Table 8.
Regression results—impact of financial access on environment and health.
| Dependent variable | Model 1: RENW | Model 2: CO2E | Model 3: PM2.5 | Model 4: IMR | Model 5: U5MR |
|---|---|---|---|---|---|
| CBBR | 0.218*** | −0.453** | −0.317*** | −0.611*** | −0.587*** |
| GDPPC | 0.142** | −0.386*** | −0.294** | −0.482*** | −0.461*** |
| GDPPC2 | 0.016* | −0.057** | −0.045* | −0.060*** | −0.057*** |
| URB | 0.096* | 0.271** | −0.338*** | −0.355*** | −0.329*** |
| RENW | — | — | — | −0.245** | −0.221** |
| CO2E | — | — | — | 0.314** | 0.337** |
| PM2.5 | — | — | — | 0.478*** | 0.495*** |
| GOV | 0.167** | −0.431** | −0.289* | −0.578*** | −0.526*** |
| EFCS | −0.182* | 0.497*** | 0.381** | 0.593*** | 0.567*** |
| Country fixed effects | Yes | Yes | Yes | Yes | Yes |
| Time fixed effects | Yes | Yes | Yes | Yes | Yes |
| Constant | 11.8 | 2,410.5 | 58.2 | 51.6 | 64.3 |
| R 2 | 0.43 | 0.41 | 0.54 | 0.63 | 0.65 |
***, **, * denote statistical significance at the 1%, 5%, and 10% levels, respectively. Economic significance is evaluated using one-standard-deviation changes in financial access. GDP per capita and urban population share are included as control variables in all models. In Models 4 and 5, CO2 emissions and PM2.5 concentration are additionally included as environmental controls. All specifications include country and year fixed effects.