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Table 8 Openness and financial data

From: The comparative African regional economics of globalization in financial allocation efficiency: the pre-crisis era revisited

Variables Panel A: Globalization (Openness)
Financial Openness(F.O) Trade Openness(T.O)
GPCFgdp GFDIgdp Finopex Igdp Xgdp Tropex
Definitions Gross Private Capital Flows on GDP Gross Foreign Direct Investment on GDP Financial Openness Index Imports on GDP Exports on GDP Imports plus Exports on GDP
Sources ADI ADI PCA ADI ADI ADI
Usages in the Openness literature Lane and Milesi-Ferreti (2006), Baltagi et al. (2009), Hanh (2010) Gries et al. (2009) Standard Proxies Hanh (2010), Gries et al. (2009)
Variables Panel B: Principal Financial Development Indicators
Depth Efficiency Size Activity DESA-1
llgdp bcbd dbacba prdcgdp Findex1
Definitions Liquid liability on GDP Bank Credit on Bank Deposits Deposit bank assets on Total financial assets Private credit by domestic banks on GDP Financial development Index1
Sources FDSD FDSD FDSD FDSD PCA
Usages in the Financial development literature Hanh (2010), Gries et al. (2009) Demirguc-Kunt et al. (1999), Demirguc-Kunt and Beck (2009) Baltagi et al. (2009), Hanh (2010) Gries et al. (2009)
Variables Panel C: Robustness tests financial development Indicators
Depth Efficiency Size Activity DESA-2
fdgdp prdcfsd ? prdcofgdp Findex 2
Definitions Financial system deposits on GDP Private domestic credit on financial system deposit   Private credit from domestic banks and other financial institutions Financial development index
Sources FDSD FDSD ? FDSD PCA
Usages in the literature/ justification Authors correlation analysis Authors correlation analysis ? Authors correlation analysis Gries et al. (2009)
  1. ADI African Development Indicators. PCA Principal Component Analysis. FDSD Financial Development and Structure Database