Table 4.

The combined effects of financial inclusion and mobile use

Variables	Dependent: poverty							Dependent: inequality
	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)
	FE-GLS	LIML	FE-GLS	FE-GLS	LIML	FE-GLS	FE-GLS	FE-GLS	FE-GLS	FE-GLS	FGLS	LIML	FE-GLS	FE-GLS
FI_1 x MOB	− 0.0731***							− 0.00412***
	(0.0159)							(0.00132)
FI_2 x MOB	− 0.0512							− 0.00211
	(0.0562)							(0.00196)
ATMS x MOB		− 0.0492***							− 0.00576***
		(0.0136)							(0.00186)
DEP1K x MOB			− 0.0148							0.000346
			(0.0118)							(0.00314)
ACC1K x MOB				− 0.0137**							− 0.00482***
				(0.00638)							(0.00129)
BOR1K x MOB					− 0.0779*							− 0.00381
					(0.0417)							(0.00366)
LOANS x MOB						− 0.0255**							− 0.00783***
						(0.0106)							(0.00191)
DEPGDP x MOB							− 0.0228**							− 0.00614***
							(0.0111)							(0.00200)
GDPPC	− 0.0899	− 1.594***	− 1.568***	− 1.677***	− 2.096***	− 1.712***	− 1.817***	− 0.148**	− 0.215***	− 0.428***	0.0134	− 0.428***	− 0.111***	− 0.140***
	(0.799)	(0.435)	(0.461)	(0.247)	(0.718)	(0.219)	(0.205)	(0.0574)	(0.0661)	(0.122)	(0.0256)	(0.0825)	(0.0383)	(0.0388)
FEM	− 1.155	1.241	0.620	− 0.0932	1.214	− 0.326	− 0.311	− 0.189	− 0.327	− 0.210	− 0.260**	− 0.519**	− 0.0672	− 0.0519
	(2.240)	(1.263)	(1.436)	(0.749)	(1.715)	(0.713)	(0.709)	(0.207)	(0.197)	(0.336)	(0.112)	(0.242)	(0.130)	(0.133)
RURAL	0.591	1.129*	1.992***	1.555***	0.612	1.212***	1.218***	− 0.0527	− 0.0776	− 0.106	0.0472	− 0.216**	0.156***	0.171***
	(0.969)	(0.599)	(0.544)	(0.449)	(1.064)	(0.345)	(0.344)	(0.0729)	(0.0934)	(0.122)	(0.0304)	(0.105)	(0.0479)	(0.0490)
UNEMP	0.464	0.314**	0.450***	0.372***	0.284	0.359***	0.358***	0.0380*	− 0.00128	0.00840	0.0246*	− 0.00197	0.0123	0.0157
	(0.291)	(0.136)	(0.140)	(0.0742)	(0.176)	(0.0606)	(0.0619)	(0.0211)	(0.0229)	(0.0363)	(0.0142)	(0.0256)	(0.0117)	(0.0122)
ROL	− 0.0975	− 0.617***	− 0.259	− 0.551***	− 0.670**	− 0.431***	− 0.425***	0.0170	0.0225	0.0561	− 0.00347	0.0531	− 0.00376	0.00330
	(0.478)	(0.225)	(0.168)	(0.145)	(0.334)	(0.128)	(0.127)	(0.0272)	(0.0335)	(0.0502)	(0.0172)	(0.0415)	(0.0163)	(0.0165)
INF	− 0.00783	− 0.00596	− 0.00738	− 0.00485	− 0.0191**	0.000223	− 0.000241	− 0.00112	− 0.00121	− 0.00188*	− 0.000645	− 0.00151**	− 0.00119***	− 0.00135***
	(0.00888)	(0.00857)	(0.00556)	(0.00394)	(0.00939)	(0.00280)	(0.00279)	(0.000693)	(0.000920)	(0.00101)	(0.000600)	(0.000723)	(0.000384)	(0.000396)
Constant											4.662***
											(0.564)
Hausman	56.35***	12.47*	22.09***	20.29***	14.31**	15.71**	17.13**	50.96***	13.96*	43.74***	8.26	40.0***	15.74**	17.8**
Mod. Wald	113.53***	1140.79***	540.53***	540.24***	1846.40***	1032.28***	1101.33***	269.10***	422.03***	170.24***	316.59***	98.91***	605.01***	405.68***
Wooldridge	65.870***	11.489***	13.485***	8.179**	16.338***	10.004***	9.405***	6.614**	8.104**	8.010**	15.763***	8.388**	7.031**	7.283**
Endogeneity	3.484	3.605*	0.611	0.002	4.207**	0.233	0	2.315	0.433	0.395	0.79	2.840*	0.002	0
Wald Chi2	3757***		6787***	24,859***		30,834.39***	31,432.29***	2,758,652***	4,913,268***	2,686,489***	48.57***		5,377,004***	4,774,863***
F		26.51***			25.53***							24.23***
Observations	76	116	101	120	89	142	142	76	142	101	120	89	142	142
Countries	8	13	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