Skip to main content
. Author manuscript; available in PMC: 2020 Jun 1.
Published in final edited form as: J Dev Econ. 2019 Mar 8;139:135–156. doi: 10.1016/j.jdeveco.2019.03.001

Table A14.

Deposit Amounts After Text-Message Campaign

(1) (2) (3) (4) (5)
Equation Outcome: Cumulative Value of Deposits Normalized Control Mean Financial Education Monthly Reminder Semimonthly Reminder Equation-level treatment joint significance tests (Randomization p-value)
After 13 Months 385.6 −27.90 (43.83) −15.10 (50.02) −1.33 (46.00) 0.923
After 14 Months 408.2 −21.63 (48.04) −16.39 (52.21) −1.28 (47.87) 0.963
After 15 Months 427.6 −23.11 (49.75) −18.14 (53.66) 6.91 (49.80) 0.923
After 16 Months 448.4 −18.60 (52.81) −18.55 (55.18) 20.16 (52.37) 0.871
After 17 Months 470.5 −20.32 (54.45) −20.66 (55.97) 20.36 (54.25) 0.863
After 18 Months 486.1 −18.55 (55.50) −18.78 (57.38) 28.27 (56.14) 0.815
After 19 Months 503.5 −21.97 (56.50) −17.43 (58.53) 30.43 (57.60) 0.795
After 20 Months 523.0 −29.04 (57.68) −14.13 (60.36) 32.21 (59.87) 0.763
Omnibus Test of Treatment Joint Significance
Randomization p-value 0.549 0.984 0.099 0.733
Observations 10,053

Notes: Dependent variable is cumulative value of deposits and are normalized at the individual level to be zero in account-opening month (month zero). Column 1 shows control means. Columns 2, 3 and 4 show coefficients of interest of regression models that include branch and opening month fixed effects to account for the stratified random assignment design. Additional control variables include age, strata dummies, education level dummies as in Table 1, gender and migrant status of accountholder. We use randomization inference and re-randomize 2,000 times treatment assignments across participants within each randomization strata to construct significance tests for each time period we observe, and to calculate an omnibus test of overall significance that combines all outcomes (Young, 2018). Column 5 presents the randomized p-value of the equation-level joint treatment joint significance tests for each month. The last row presents the randomization p-value of the Omnibus Test of Treatment Joint Significance for each treatment separately. All results reflect those obtained from randomization c as suggested by Young (2018). Standard errors clustered at month of opening by bank branch in parentheses.

*

p<0.10

**

p<0.05

***

p<0.01.

All monetary variables were calculated in US dollars using the market representative rate of 1USD for 2393.58 Colombian pesos, from May 4 2015.