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

Financial Innovation

Table 8 Openness and financial data

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)

ADI African Development Indicators. PCA Principal Component Analysis. FDSD Financial Development and Structure Database