Table 3.
The effects of financial inclusion
| Variables | Dependent: poverty | Dependent: inequality | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) | (14) | |
| FE-GLS | LIML | FE-GLS | FE-GLS | FE-GLS | LIML | FE-GLS | LIML | LIML | FE-GLS | FGLS | FE-GLS | FE-GLS | FE=GLS | |
| FI_1 | −0.294*** | −0.0456*** | ||||||||||||
| (0.0462) | (0.00853) | |||||||||||||
| FI_2 | −0.0592 | 0.0317 | ||||||||||||
| (0.0580) | (0.0307) | |||||||||||||
| ATMS | −0.382*** | −0.0486*** | ||||||||||||
| (0.0896) | (0.0123) | |||||||||||||
| DEP1K | −0.796*** | −0.0645*** | ||||||||||||
| (0.138) | (0.0179) | |||||||||||||
| ACC1K | −0.566*** | −0.0192* | ||||||||||||
| (0.109) | (0.0110) | |||||||||||||
| BOR1K | −0.145 | 0.0147 | ||||||||||||
| (0.112) | (0.0135) | |||||||||||||
| LOANS | −0.933*** | −0.0652*** | ||||||||||||
| (0.195) | (0.0159) | |||||||||||||
| DEPGDP | −0.442*** | −0.0470** | ||||||||||||
| (0.155) | (0.0183) | |||||||||||||
| GDPPC | −0.642 | −1.160** | −0.587 | −0.721** | −1.815*** | −1.335*** | −1.577*** | −0.0630 | −0.148** | −0.0997 | 0.00528 | −0.385*** | −0.0885** | −0.124*** |
| (0.643) | (0.469) | (0.535) | (0.350) | (0.330) | (0.417) | (0.243) | (0.139) | (0.0643) | (0.0699) | (0.0259) | (0.0503) | (0.0349) | (0.0366) | |
| FEM | 0.423 | 1.074 | 0.605 | −0.644 | −0.453 | 1.043 | −0.948 | −0.635*** | −0.356** | 0.205 | −0.256** | −0.259* | −0.0951 | −0.0757 |
| (1.487) | (1.297) | (1.289) | (0.816) | (0.788) | (1.253) | (0.732) | (0.233) | (0.178) | (0.206) | (0.111) | (0.144) | (0.134) | (0.137) | |
| RURAL | 2.094*** | 1.690*** | 2.376*** | 1.998*** | 1.256*** | 1.472*** | 1.238*** | −0.0702 | −0.0131 | 0.270*** | 0.0388 | 0.00770 | 0.151*** | 0.171*** |
| (0.710) | (0.532) | (0.586) | (0.496) | (0.399) | (0.509) | (0.355) | (0.110) | (0.0729) | (0.0781) | (0.0317) | (0.0598) | (0.0466) | (0.0489) | |
| MOB | 0.118 | 0.0764 | −0.0223 | −0.0399 | −0.0496 | −0.0179 | −0.0498 | 0.00832 | 0.00893 | 0.00773 | −0.0314*** | 0.0171** | −0.0160* | −0.0181** |
| (0.0985) | (0.0921) | (0.0854) | (0.0505) | (0.0622) | (0.0786) | (0.0430) | (0.0160) | (0.0126) | (0.0106) | (0.00984) | (0.00840) | (0.00823) | (0.00828) | |
| UNEMP | 0.373** | 0.411*** | 0.495*** | 0.574*** | 0.373*** | 0.342** | 0.427*** | 0.0539* | 0.0111 | 0.0495*** | 0.0233 | 0.0115 | 0.0167 | 0.0174 |
| (0.173) | (0.155) | (0.136) | (0.0921) | (0.0780) | (0.146) | (0.0712) | (0.0278) | (0.0212) | (0.0182) | (0.0143) | (0.0154) | (0.0116) | (0.0131) | |
| ROL | 0.119 | −0.655*** | −0.154 | −0.373*** | −0.306** | −0.254 | −0.408*** | 0.151** | 0.0147 | 0.0316 | −0.000564 | 0.0609*** | −0.00160 | 0.00345 |
| (0.198) | (0.216) | (0.153) | (0.143) | (0.151) | (0.208) | (0.127) | (0.0607) | (0.0296) | (0.0213) | (0.0192) | (0.0220) | (0.0166) | (0.0177) | |
| INF | −0.00536 | 0.00228 | −0.00262 | −0.00295 | −0.00618 | −0.0176*** | −0.00159 | −2.45e−05 | −7.36e−05 | −0.00127* | −0.000644 | −0.00240*** | −0.00103*** | −0.00129*** |
| (0.00535) | (0.00776) | (0.00512) | (0.00397) | (0.00392) | (0.00635) | (0.00273) | (0.00101) | (0.00106) | (0.000667) | (0.000599) | (0.000648) | (0.000390) | (0.000406) | |
| Constant | 4.869*** | |||||||||||||
| (0.569) | ||||||||||||||
| Hausman | 53.25*** | 13.38* | 29.69*** | 21.98*** | 14.53* | 68.19*** | 69.08*** | 47.78*** | 12.22 | 39.21*** | 3.66 | 35.89*** | 22.65*** | 32.94*** |
| Mod. Wald | 46.9*** | 1481.6*** | 774.66*** | 263.9*** | 1759.0*** | 205.5*** | 429.6*** | 1110.8*** | 404.3*** | 279.8*** | 487.2*** | 73.70*** | 583.0**** | 197.3*** |
| Wooldridge | 69.43*** | 10.50*** | 25.66*** | 11.97*** | 11.88*** | 9.99*** | 9.85*** | 7.25** | 7.84** | 7.54** | 14.08*** | 8.68** | 7.09** | 7.27** |
| Endogeneity | 1.318 | 7.563*** | 0.000 | 1.238 | 2.193 | 4.619** | 0.003 | 9.780*** | 13.533*** | 0.105 | 0.278 | 0.356 | 1.063 | 0.389 |
| Wald Chi2 | 3371.67*** | 4546.93*** | 17,582.00*** | 21,910.10*** | 35,472.21*** | 3,024,518*** | 47.96*** | 3,167,303*** | 6,266,923*** | 3,815,593*** | ||||
| F | 37.90*** | 40.9*** | 20.57*** | 21.45*** | ||||||||||
| Observations | 76 | 68 | 101 | 120 | 111 | 129 | 142 | 68 | 129 | 101 | 120 | 111 | 142 | 142 |
| Countries | 8 | 8 | 10 | 12 | 11 | 13 | 13 | 8 | 13 | 10 | 12 | 11 | 13 | 13 |
Standard errors in parentheses. *** p < 0.01, ** p < 0.05, * p < 0.01. FE-GLS: Fixed-Effects Generalized Least Squares with country-specific dummy-variables and no intercept. LIML: Limited Information Maximum Likelihood estimation using lagged values as instruments, no constant is reported. FGLS: Feasible Generalized Least Squares