. 2021 Jun 9;158(3):889–925. doi: 10.1007/s11205-021-02730-7

Table 9.

The combined effects of financial inclusion and mobile use (employing two-years lagged variables)

Variables	Dependent: poverty							Dependent: inequality
Variables	(85)	(86)	(87)	(88)	(89)	(90)	(91)	(92)	(93)	(94)	(95)	(96)	(97)	(98)
	FE-GLS	FGLS	FE-GLS	FE-GLS	FGLS	FE-GLS	FE-GLS	FE-GLS	FE-GLS	FE-GLS	FGLS	FE-GLS	FE-GLS	FE-GLS
(FI_1 x MOB) t-2	− 0.0339***							− 0.00540***
	(0.00989)							(0.00136)
(FI_2 x MOV) t-2	− 0.0225**							− 0.000407
	(0.00900)							(0.00229)
(ATMS x MOB) t-2		− 0.0444***							− 0.00540***
		(0.0104)							(0.000967)
(DEP1K x MOB) t-2			− 0.0191							− 0.00477***
			(0.0127)							(0.00139)
(ACC1K x MOB) t-2				− 0.0140**							− 0.00578***
				(0.00606)							(0.00118)
(BOR1K x MOB) t-2					− 0.0515***							− 0.00374***
					(0.0118)							(0.00115)
(LOANS x MOB) t-2						− 0.0347***							− 0.00684***
						(0.00848)							(0.00155)
(DEPGDP x MOB) t-2							− 0.0312***							− 0.00681***
							(0.00991)							(0.00178)
GDPPC	− 2.548***	− 0.206	− 1.757***	− 1.595***	− 0.386**	− 1.608***	− 1.602***	− 0.207***	− 0.146***	− 0.224***	− 0.00512	− 0.280***	− 0.194***	− 0.215***
	(0.584)	(0.197)	(0.516)	(0.230)	(0.170)	(0.171)	(0.218)	(0.0716)	(0.0470)	(0.0597)	(0.0274)	(0.0456)	(0.0450)	(0.0451)
FEM	0.387	1.173	2.073	1.188*	1.990**	1.364**	1.203*	− 0.640***	− 0.283**	− 0.315	− 0.274***	− 0.382**	− 0.211	− 0.197
	(1.563)	(0.731)	(1.613)	(0.703)	(0.793)	(0.654)	(0.649)	(0.210)	(0.138)	(0.201)	(0.0983)	(0.150)	(0.135)	(0.135)
RURAL	0.471	1.557***	2.299***	2.272***	1.336***	1.622***	1.770***	− 0.200**	0.0566	− 0.0615	0.0496*	− 0.0595	0.0521	0.0456
	(0.864)	(0.208)	(0.669)	(0.500)	(0.145)	(0.345)	(0.349)	(0.0902)	(0.0594)	(0.0805)	(0.0285)	(0.0677)	(0.0573)	(0.0579)
UNEMP	0.293*	0.562***	0.435***	0.377***	0.858***	0.408***	0.370***	0.0626***	0.0259**	0.0324*	0.0254	0.0130	0.0259**	0.0121
	(0.161)	(0.0942)	(0.144)	(0.0654)	(0.106)	(0.0536)	(0.0558)	(0.0238)	(0.0130)	(0.0171)	(0.0166)	(0.0141)	(0.0130)	(0.0126)
ROL	− 0.113	− 0.579***	− 0.403*	− 0.544***	− 0.722***	− 0.478***	− 0.472***	0.103***	0.0115	0.0919***	0.0238	0.0467**	0.0255	0.0316*
	(0.250)	(0.135)	(0.213)	(0.161)	(0.122)	(0.125)	(0.126)	(0.0399)	(0.0193)	(0.0238)	(0.0212)	(0.0217)	(0.0195)	(0.0190)
INF	− 0.00415	− 0.00320	− 0.00468	− 0.00713**	0.00298	− 0.00712**	− 0.00688**	0.000147	− 0.000749	− 0.00128*	− 0.000478	− 0.00146**	− 0.00133**	− 0.00148**
	(0.00600)	(0.00454)	(0.00537)	(0.00330)	(0.00456)	(0.00287)	(0.00301)	(0.000844)	(0.000581)	(0.000703)	(0.000698)	(0.000622)	(0.000617)	(0.000623)
Constant		− 6.816*			− 7.767**						4.898***
		(4.075)			(3.590)						(0.537)
Hausman	42.98***	10.65	16.91**	16.17**	11.22	15.53**	17.88**	42.62***	13.28*	37.51***	7.27	34.83***	16.71**	17.80**
Mod. Wald	80.5***	970***	1137***	2676***	1272***	1776***	2588***	432***	1358***	793***	1477***	790***	1350***	1352***
Wooldridge	14.44***	14.45***	14.83***	18.54***	11.25***	13.63***	13.37***	8.68**	6.10**	16.25***	61.87***	4.84*	9.92**	9.25**
Wald Chi2	9619***	329***	5477***	38,926***	838***	57,110***	43,919***	1,933,036***	6,919,726***	8,997,241***	82.31***	7,608,367***	8,110,782***	8,089,156***
Observations	62	116	81	98	89	116	116	62	116	81	98	89	116	116
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; FGLS, Feasible Generalized Least Squares