	IRM
								1.000	0.321	BkSize
									1.000	ES

Lerner Lerner index, GDPpcg GDP per capita growth, Popden Population density, L/A Loan on total assets, D/A Deposit on total assets, B. Brchs Bank branches, IRM Interest rate margin, BkSize Bank size, ES Economies of Sc

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