Table 10.
Robustness tests.
| Dependent variable | Model type | Key financial access variable | Coefficient | Significance | R2/Adj. R2 |
|---|---|---|---|---|---|
| IMR | Fixed effects (baseline) | CBBR | −0.611*** | 0.000 | 0.61 |
| IMR | Random effects | CBBR | −0.592*** | 0.000 | 0.60 |
| IMR | Driscoll–Kraay SE | CBBR | −0.588*** | 0.001 | 0.58 |
| IMR | GLS (Heteroskedasticity-corrected) | CBBR | −0.623*** | 0.000 | 0.62 |
| U5MR | Fixed effects | CBBR | −0.587*** | 0.000 | 0.63 |
| U5MR | Random effects | CBBR | −0.572*** | 0.000 | 0.62 |
***, **, * denote statistical significance at the 1%, 5%, and 10% levels, respectively. All models include GDP per capita and urban population share as control variables. Country and time fixed effects are included where applicable.